Insurance for camera and lenses?

+1 for State Farm

easy call just quoted me $1.85 per $100 awesome no questions coverage. Just provide serial #'s and receipts if possible otherwise replacement cost is their guide.

for all those using statefarm do you have an existing policy or are you starting a new one?

leftofedge wrote in post #9202034
+1 for USAA.

They've been the best bank and insurance agency I've ever had.

When I set up my policy they just needed Make/Model/Serial Number. I even had a claim with them 2 years ago with a stolen lens. My claim was processed and paid out within 3 days of them receiving the police report.

Also, my policy covers for any damage as well as theft. Like the policies the big box stores try to sell you. So if I'm out shooting at the ocean and I trip and take a swim I get new gear.

USAA kicks butt. I carry renters, auto, and (for my camera gear) a VPP policy through them. I am gald to hear you had no problems making a claim on your policy.

rstokes914 wrote in post #9202518
for all those using statefarm do you have an existing policy or are you starting a new one?

I didn't have anything through them. I just called them up and asked about it, they had me bring all of my stuff in to verify information and take a picture for their file. I provided a detailed list of equipment including replacement cost. That was it, and they sent me a bill for the premium about a week later.
Now, anything I have to add, I just stop by the office, give a description and how much I want it covered for, they add it to my policy and send me a bill.

nighthunter310 wrote in post #8879671
That's kinda nice. I would prefer that. But I asked and she specifically said they needed receipts. Maybe I should try another office.

vince_ross wrote in post #8880903
Yeah, call around to a few different offices to see what they say (couldn't hurt). It also might be something funky that is required in your state. I have to add a flash I just bought to my policy, if I can remember when I go in, I'll ask my agent if she knows any specifics on that rule.

Good luck.

Sorry Nighthunter, I forgot to answer your question earlier. Plus, I didn't get to the office until a few days ago.

My agent said that she did not need the receipts because they will cover the item based on the reasonable replacement value. Whatever current item is available to replace the item that was damaged/stolen/lost.
Example:
I have a 1D Mark IIn that isn't made anymore so, I would buy a used Mark III ($2500) or a Mark IV ($4999). I gave them a value of $2500. That keeps my premium down and the amount they would have to cover down. Of course, you could put that money toward any other camera, I just picked those as examples.

vince_ross wrote in post #9203539
I didn't have anything through them. I just called them up and asked about it, they had me bring all of my stuff in to verify information and take a picture for their file. I provided a detailed list of equipment including replacement cost. That was it, and they sent me a bill for the premium about a week later.
Now, anything I have to add, I just stop by the office, give a description and how much I want it covered for, they add it to my policy and send me a bill.

Thank you for clarifying that. I'm just starting out but I have intentions of building my equipment collection in the very near future and would hate for something to happend to it.

I'll be looking into Statefarm shortly.

How would you confirm that you bought the item if you bought a body or lens used? Do you just give them the serial number normally and verify with pictures?

iAMB wrote in post #9203897
How would you confirm that you bought the item if you bought a body or lens used? Do you just give them the serial number normally and verify with pictures?

That would be my guess. Doesn't hurt to make the phone call though.

iAMB wrote in post #9203897
How would you confirm that you bought the item if you bought a body or lens used? Do you just give them the serial number normally and verify with pictures?

I usually take the item in to the office to show them, but yes, I do give them the serial number.

I am not familiar with insurance practices in the US but more with Europe and Australia. Where ever... there is a lot of "double insurance" going on. The problem is that some riders or extra covers on some policies have certain limitations - either in territorial cover or to a maximum amount or both, while others are limited in the risks covered.

Some tips:
Whenever you buy a policy READ THE FINE PRINT (policy wordings or product disclosure statement) and do not rely on what an agent or company rep. tells you. Pay special attention to exclusions and the description of the duty of "reasonable care" in the policy.

Most policies/underwirters distinguish between insurance for professionals and amateurs as there is a large difference in risk and therefor in the rate. Make sure you properly disclose your status.

Opt for a reasonable deductible like $500 or $ 1000 per event. This can make a huge difference in the premium. If you regularly claim small losses or damage, you'll loose your cover and will have a problem getting cover elswhere. Insurance is for the "big" event and not a series of small events.

Be aware that most companies have only very limited cover for loss or theft and not only would you need to provide a police rapport about the circumstances of the loss, but also have to prove that you kept an eye on your gear all the time, had it locked up safely (and in a car - especially a SUV - is not "safely") or otherwise could not avoid the loss or theft.

I have worked in the insurance and reinsurance industry all my life - initially as an insurance lawyer and later as managing director - I have about $ 10.000 worth of gear but I have not bothered about insurance....

CosmoKid wrote in post #8860607
In the US, a rider on your homeowners/renters policy is totally different than a Valuable Personal Property policy.
You WANT a Valuable Personal Property policy. You do NOT want a rider on your home owners/renters insurance.
Homeowners/renters insurance includes personal property values that you specify. So they will ask you how much all of your stuff, including TVs, stereos, clothing, etc costs. Then they give you a rate based on this. There are MANY limitations to how things are covered. Depending on the policy, you usually are NOt covered if you drop your camera, drop it in a lake, leave it on a train, etc. It also carries a deductible. Also, any time you make a claim you will get dinged on your homeowners/renters insurance. If you get your homeowners dropped because of a claim or 2, good luck getting homeowners again and let me know what price you are getting.
Again, this is in the US and covers the majority of insurances/issues with exceptions.

Just contacted my agent about this. With my Chubb homeowner's policy, I'm covered even if my wife throws the camera out the window (thank goodness, I was worried,) with no deductible. It's meant to cover full replacement value. Apparaently it depends on the level of your coverage. This is the top of the line of homeowner's insurance.

The agent said that you're correct about standard level coverage from State Farm, Allstate, etc.

Thanks for bringing it up, I can rest easier knowing the details.

i have close to $8000 under state farm, about $100/year with $500 deductible

chinoamigo wrote in post #9211778
i have close to $8000 under state farm, about $100/year with $500 deductible

Looks like I pay about $120 annually for $7500, without a deductible. That makes sense.

I will be insuring my gear within the next couple of days. A family member is the insurance guy, so what price would I put for my gear? I bought both my 5D and 24-70 used. Should I put the price as if they were bought used, or new? I was thinking 1,400 for the camera and another 1,400 for the lens. Those prices are with the camera used and the lens new. Thoughts?

Sorry to bring up an older thread, but didnt want to start a new one

iAMB wrote in post #9292450
I will be insuring my gear within the next couple of days. A family member is the insurance guy, so what price would I put for my gear? I bought both my 5D and 24-70 used. Should I put the price as if they were bought used, or new? I was thinking 1,400 for the camera and another 1,400 for the lens. Those prices are with the camera used and the lens new. Thoughts?

Sorry to bring up an older thread, but didnt want to start a new one

If it is a replacement cost policy you could probably put the "new" value since their payout is not based on what you paid for your gear but what it actually costs to replace it. However, since all policies are different and have lots of small print it's probably best to ask your family member since he is selling you the policy.