Q for State Farm camera policyholders

Those of you who have your cameras covered on a separate valuable property policy with State Farm: did you also have to have other insurance with State Farm to get the separate camera policy? The local agent here says the only way they can write the policy would be if I also had homeowners or renters insurance with State Farm.

UPDATE: The definitive answer to this question can be found here in message 63.

My state farm rep, through which I have auto/home and personal articles insurance, stated that I needed home or renters insurance to get camera insurance. I guess PA is just like jersey.

Same here in AZ

Thanks for the clarification.

why wouldn't a normal homeowner's policy cover camera equipment if you have off premises theft as part of it? I have that and anything I own is covered whether on or off my property, along with replacement cost coverage. I don't list anything separately on any schedules either.

me

MDJAK wrote in post #8868678
why wouldn't a normal homeowner's policy cover camera equipment if you have off premises theft as part of it? I have that and anything I own is covered whether on or off my property, along with replacement cost coverage. I don't list anything separately on any schedules either.

me

The normal homeowner's policy does cover it, for theft, but there would be a deductible. But what if your gear is accidentally broken instead of being stolen? The body might be covered but not the lenses, at least not with State Farm, because lenses are considered as breakables. A separate rider for all the gear would ensure that the gear is covered and without any deductibles for any kind of loss.

I believe the technical explanation is that it is actually a rider on your existing policy and that is why you need to already have a policy with them.

MDJAK wrote in post #8868678
why wouldn't a normal homeowner's policy cover camera equipment if you have off premises theft as part of it? I have that and anything I own is covered whether on or off my property, along with replacement cost coverage. I don't list anything separately on any schedules either.

A homeowner's rider does cover everything -- but if you ever need to make a claim, your premium on your homeowner's policy will go up.

Addicted2EOS wrote in post #8869774
I believe the technical explanation is that it is actually a rider on your existing policy and that is why you need to already have a policy with them.

That makes perfect sense, but is not the way it's been repeatedly explained by posters here in the forum.

jgrussell wrote in post #8870054
That makes perfect sense, but is not the way it's been repeatedly explained by posters here in the forum.

They should read their policies. There are often strict limits on the dollar amounts of any one category. That is why many peeple take a seperate rider on their engagement rings.

I got a quote from my local SF office last month and they never said a word about having to have additional insurance with them. I live in NJ.

jgrussell wrote in post #8870049
A homeowner's rider does cover everything -- but if you ever need to make a claim, your premium on your homeowner's policy will go up.

YOu can say that again. About ten or so years back a storm caused ice when it melted to ease its way under my eaves and water dripped down inside the walls, caused minor damage.

Colleague at work said: Call your insurance company, claim it. They're so overburdened with calls they'll just write you a check.

So, stupidly, I called. They said: We'll have an adjuster over tomorrow. I couldn't believe it. I wanted to say never mind as the damage was minor.

Well, the adjuster came, and a few days later I got a computer printout detailing the damage and the repair and replacement cost and a check for over five grand. I thought I hit a mini lotto.

As soon as my policy period was renewed, they hit me for a ONE HUNDRED PERCENT increase. Homeowner's went from $980 a year to over $1,800 a year. I was in shock.

I called and they said it had nothing to do with my claim, that it was their broad experience with storms in the northeast. I didn't believe it and said cancel, I'll get insurance elsewhere. The rep said: I wouldn't be so hasty. Get insurance somewhere else before you cancel.

I called another, large company. First question: Have you made a claim in the last five years. I wouldn't lie as I'm sure they have a database to check. No sooner had I said yes then he said: Well, then we won't insure you, and he literally hung up on me.

That was the last time I ever picked up the phone to make a claim. The damage would have to be catastrophic before I would.

That's why I do not carry a rider or separate insurance on anything. If you make a claim, you'll pay them back in spades.

me

Allow me to clarify- A RIDER is defined (google) as "additional coverage" for a certain item or for additional monies beyond the maximum permitted by an insurance policy. A RIDER is attached (or associated) with an existing POLICY. A POLICY is a seperate and unique insurance product. A RIDER generally costs about half of a seperate POLICY. Therefore, (as I understand it ) a RIDER on your homeowners POLICY for $5000 in camera equipment would cost much less than a stand alone POLICY for $5000 worth of camera equipment.
For what it is worth I own homes in PA and NJ and this is how my SF agent explained it to me. Also, my PA SF agent cannot sell me NJ insurance (and vice versa). I was told that you can take a RIDER out in conjunction with your primary residence policy (not a summer or investment home).
I would be curious for someone with a company besides SF to call their agent and see if the answer is the same!!

MDJAK wrote in post #8871654
YOu can say that again. About ten or so years back a storm caused ice when it melted to ease its way under my eaves and water dripped down inside the walls, caused minor damage.

Colleague at work said: Call your insurance company, claim it. They're so overburdened with calls they'll just write you a check.

So, stupidly, I called. They said: We'll have an adjuster over tomorrow. I couldn't believe it. I wanted to say never mind as the damage was minor.

Well, the adjuster came, and a few days later I got a computer printout detailing the damage and the repair and replacement cost and a check for over five grand. I thought I hit a mini lotto.

As soon as my policy period was renewed, they hit me for a ONE HUNDRED PERCENT increase. Homeowner's went from $980 a year to over $1,800 a year. I was in shock.

I called and they said it had nothing to do with my claim, that it was their broad experience with storms in the northeast. I didn't believe it and said cancel, I'll get insurance elsewhere. The rep said: I wouldn't be so hasty. Get insurance somewhere else before you cancel.

I called another, large company. First question: Have you made a claim in the last five years. I wouldn't lie as I'm sure they have a database to check. No sooner had I said yes then he said: Well, then we won't insure you, and he literally hung up on me.

That was the last time I ever picked up the phone to make a claim. The damage would have to be catastrophic before I would.

That's why I do not carry a rider or separate insurance on anything. If you make a claim, you'll pay them back in spades.

me

You have made the supporting point for self-insurance. It is often cheaper to just self-insure than try to purchase insurance for every valuable item you own. In the long run- you do better by self insuring! (IMO)

I agree with you. It's like you have to have insurance, but G-d forbid you make a claim.