Q for State Farm camera policyholders

Skrim17 wrote in post #8871544
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.

I'd appreciate it if you'd PM me your agent's info.

MDJAK wrote in post #8871654
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.

I have verified with my insurance company that if I make a claim on my camera rider my homeowner's insurance will go up by approximately $300. It isn't clear how many years the extra premium will be charged. So (a) there's no sense ever making a claim for less than $300, and (b) it may not be worth making a claim even for a much greater loss depending on how many years the premium will be increased. So I'm looking for a separate policy not tied to my homeowner's insurance at all.

jgrussell wrote in post #8872044
I have verified with my insurance company that if I make a claim on my camera rider my homeowner's insurance will go up by approximately $300. It isn't clear how many years the extra premium will be charged. So (a) there's no sense ever making a claim for less than $300, and (b) it may not be worth making a claim even for a much greater loss depending on how many years the premium will be increased. So I'm looking for a separate policy not tied to my homeowner's insurance at all.

Well, you got me worried by your post so I just called my State Farm insurance agent to get a clarification on what I have and she said that what I have is a separate policy for my camera gear and whatever claim I make against it will not affect my homeowner's inusurance premiums. I then asked about the rider for the homeowner's policy and she said that State Farm does offer riders with the homeowner's policy but only for certain things like jewelry. They don't offer riders for camera gear though (camera gear is covered under personal property and there are restrictions on under what conditions the claim is paid). I'm in Pennsylvania so it might be different in other states or other insurance companies.

A separate policy is definitely the way to go.

And rest assured, once your premiums go up, unlike gravity's effect on things, it'll never come down. Mine is now $2,200, give or take, and that one claim I mentioned above was the one and only. And that's been years now.

MDJAK wrote in post #8872185
A separate policy is definitely the way to go.

And rest assured, once your premiums go up, unlike gravity's effect on things, it'll never come down. Mine is now $2,200, give or take, and that one claim I mentioned above was the one and only. And that's been years now.

Hey, Mark. If you just look at it from the perspective of you having "borrowed" $5000 from your insurance company and are paying it back over the next 5 years at $1000 a year, it ain't that bad. Of course, after the 5 years is up, you'll need to switch insurance companies if you don't want to keep paying on that "loan".

The increases are normal, too. Mine's been going up yearly, too, even when I haven't filed a single claim at all. It's to keep up with the cost of living going up.

PacAce wrote in post #8872255
Hey, Mark. If you just look at it from the perspective of you having "borrowed" $5000 from your insurance company and are paying it back over the next 5 years at $1000 a year, it ain't that bad. Of course, after the 5 years is up, you'll need to switch insurance companies if you don't want to keep paying on that "loan".

The increases are normal, too. Mine's been going up yearly, too, even when I haven't filed a single claim at all. It's to keep up with the cost of living going up.

My homeowners policy premium has not changed for the last 7 years!

Nicksan3 wrote in post #8867332
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.

This is false. Just a ploy to get more money out of you. I have my camera gear insured by State Farm and nothing else. I don't want claims for camera gear to affect my homeowners policy.

Addicted2EOS wrote in post #8872290
My homeowners policy premium has not changed for the last 7 years!

You do? With State Farm? How'd you manage that? When mine was drawn up, they told me that the premiums would be adjusted yearly for cost of living increases since it would cost more to rebuld a house in the future when cost of living go up.

PacAce wrote in post #8872383
You do? With State Farm? How'd you manage that? When mine was drawn up, they told me that the premiums would be adjusted yearly for cost of living increases since it would cost more to rebuld a house in the future when cost of living go up.

I have never filed a claim and never thought to ask why my rates were not going up. I have a shore home (insured w/ SF) and the rates have remained the smae for the three years that I have owned it?

I never thought about it before today but I guess I am lucky!

I never thought about this either, but,, my car insurance rates (SF) do not decline every year and my cars are worth less each year.

Addicted2EOS wrote in post #8872459
I have never filed a claim and never thought to ask why my rates were not going up. I have a shore home (insured w/ SF) and the rates have remained the smae for the three years that I have owned it?

I never thought about it before today but I guess I am lucky!

A shore home? Better check your local & state laws - they may have enacted legislation barring rebuilding of storm-damaged homes in storm zones. So it wouldn't matter to the insurance company what it'd cost to rebuild because it wouldn't be going to happen.

Jon wrote in post #8872493
A shore home? Better check your local & state laws - they may have enacted legislation barring rebuilding of storm-damaged homes in storm zones. So it wouldn't matter to the insurance company what it'd cost to rebuild because it wouldn't be going to happen.

The law only restricts rebuilding in the same high risk location. They would still have to write me a check

Yep. But they wouldn't be paying out an easily-verifiable replacement cost since you'd be forced to buy land somewhere else to build on.

Jon wrote in post #8872566
Yep. But they wouldn't be paying out an easily-verifiable replacement cost since you'd be forced to buy land somewhere else to build on.

Point taken. I'll do some homework!

I just have a personal articles policy for all my gear including iphone.