Camera insurance at rate of 1.5%

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raid

Dad Photographer
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I will on Monday start a personal articles insurance for the M9 with 35mm Lux, and for the SWC. It will cost 1.5% of the declared replacement value.

Is it worth it? Many would say Yes.

A new "SWC" may cost $7000; a new Leica M may cost $6000; a new nonASPH 35 Lux may cost $3000.

So, we have around $16,000*1.5%=$240 per year.
 
I'd probably just insure the M9 + lens, as the actual cost to replace the SWC is a lot less than $7000.

The Leica is probably more of a thief magnet too.
 
I think that I am inclined the same way.I need to balance insurance premiums with replacement values. Digital equipment will be targeted by thieves, and the M9 can break when hitting something.
 
Ah...the Hassy....but why would you not insurance a $7000 rig? Because it is film? Doesn't matter to a thief or if it is broken or lost. A thief will take and sell what he can. Broken or lost would only mean what my parents would tell me as being "penny smart and pound foolish". Meaning that 1.5% of $7000 is a small price to pay if the equipment is gone for some reason.

JMO, but I would insure all of it and save the grief of worrying about it. YMMV.:angel:
 
Dave,
You may be right here.
I expect to pay $240 plus maybe $40 for the appraisal.
 
Is this the same kind of insurance that is otherwise known as "personal" or "renters" insurance? I have this type of insurance through State Farm and it doesnt require me to declare anything in particular (as long as its not a business expense). I just have pick the blanket amount (15k, 20k, 30k, etc) I want covered and Im good for any loss or damage. I currently have coverage up to 20k (give or take, its been awhile since I looked) of property insurance and I pay $250 a year.

Ive been wondering if I should upgrade this, since I've been accumulating more junk in my life. The only thing that worries me is that since I havent upgraded my coverage in a really long time that things might have changed and that they will, now, make me inventory all my high(er) ticket items.
 
You need a personal articles replacement value coverage. Else, things can be highly depreciated.
 
I had to make a claim once about 7 years back after a break-in, and they just gave me whatever price I showed them a receipt for or whatever the current market value was for a new replacement. I actually spent about an hour on the phone with a claims specialist, online shopping for prices. They also gave me the option for them to just replace the physical item or send me a check. I opted for the check and actually made a few hundred back on my deductible (which is $500), because I was able to find some better prices on my own :)
 
I had State Farm for many years, and I had to buy from them a separate personal articles insurance policy.
 
ill have to look to see if this is something they make you do after a certain dollar value, or if this is just their general policy now.
 
I pay just over twice that for substantially more coverage, for all my equipment. Shop around. I called up the three local brokers who came recommended. Got a bunch of quotes that were all over the place.
 
I have a valuable personal property rider on my homeowners insurance for replacement value of the equipment I use most and I think it is well worth the expense. Loss and damage is covered. I have used it several times I the last few years, drops, bangs, sand at the beach. The only hitch is that you cannot use it if you are in any way a professional. Private use only but worth it.
 
I have so much equipment that it would cost way too much to cover all equipment. Who were the three brokers?
 
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