Gear Insurance

[srtiwari]

Like many others on RFF, over the years I have amassed a decent- alright, indecent- amount of gear, probably worth a small fortune. With my new M9 due to arrive tomorrow, I have begun to think of Insuring all this. I vaguely recall being advised, in the past, about how I might need to photograph and describe each item, if I wanted to insure them, and ever hope to collect, in the event of a loss.
I'd like to see what others do or recommend...

 

[Zonan]

Can you get it covered in your homeowners/renters insurance policy? May need to get some kind of supplementary policy/rider.

 

[The Meaness]

My wife and I use our gear for part time income, so homeowner's won't cover it. We just started the process this week, but all they've asked for so far is an itemized list and the receipts or proof of value.

 

[LKeithR]

How insurance like this is handled will vary widely from one place to another. The only way to know for sure is to talk to several insurance brokers in your area and find out what is available.

I've just begun to look into this myself and in my case--I live in B.C.--I can get a rider on my homeowner policy which will cost just under $200 to insure about $15,000 worth of gear. I must provide them with a list of everything I want to insure with serial numbers and with estimated current and replacement costs. For this I get full replacement cost coverage for both damage and theft; whether at home, in the neighbourhood or travelling. Nothing was mentioned about photos...

 

[chrismoret]

The only 'insurance' I have is a document online with all serialnumbers of my stuff. So in the case of loss or crime I have credentials of my gear at hand everywhere.
In my 'ambtious era' I had my gear insured by a company, but reading the fine print after a while it turned out their catalogvalue of the lot was after a year near to nothing.

 

[jljohn]

Yes, it's all insured--each item for a specific replacement value. We are members of the PPA, and they offer equipment insurance through Marsh.

 

[MCTuomey]

the need for insurance is simple to determine. if you can afford to replace what can be lost, stolen, or damaged, you don't need insurance. if you can't afford to replace what can be lost, stolen, or damaged, you do need it.

homeowners coverage will respond to your loss under policy-dependent limitations as long as the equipment is not for business purposes.

if your gear is used for business purposes, buy a specific property policy to ensure responsive coverage.

if you have no faith in insurers or insurance contracts, then your only choice is to self-insure. E.g. large, fierce animals, burly assistants, weapons of various kinds, secure storage and bags, etc.

 

[ramosa]

All insured on supplemental policy, for purchase price, no receipts needed. It brings peace of mind.

 

[franswa]

I would be afraid to associate my gear with my homeowner's insurance, even if it is "separated". Imagine if they dropped your home policy or any other policy for filing a large claim for your photography equipment.

That said, I use Hill & Usher, who specialize in Photography insurance.....their underwriters are the Hartford.

 

[anu L ogy]

I had a personal items policy through travelers. It covered like 5k worth of gear. My house got robbed in October. I got my check in like 3 days, no questions asked.

 

[Beemermark]

I don't "hope" it's covered under homeowners, I know it is covered. replacement value only. So when my M4 and 50 Summilux (v2) was stolen I got a brand new M7 & 50 summilux.

 

[kokoshawnuff]

I use a statefarm personal articles policy at about $10 for every $1000 covered...I'm not a pro and don't use my equiptment to make money, so the prices will obviously be lower for someone as myself than a pro

 

[Tim Read]

I do a lot of shooting on a voluntary basis for the Bondi Surf Club, NSW, Australia. It's a very crowded beach and I reckon it is only a matter time before some sort of collision occurs and cameras sand and water do not mix well. I am insured.

 

[OddE]

As has been already said, chances are policy varies around the globe.

When asking your insurance company, do take care to be very precise when asking if you are already covered.

When I initially asked my insurer, they replied that 'Sure, cameras are covered by your homeowner's policy' - until I specified that 'cameras' did not equate a couple of point-and-shoots, but rather a few Nikon bodies, a Leica, a Pentax 67 and assorted glass to go along with them.

I was then asked to prepare a list with serial numbers and estimated value, preferably with a photo of the gear attached. My premium did not increase significantly - basically, they just wanted me to substantiate the fact that I did actually own all this (second-hand, and most of it with no receipts) kit.

My kit would have been covered even without such a list - it was just a recommendation to ease the process should I ever have to collect on my insurance.

Also, it is prudent to ask them to explicitly name any events not covered by your policy; for instance, my homeowner's insurance covered all cameras on all travels lasting less than 28 days; if I were gone any longer, coverage was transferred to my travel policy.

If I went traveling on business, my homeowner's didn't come into play at all - then it was travel insurance from day one, even if I only went shooting on my time off. (Travel insurances typically have a cap on how much they will pay out in the event of theft or loss - hence it is an important distinction.)