Insurance for your gear...

[Carterofmars]

What kind of insurance are you carrying for your gear? my house insurance covers the stuff in the house, but what about walking around with 1 or 2 or 5 or 7K hanging around your neck?

Are you covered outside of the house for theft and what is the insurance costing you?

http://www.popphoto.com/how-to/2011/05/how-to-insure-your-camera-gear

http://photo.net/learn/insurance

 

[finguanzo]

Ive been thinking about this for some time, but a bad memory and laziness always gets the better of me..
Not 100% sure about cameras, but with my apt. renters insurance, I have a few personal articles policises, I think thats what they are called, for my wifes engagement ring, and for 2 watches..
They are add ons to the regular insurance, so If I loose, get robbed, drop, etc. I get paid, - the deductible..
For her ring, which is about as much as my cam. gear, I think its like 150 a year, 500 deductable...
Not bad at all really....
Just have to get around to getting a policy for my gear..

 

[raid]

Is 1.5% for personal articles insurance OK?

 

[finguanzo]

That sounds about right... I think I pay 150 for one of them with about 7k coverage... The kicker is your deductible, lower that is, higher the cost...
Take what I say with a grain of salt though... Im no pro here, with some minimal experience.. I have never had to file a claim neither..

 

[Carterofmars]

Any insurance guys/gals here in the community?

 

[Beemermark]

You should call your insurance agent if you really want a good answer. But typically if you live in the US and have a policy that covers replacement value, your in good shape. If it doesn't cover replacement value then your going to get burnt. Typically the insurance company uses something like a 5 year depreciation, so if you paid $2000 5 years ago it isn't worth anything now.

On the other hand replacement value is replacement of equipment with new equipment as close to what you lost as possible.

As an example, I had an M4, version 1 50 Summilux and a couple of VC lenses stolen out of my car in 2005. The insurance company was willing to give me $400 or $500 cash as depreciated. My policy stated replacement, so I got a new M7, new V4 Summilux, and new VC lenses. Total cost was around $13000.

The only time you need itemized coverage (typically for jewellery) is when you have items that you can not place a fair value on. For example you have a factory black M2 with motor. A new M7 would not begin to cover the loss. So then you place a value on it and insure it for the value placed. This is the only time you need a "rider".


Again, call your agent and read your policy.

 

[raid]

I would only go with a replacement policy. $10,000 coverage is $153/year.

 

[Beemermark]

A replacement policy is for your house (or for renter - contents). Typically a house is coverage is around $600 with $1000 deductible.

 

[kokoshawnuff]

I have other policies with State Farm, so my price may be slightly different but I'm paying 1% (no deductible) for a personal articles policy for my whatever value I want covered (be it full MSRP replacement or my purchase price).

 

[Phil_F_NM]

Remember that if you're using your gear for professional work you'll need professional insurance as personal article floater policies attached to renter's and homeowner's insurance will usually not cover loss of pro gear. 🙁

Phil Forrest

 

[Carterofmars]

Remember that if you're using your gear for professional work you'll need professional insurance as personal article floater policies attached to renter's and homeowner's insurance will usually not cover loss of pro gear. 🙁

Phil Forrest

Thanks for your input Phil and sorry for your recent loss; it inspired this post.

 

[raid]

State Farm charges 2% for professionals.

 

[bob338]

I just looked up our policy and I pay about $900 per year for $85k in replacement coverage. So, I guess 1-2% seems to be the norm.
My policy does not have depreciation, but full stated value replacement or cash.

Bob

 

[Fraser]

Not sure about how much in the US but in the UK cost me £30 a month for about £35000 worth of gear professional use including leaving in my car. Without insurance I would be a nervous wreck!

 

[Kent]

I have a limited replacement insurance at least for the more valuable items in my set-up.
Instead of paying a lot to get a coverage that would pay me a new cam (the new model), I get the actual value of my used gear (and can replace that with other used items).
That's much cheaper.

 

[ricnak]

Wow - insurance seems cheap in the US. I have my gear insured with Protecsure in Australia. Covered for theft, loss and damage anywhere in Aus and for a year at a time if I l am lucky enough to get out of the country.

Cost about $700 a year for about 20K of coverage (cringe: hope the bf is not reading this).

I don't think I would leave home with a camera - or leave home without my camera - if I did not have the extended coverage.

I have never made an insurance claim and I don't look like anyone worth stealing from. I often question the budget spent on insurance - the house and contents and car insurance - it adds up to a lot of money. The camera gear insurance is relatively more expensive - but I don't question it. It comes down to priorities. My camera is more desirable (to me) than my house, contents and car. The average thief would be very disappointed wandering around my sparse home, unless they were into homemade jam and framed pics from RFF'ers.

Interested to hear what other aussies do for insurance...

h.

 

[ricnak]

Forgot about the family health insurance - which is WAY more expensive than all the current insurances put together. Makes camera gear insurance look cheap!

 

[Carterofmars]

Does anyone use a service like this below?
http://photo.net/info/photo_insurance_specs.pdf

... and yes, I've added a poll. 😛

 

[btgc]

My insurance is low cost I paid and second copy of camera. Neither protect from home theft so only works for lost and damaged items.

 

[Calzone]

I pay less than $300.00 for around $30K worth of coverage under a rental insurance policy.

My best insurance is not having a fire escape, living in a high floor, a steel door with deadbolt, and living in a modern concrete building that has a sprinkler system. Not that I live in a crack house, but basically it would take a SWAT Team to break into my apartment.

My renter's insurance coverage covers losses of property on the street like if mugged, but the limit is rather low $5K-$8K I believe.

Even though I had full replacement cost, when I had a breakin in another apartment I only recovered about $6K for $10K in losses. Insurance companies depreciate and devalue almost all your posessions, and the burden of proof of ownership and value was place on me. Also took about 5-6 months to get a check, and also had to fight for my claim against accusations of fraud.

Replacement cost IMHO is a misnomer, and also know that I wear expensive watches and an antique diamond ring. When I'm on the street its not really practical to insure my valuables. My dealings with insurance companies are not favorable, and it is like getting robbed a second time trying to place a claim.

Cal