Valuing equipment for insurance

[presspass]

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Many of us have a number of cameras and attendant lenses that should be listed on riders on our homeowners' insurance if not covered through professional work. Short of looking through eBay, how do we come up with reasonable and accurate replacement costs for this stuff, some of which has not been made since shortly after World War II? If you've already done this, I would like to know how you've proceeded. If not, are you planning to and how will you proceed?
Thanks.

 

[View Range]

I have two classes of equipment - the stuff I use and vintage equipment I don't use. The stuff I use is insured through a normal camera insurance policy, not associated with homeowners insurance; the insurance company will pay to replace the loss at time of the claim. The vintage camera equipment is insured on a general collectibles policy as if it were art work or some other collectible; I declare the value and the insurance company tells me how much to pay. I have never had a claim on the collectibles policy, but I would assume at the time of the claim I would have to establish the value of what was lost. I have photographed each piece of vintage camera equipment including the serial number to prove its condition.

 

[View Range]

For better clarity I should have said "I declare the total value of the collection", instead of "I declare the value". I do not need to get an appraisal for anything in the collection.

 

[Dan]

I have two classes of equipment - the stuff I use and vintage equipment I don't use. The stuff I use is insured through a normal camera insurance policy, not associated with homeowners insurance; the insurance company will pay to replace the loss at time of the claim. The vintage camera equipment is insured on a general collectibles policy as if it were art work or some other collectible; I declare the value and the insurance company tells me how much to pay. I have never had a claim on the collectibles policy, but I would assume at the time of the claim I would have to establish the value of what was lost. I have photographed each piece of vintage camera equipment including the serial number to prove its condition.

As a tip, I understand insurance companies like to see additional photo documentation establishing the collection in context with the room where it is displayed.

 

[BWF]

Does anyone have recommendations on insurers for collections? I know it's possible to get some coverage through PPA, but it seems like paying for a lot of benefits an amateur does not need. Thanks.

 

[Beemermark]

I just carry regular home owners insurance with full replacement value. It helps to have serial numbers and photos. Riders are for collectable equipment and then you need to have it appraised. 10 years or so ago I had my M4 with 50 Summilux & 90 Elmarit of the same vintage stolen from my car trunk. My home insurance replaced it with the M7 and new Summilux & Elmarit. I had to file a police report and pay the deductible. Renters Insurance is the same as Home owners insurance and works the same way. You should talk to 2 or 3 reputable insurance agents.

 

[View Range]

Saul, do you mean "in the context with the room where it is displayed" to be when the insurance is written or when a claim is made? In my situation I have nothing on display.

BWF, my insurance agent works with a number of different insurance companies. He matches the insurance company to the insurance situation. I would never have been able to figure it out myself.

 

[bob338]

We use State Farm. I am currently paying about $90/month for about $100,000 coverage.

The newer stuff on my policy only required a receipt or a link to the item on B+H or Adorama, but the old collectible stuff required an appraisal. I have a few black paint lenses and a black M3 that had to be appraised.

Look for inflation coverage on your policy. If your Noctilux is now $10k, but it is only insured for $7k, you're not getting a check for a new one.

The thing to watch out for with homeowners/renters policies is the deductible. I have a $5k deductible for my homeowners insurance, so if my SL and one lens disappears, I'm likely not going to get enough money to buy a new one.