Gear Insurance?

Hi all.

I recently had a gear mishap. See this thread.

Where at this point I am strictly a hobbyist I have talked to the company that I have my home insurance policy through about insurance. From what they have indicated, it would be about $1 a year for every $100 worth of equipment that I want to insure.

From your knowledge about 'scheduled' items on a homeowners policy would gear lost to a mishap like the one that I had the other day be covered?

Thanks!

Nathan

Nathan

I have a number of items as part of a rider on my State Farm insurance, including camera gear. My agent has assured me that if an incident like yours occurred my gear would be covered.

Keith

I have State Farm as well. My Personal Property policy covers my scheduled equipment at 100% replacement cost, without deductible, for any loss (except intentional destruction), anywhere, anytime but my premium is at the higher "professional" rate (required as soon as you receive even $1 for goods or services - contest winnings etc). The cost is about $16 per $1000 coverage per year. Very comforting to have!

Same thing here Nathan. I'm covered with a rider on my American Family homeowners policy and my equipment is covered with no deductible for full replacement cost, even for an event like yours. One of the best insurance moves out there IMO.

I'm an adjuster and yes, your mishap would have been covered IF you put the gear on an inland marine policy (rider on your homeowners policy). Not sure about the replacement cost though...the policies may be different in your state, but I think here in NC it's actual cash value only. You may be able to purchase a replacement cost policy. But be sure you don't just rely on your homeowners insurance without the rider. On just your homeowners policy, this particular mishap would NOT have been covered. Under the inland marine policy, it would. You definitely want to insure all your equipment. It would even be covered if you lost it, during travel for instance.

It is my understanding that if you sell one print or have a website that offers prints for sale many companies will deem you a pro and decline your claim. This may not apply to all companies, but I do believe it applies to some. Also if you file a schedule C with the IRS and deduct any costs of your photography you are certainly a pro ad your home owners may decline your claim.

Nathan, I'm not completely up on insurance companies guidelines. I do know that I had a mishap last fall to the extent of 1700.00 in camera gear and State Farm covered it completely without hesistation. No questions asked.

I've carried a Personal Articles Policy with them for a couple years now, and it's been well worth it. Their handling of my claim really won my respect for their service; however, I do believe the agent has a lot to do with the speed and headache one receives when filing a claim, and I don't believe they're all created equal.

My best advice is always insure your gear under a separate policy than that of your homeowners. The cost is reasonable, and with my State Farm policy my gear is covered against all the stupid mistakes I may make in the future.

Ed's comment about being pro is something that I have heard in the past, but my agent assured me that I would have to make far more money than I currently do before that would even become a factor; however, I have never read a specific monetary figure regarding this, and I would look deeper into it if you make a good portion of your income from photography.

Ed has a good point. Many policies have exclusions if the equipment is used for business. Many insurance companies consider it a business if you even attempt to sell, or have sold, even one print. It does not have to be profitable to be considered a "business". Make sure you tell your agent you use your equipment for business purposes (even if you have only sold one print in the past!) and request coverage accordingly. The coverage is relatively inexpensive, and WELL worth it!

Thank you all for the great advice!

Nathan