Posted by Jim Casteel on March 30, 2009 at 11:39 AM
I have recently upgraded all of my camera equipment to more less professional gear. After the glass in my 80-200 cracking 3 weeks ago I have realized that insurance may be a great idea with my new gear.
What I am looking for is insurance that is fairly cheap but would cover the replacement of damaged or stolen gear. What insurance companies do you use? Is there someplace that has a deal for RMNP or NPN members? I have done some searching on the forums and everything seems to be fairly old. My homeowners insurance is not an option because of the deductible.
I have a D300, 28-70mm 2.8, 70-200mm 2.8 VR, 12-24mm, 90mm Macro, 50mm 1.8.
Thanks.
Posted by John Farmer on March 30, 2009 at 12:15 PM
Jim, you mentioned your homeowner's ins being a problem with the deductible, but most insurance companies will offer a rider with little or no deductible. I have about $8k in camera eqpt and my full coverage rider is under $200/year. You might want to try your homeowner company again.
Posted by Mat Malone on March 30, 2009 at 12:28 PM
I have a personal articles policy with State Farm (I also have my renter's ins. through them) that covers my camera equipment and some of my wife's jewellery. Zero deductible on the camera gear. The yearly premium is something like 2-3% of the amount covered.
Hope that helps.
Posted by Howard Cihak on March 30, 2009 at 12:33 PM
Be careful about what you think an insurance policy may cover in the way of "damage" or "loss." Loss is basically unprovable, and an easy basis for a fraudulent claim. Insurance companies know this. Damage on a camera isn't like damage to one's car. Moroever, if the equipment is used professionally, a homeowner's policy is unlikely to provide any coverage at all.
In short, read all the fine print on the policy VERY CAREFULLY.
Posted by Jim Casteel on March 30, 2009 at 12:34 PM
I should add that I do a limited amount of commercial photography, sporting events and some other minor things. So far hasn't amounted to much money but I would in the future like to make some more money with my photography. I heard that homeowners won't cover if I use my equipment at all for commercial photography. I will have to check.
Howard is correct. If you do any photography as a business, odds are your homeowners policy will not cover your gear. The definition of "business" may vary from company to company so it's better to check before you need to file a claim.
I used to use "The Hartford" until they kept raising my rates even though I've never filed a claim. I now use the same company (Shelter Insurance) that I carry my homeowners and auto policies through. I've done a considerable amount of research on this earlier this year and couldn't find a single company that even comes close as far as price and coverage on homeowners, auto, and photo business policies.
One other thing I did find during the research is to be absolutely certain the agent you're getting quotes from fully understands the policies they're quoting. You'd be amazed at how much they didn't know about the business policies since they rarely deal with them.
If anyone wants the name and # of my agent, drop me an email.
Posted by Jack Brauer on March 30, 2009 at 12:48 PM
As a member of NANPA, I use their discount on camera insurance at Rand/Chubb insurance for all my camera/computer gear. For me, it ends up being about $375/year (+$100 nanpa membership), for around $17G insurance and $250 deductible.
Like Jack, I also use the NANPA, Rand/Chubb insurance. I pay $727.00/year for $32,559.00 worth of gear.
Posted by Bob Falcone on March 30, 2009 at 12:53 PM
My insurance company (Farmers) covers my gear for non-professional use for loss or theft within the parameters of my homeowners policy for no additional fee. They cover all my equipment to the same dollar value they cover all other household belongings, and that exceeds the value of my equipment, so I'm good. Even though most of my equipment is "professional" grade, since I do not derive a living from it, it is not considered business equipment. Otherwise, I would need a separate business policy.
Under my policy, "Loss" is covered as long as I did not, by omission, cause my stuff to disappear. In other words, if my equipment is "lost or stolen" because I left my house with the front door wide open, I may not get covered.
And that is probably as clear as mud.
Posted by Brent Murphy on March 30, 2009 at 1:01 PM
I agree with the comments above about using homeowner's insurance. If you are doing anything somewhat professional with your equipment, they might not cover it under that policy.
I don't have any coverage right now, but a while back, when I had my stuff for sale in a local restaurant, I bought a small business policy from State Farm, which covered my gear and all items that were for sale (in case someone stole stuff from the restaurant), and included liability insurance in case something fell off the wall and cracked someone's skull open. If I recall, it cost me about $200 for the year. Since that time, my photography has taken a bit of a back burner to spending time with my family, so I haven't kept up that policy. I assume it would still be about the same.
Been looking at this as well, but just starting out. One of the things on my mind is that I get to travel internationally now and then and I was wanting to take some good gear along in the future. It was pointed out that the homeowners policy that I have with the folks in Bloomington, IL does not cover out of the US. A separate policy (like a personal articles policy) would be able to expand the coverage to world wide. That is interesting to me as I would hate to have my gear get lost on the Paris metro and walk home with someone else (as one example). With a separate policy I could get full replacement where I would be out of luck with the homeowner's policy.
Posted by Bill Pelzmann on March 30, 2009 at 2:14 PM
The State Farm rider policy for amateur photographers is $0.91 per $100 insured per year. Minimum $40/year.
There is no deductible, or depreciation on insured equipment. It includes theft and damage.
As pointed out, although standard home owner’s policies usually cover camera gear, the deductible is whatever you have on the home policy. Be sure you know what that amount is.
You need to talk to an agent to determine what they define as amateur vs. professional.
I use the Nanpa/Rand/Chubb insurance after reading terrible reviews of State Farm with riders on your homeowners. Just google your options. I havent read anything good about going with statefarm and a rider and the reviews of the Nanpa option seem to be very favoravble. $3xx for around $20K in gear ( i think).
RichieV
Posted by Kurt Bowman on March 30, 2009 at 6:14 PM
Jim,
I used to sell insurance for a few years and as long as you are not using it professionally (and make sure your insurance company defines professional use for you) what you want to do is add it your homeowners policy as a rider as others suggested. It is known as "scheduling" the property and the deductable would not apply to items scheduled. It is the most cost effective way to cover your gear.
Discussion
14 repliesWhat I am looking for is insurance that is fairly cheap but would cover the replacement of damaged or stolen gear. What insurance companies do you use? Is there someplace that has a deal for RMNP or NPN members? I have done some searching on the forums and everything seems to be fairly old. My homeowners insurance is not an option because of the deductible.
I have a D300, 28-70mm 2.8, 70-200mm 2.8 VR, 12-24mm, 90mm Macro, 50mm 1.8.
Thanks.
Hope that helps.
In short, read all the fine print on the policy VERY CAREFULLY.
I used to use "The Hartford" until they kept raising my rates even though I've never filed a claim. I now use the same company (Shelter Insurance) that I carry my homeowners and auto policies through. I've done a considerable amount of research on this earlier this year and couldn't find a single company that even comes close as far as price and coverage on homeowners, auto, and photo business policies.
One other thing I did find during the research is to be absolutely certain the agent you're getting quotes from fully understands the policies they're quoting. You'd be amazed at how much they didn't know about the business policies since they rarely deal with them.
If anyone wants the name and # of my agent, drop me an email.
Under my policy, "Loss" is covered as long as I did not, by omission, cause my stuff to disappear. In other words, if my equipment is "lost or stolen" because I left my house with the front door wide open, I may not get covered.
And that is probably as clear as mud.
I don't have any coverage right now, but a while back, when I had my stuff for sale in a local restaurant, I bought a small business policy from State Farm, which covered my gear and all items that were for sale (in case someone stole stuff from the restaurant), and included liability insurance in case something fell off the wall and cracked someone's skull open. If I recall, it cost me about $200 for the year. Since that time, my photography has taken a bit of a back burner to spending time with my family, so I haven't kept up that policy. I assume it would still be about the same.
Been looking at this as well, but just starting out. One of the things on my mind is that I get to travel internationally now and then and I was wanting to take some good gear along in the future. It was pointed out that the homeowners policy that I have with the folks in Bloomington, IL does not cover out of the US. A separate policy (like a personal articles policy) would be able to expand the coverage to world wide. That is interesting to me as I would hate to have my gear get lost on the Paris metro and walk home with someone else (as one example). With a separate policy I could get full replacement where I would be out of luck with the homeowner's policy.
There is no deductible, or depreciation on insured equipment. It includes theft and damage.
As pointed out, although standard home owner’s policies usually cover camera gear, the deductible is whatever you have on the home policy. Be sure you know what that amount is.
You need to talk to an agent to determine what they define as amateur vs. professional.
RichieV
I used to sell insurance for a few years and as long as you are not using it professionally (and make sure your insurance company defines professional use for you) what you want to do is add it your homeowners policy as a rider as others suggested. It is known as "scheduling" the property and the deductable would not apply to items scheduled. It is the most cost effective way to cover your gear.