Insurance and Lenses

Joined
May 13, 2007
Messages
990
Location
Cleveland, OH
For those of us who have ever-growing collections of lenses, eventually we're all going to have to deal with something getting stolen and/or lost in an accident or catastrophic event (fire, hurricane, car crash, etc)

So my question is this - How do those who are non-professionals insuring their equipment? I understand that it's covered under most homeowners insurance, but what if your gear is stolen from your vehicle or stolen from your bag in public?
 
Joined
Jan 13, 2009
Messages
1,298
Location
Pennsylvania
I use state farm, and i dont use my homeowners, i opened a specific policy to cover camera equipment. Covers everything from accidental to theft, covers everything actually.. I pay $1.40 per every 100 dollars.

All my equipment is covered.
 
Joined
Feb 10, 2009
Messages
1,956
Location
St. Paul, MN
After learning how useless a jewelry rider on your home insurance is ( the loss "counting" and raising your rates and bringing you ever closer to that "uninsurable" tag for your home) I will never insure anything as a rider on my homeowner's policy again. It is a waste of premium.
 
Joined
Aug 15, 2008
Messages
1,420
Location
St. Louis, MO
inland marine policy for me
$1 per $100
covers everything including if i drop it

Randy,

I asked our local State Farm agent about an inland marine policy and they would not quote me one IF I were to sell any prints. Is this the case with your policy as well?
 
Joined
Jun 5, 2008
Messages
6,091
Location
Alberta
I pay about for $310 a year for homeowners insurance but I have a lot of stuff. For the amount of coverage (replacement cost) Im getting, I feel it's worth it.
 
Joined
May 1, 2006
Messages
314
Location
NoVa/NEPA
Randy,

I asked our local State Farm agent about an inland marine policy and they would not quote me one IF I were to sell any prints. Is this the case with your policy as well?

Travellers has a "Personal Professional Property" policy that's nice, and NANPA offers insurance as well.

Paul
 
Joined
May 11, 2006
Messages
1,002
Location
CHARLOTTE
Real Name
Randy
Randy,

I asked our local State Farm agent about an inland marine policy and they would not quote me one IF I were to sell any prints. Is this the case with your policy as well?

i had an inland marine w/ nationwide and just moved it to the farm bureau and it's for my company....
for an xtra $150 a year i also get $2M in liability....
so tell them you want a business inland marine policy (i thought inland marines were only for business).....
worst case call farm bureau, they have a better deal because the amt per $100 drops after $10K and 20K, etc
 
Joined
May 15, 2008
Messages
1,195
Location
Philadelphia, PA
I use state farm, and i dont use my homeowners, i opened a specific policy to cover camera equipment. Covers everything from accidental to theft, covers everything actually.. I pay $1.40 per every 100 dollars.

All my equipment is covered.

Same as Josh. I carry a specific camera policy with State Farm that is completely separate from my home owners.

It covers any and everything with a zero decutible to boot.
 
Joined
Sep 18, 2008
Messages
123
Location
Seattle, WA
I use state farm, and i dont use my homeowners, i opened a specific policy to cover camera equipment. Covers everything from accidental to theft, covers everything actually.. I pay $1.40 per every 100 dollars.

All my equipment is covered.

Same as Josh. I carry a specific camera policy with State Farm that is completely separate from my home owners.

It covers any and everything with a zero decutible to boot.


Same as above. I believe state farm considers it a "Personal Article Policy". I'm covering around $3K in equipment and pay somewhere around $30 annually. My agent whom I've known for years was blunt with me and said, "If you say you're a professional, the cost to insure skyrockets because the assumption is that you take your equipment everywhere and likely leave it in your car, if you do it for fun, the cost is significantly less."
 
Joined
Dec 20, 2008
Messages
369
Location
Towson, Maryland
I'm with Encompass, and I have a rider for everything over $1,500, which cover the equipment anywhere. In a long conversation with my agent, the base policy will cover any equipment up to $1,500, wherever the event occurs. Over $1,500, it the base policy will only cover it in my residence; hence, why I have a rider to cover accidents and theft outside of my home.

I have found the several policies I have had to be very different- you need to inquire.
 
Joined
Dec 25, 2007
Messages
1,855
Location
New Orleans area, Louisiana
I use State Farm's personal article policy. It is a stand alone policy as my homeowner's is not with state farm. Not all agents are ready to write it, so you will have to call around a little bit.

Good luck.
 
Joined
Jan 7, 2006
Messages
265
Location
Alamogordo, NM
Same as above. I believe state farm considers it a "Personal Article Policy". I'm covering around $3K in equipment and pay somewhere around $30 annually. My agent whom I've known for years was blunt with me and said, "If you say you're a professional, the cost to insure skyrockets because the assumption is that you take your equipment everywhere and likely leave it in your car, if you do it for fun, the cost is significantly less."

While I plan to change soon to the policy through NANPA, for the past few years I've had the State Farm PAP. Yes, if you say you're a "professional" the cost to insure increases (from about $10/$1000 to $16/$1000 in my case). On the other hand, my agent was very clear: if you have EVER sold ANY photo, and they find out about it, you are a "professional" and they will not cover you for losses on the non-professional policy.
 
Joined
May 13, 2007
Messages
990
Location
Cleveland, OH
How does it work with putting a value on a lens that you have no receipt for the purchase of? Such as acquisitions made off Craigslist, or older eBay purchases that are no longer in the system? Do you state the value of the lens or what you paid for it? In certain situations, a lens may be acquired for far below it's market value.
 

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