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Insurance question

Discussion in 'General Discussion' started by Palouse, Sep 8, 2018.

  1. For those of you who have your equipment insured with your homeowners policy, did you list all of your gear, or just the big ticket items (lenses, bodies, tripod, head)?
    I'm not a professional and will be soon be adding my stuff to a State Farm policy.
     
  2. Butlerkid

    Butlerkid Cafe Ambassador Moderator

    Apr 8, 2008
    Rutledge, Tennessee
    Karen
    I have a separate scheduled policy which covers camera, lenses, hubby's video gear and jewelry. The value you insure is what you get if there if loss. I only insure the big ticket cameras and lenses. Tripods, gimbals, etc I accept the risk.
     
    • Agree Agree x 1
  3. Thanks Karen. I find that use some of my stuff more now that I'm retired, but that and age also increases the chance of theft or accident.
     
  4. All my big items are insured. The accessories depends on how much the replacement cost is. Most but a few items are not insuired
     
  5. Butlerkid

    Butlerkid Cafe Ambassador Moderator

    Apr 8, 2008
    Rutledge, Tennessee
    Karen
    Having save a lot during my 30+ years of working, I can now afford some relatively expensive gear. For me the accidental "drop" of a big ticket item is more likely than a theft. Still - as in all things - balance is the key. Big tickets...insure. Otherwise, self insure. AND - if I'm traveling a lot internationally I may add items to the insurance policy. Traveling around the USA.....I'm more willing to self insure.

    After deciding to sell my beloved 500mm, I dropped it from the insurance. After all, it was relatively secure at home and not being used.
     
  6. Good advice, thanks.
     
  7. I too have a scheduled list on my homeowners policy. I have just the big items.
     
  8. Cool, thanks Allan. That's what I'll do too.
     
  9. I've also got a list that's insured. For the most part I've listed anything that's worth more than a couple of hundred dollars and/or that I would actually replace if something happened to it. In my case I assume the highest likelihood for catastrophic loss would be fire or theft. In which case the more that's listed the less relevant the deductible will be. The difference in premium for a few hundred dollars more isn't significant.
     
  10. All of my equipment is covered by the boiler plate stuff in the homeowner's policy; I haven't bought a separate rider. That's because I have no big-ticket items. Indeed, my and my wife's most expensive camera is a D7000 and our lenses are similarly of relatively little value.
     
  11. I have just the BIG ITEMS covered under our home owner's policy, but I made sure that it was covered for current replacement costs. I was told that if I just add the items to my current policy there is a limit to what they'll pay. It was quite reasonable everything considered. Up until this year I hadn't had any of my equipment covered, but while out with a friend both walking side by side he slipped and fell on some ice, and down went his Nikon 800mm coupled to a D4s and it broke right at the mount. He would have been staying down the barrel of a big bill had he not had insurance, that convinced me to get some.
     
  12. That sounds like many of the horror stories I've read here, Louie. My understanding from my conversation my agent is that a separate policy covers far more than a mere homeowners would. I'll be meeting with him next week and will know for sure then.
     
  13. I put everything that I have in my camera bags on my policy. The little things would add up fast should someone steal my bag.
     
    • Agree Agree x 1
  14. My wife raised that point too. I have some stuff (umbrellas, light stands, and the like) that never leave the house that I won't include. Other stuff like flashes and triggers I probably should.
     
  15. Replytoken

    Replytoken

    127
    Jan 12, 2018
    Puget Sound
    Ken
    I looked at insuring my gear through my insurance company and had a talk with my agent about it some time ago. He did remind me that if I ended up filing a claim, it would go on my record, and that it might impact my renewal rates in the future. I then considered buying a separate policy from another carrier to avoid this issue (State Farm offered them at the time), but also realized that while it would prevent any immediate impact on my current policies, it might still get reported to the credit bureau that insurance companies use to track claims and factor into rates. I have held off for the time being, but as I am with a premium carrier for home/auto/umbrella, I am concerned about things that could raise my rates as they are quite competitive.

    --Ken
     
  16. Filing a claim can result in increased rates even if the insurance company doesn't pay anything pertaining to that claim.
     
    • Agree Agree x 1
  17. Nick,
    If you are meeting with your agent ask if it affects your homeowner's policy in the event of a claim for the photo equipment. I have Kemper and my agent assured me that the listed photo equipment was not going to affect my homeowner's rates if I had a claim. Well, I wouldn't say he lied but he did not inform me accurately. I paid the additional premiums for quite a few years and then my D2X was stolen. They did pay for replacement cost for a D3S with $0 deductible since that was the current Nikon model at the time. On the next renewal for my homeowner's insurance the rates went up by several hundred dollars. When I questioned him about it he conveniently did not recall telling me that. I should have gotten it in writing. My insurance rates stayed high for a number of years. Not only that but I was listed in the database that all major insurers use that I had a previous homeowner's claim. Going to a different insurer was not an option. For the number of years it stayed on my record. The increased premiums pretty much covered the cost of the D3S that they paid the claim on. Considering they were collecting additional premiums for the equipment, I felt it was not worth it. In hindsight I should paid a little more in premiums and bought a policy for the photo equipment only. There are several companies that offer this for both amateur and professional users and definitely will not affect your homeowners policy.
     
    • Informative Informative x 1
  18. Butlerkid

    Butlerkid Cafe Ambassador Moderator

    Apr 8, 2008
    Rutledge, Tennessee
    Karen
    Current and ex-military should consider Armed Forces Insurance. Excellent rates. I have had a few claims (dropped D800 + 24-70) with no serious repercussions.
     
  19. I've had 2 claims on my homeowners policy in 28 years (both for theft) with no hit on my premium. Been with SF since 1972, and the same agency since 1977. Multiple line, and both our kids "spun off" from our policy for home/car insurance.
    All your questions are valid. I wish insurance was simpler, transparent, and logical.
    May have better luck teaching pigs to fly :ROFLMAO: 
     
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