DBalaur
Active member
Did you start insuring your gear the day you start photography, or was there a critical mass of accumulated gear or big purchase that finally got you to look into gear insurance?
At which point do you start insuring your gear?
- Thread starter DBalaur
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Clough91
Member
Every time a piece is added to the kit it gets insured before it goes out. I’ve hand a camera and lens go swimming not a good feeling. The replacement for that camera and lens was a upgrade to both, so soon as I got it I looked into insurance.
Same here. Insure before it leaves the house.
Whatever insurance you do, be sure to understand any limitations. There are usually scenarios or situations where they won’t cover.
I personally don’t insure anymore. The cost is high and for what I do the risk is low.
I personally don’t insure anymore. The cost is high and for what I do the risk is low.
DsD
Well-known member
Great question.
I never did in DSLR days and even for my 1st 2 years of Nikon mirrorless.
Finally did it in late October 2024 prior to a trip via car to Wyoming and Montana as my gear value was over 20K.
I never did in DSLR days and even for my 1st 2 years of Nikon mirrorless.
Finally did it in late October 2024 prior to a trip via car to Wyoming and Montana as my gear value was over 20K.
I insured gear around the $5000 value point - the point where it was semi-painful if I had a loss. Depending on your carrier, homeowners coverage is cheap - typically $1.25-1.50 per $100 of value for non-professional use. I insure the current value of my gear - not replacement cost. I'm fine accepting the cost of depreciation.
Insurance has a lot of nuances in deciding on coverage. How much loss can you afford? Does your policy cover drops and dunks? Is your gear covered for loss during shipping via USPS, FedEx or UPS? How is theft from a vehicle covered? Are you covered during international travel? How are repairs handled? How is rental gear handled? What is the coverage you have for unscheduled items? What is the impact of multiple claims in a year or two? Talk with your insurance agent or customer service to evaluate the kind of coverage you want and need. All of these items can vary by company and policy.
Even though it is covered, I don't make claims for drops or damage with a repair cost of $500 or less. I want to be able to handle repairs through my own decisions on vendors. I have had a claim for theft during international travel and it was paid without issue. My coverage is for all risks and all places. Rental gear is covered - as is good in transit via UPS or FedEx. Having insurance covering shipping saves a lot if you have to send gear for cleaning or service.
Calson
Well-known member
At one point I had more than $50,000 in photo equipment insured and the premium was costly. I decided to put my money into more secure ways to transport my equipment and use a Pelican case at hotels overseas and installed a two-drawer tool chest for the bed of my truck for local travel. The metal chest cost me $1,800 but that was roughly what I paid in insurance premiums.
To me insurance is not a completele solution when traveling. If a critical piece of gear is stolen or badly damaged it means I now longer have the use of it for the remainder of my trip. Often something like a Z9 camera or a 800mm PF has had a greater than 6 month wait due to short supplies. And some items like my Gura Gear Bataflae backpacks are irreplaceable as they are no longer being made.
To me insurance is not a completele solution when traveling. If a critical piece of gear is stolen or badly damaged it means I now longer have the use of it for the remainder of my trip. Often something like a Z9 camera or a 800mm PF has had a greater than 6 month wait due to short supplies. And some items like my Gura Gear Bataflae backpacks are irreplaceable as they are no longer being made.
fulltimewanderer
Well-known member
Decided it was time for insurance when I heard the commotion as a tripod went over with a D3 and a 600F4, landing in the salt water. Followed a few weeks later when a friend thought his tripod legs were open and a 5D lll with a 100-400 hit the concrete. We have been insured thur Hill and Usher for probably 15 years. One claim, wife dropped her D4 with a 300F2.8 and TC while mounting it to her tripod hitting the asphalt. Sent to Nikon for repairs. Believe repair bill was around $1500 deductible was $150(10%). We pretty much have everything covered; tripods, gimbal heads, camera, lenses. Also provides liability insurance, shipping insurance ( FedEx and UPS ) computers. Not cheap we are definitely on the losing end for the one claim compared to the cost of the insurance. Coverage is for replacement cost, so my wife’s D4 if is a total loss it would pretty much buy her a new Z9. Insurance is a bit of a gamble, kinda depends on your luck. Oh my friend that dropped the 5D, while waiting for Canon to complete the repair he purchased a new 5D, only to have it stolen from his car a couple of years later.
I have a rider on my home owners. Do you mean what is the smaller $ amount I will insure? Generally around $250 or so. I don't insure filters but do insure tripods and ballheads. My homeowners rider does not have a misc small item bucket so I include lots of lower cost items.
If you mean when did I first insure my gear, initially it was covered by home owners, no rider. THeft only with deductible. WHen I got more gear (something like $10,000 kit) I switched to rider. Not sure it was the $ amount rather when I heard about it.
Insurance is a fixed cost. Prevents a big loss. If you are the type of person who will second guess yourself (beat yourself up) in the case of a loss, then insurance is a good idea. Not sure that insurance has made fiscal sense for me. Probably pay more in insurance that I will collect but it gives me piece of mind.
If you mean when did I first insure my gear, initially it was covered by home owners, no rider. THeft only with deductible. WHen I got more gear (something like $10,000 kit) I switched to rider. Not sure it was the $ amount rather when I heard about it.
Insurance is a fixed cost. Prevents a big loss. If you are the type of person who will second guess yourself (beat yourself up) in the case of a loss, then insurance is a good idea. Not sure that insurance has made fiscal sense for me. Probably pay more in insurance that I will collect but it gives me piece of mind.
RikWriter
Well-known member
I didn't start insuring it until after I got the Sony 300 2.8. Together with my 600f4, that's about $18-19K in just two lenses and I wouldn't be able to replace them if they were stolen.
I now insured my equipment from day one. My reasoning was how much of a hit can I afford to take, without hitting my savings or saving up again to replace what was taken or damaged. I'm now semi-retired, laying out another $15K over a two year period would put a strain on finances. When I go out for the day I have at least 7K to 12K in the car and for a extended trip even more. Not sure what equipment you have but lets do the math. Non-sale prices, Z9 with extra battery, 2 cards ($6,000), Z24-70 2.8 ($2,500), Z 100-400 ($2700) total $11,2k plus what other odd and ends you have in your bag. Your bag just got stolen from your car, your canoe or kayak just took a roll (total loss). Once in Aruba my underwater housing leaked and my N90S and 105mm were a total loss, and I wasn't insured. At that time my equipment was owned by my company and I could afford to replace the equipment in Aruba, Lesson learned since that incident. In addition, read your policy. Make sure you understand the terms and conditions and deductibles and replacement or repair conditions.
mathjak107
Active member
we recently redid our cameras and lenses and since my wife and i both shoot we spent a small fortune.
we won’t put our gear on our home insurance bcwuse a claim effects your clue report . clue is like the credit reporting agency but for insurance claims .
if you get dropped or raised , if you shop for insurance you will get hammered or rejected most likely today .
we use the PPa insurance
we won’t put our gear on our home insurance bcwuse a claim effects your clue report . clue is like the credit reporting agency but for insurance claims .
if you get dropped or raised , if you shop for insurance you will get hammered or rejected most likely today .
we use the PPa insurance
I don't bother with insurance beyond limited coverage provided by my homeowners policy. The way I view it, the risk of losing everything at once is quite low, and if I were to lose particular components then I'd just absorb the loss and see it as an opportunity to upgrade. I guess you might say that I self insure.
Whether or not to insure depends on one's appetite for risk. Would you pay for (fairly expensive) collision coverage on a 6-8 year old car that has a residual value of only $15,000? While I wouldn't, others might feel differently (liability coverage is another matter of course). Then there's the variables of deductibles and what happens to your rates if you have a significant loss. To me, getting special coverage above and beyond standard homeowners insurance for $25,000 of photography equipment just doesn't make economic sense, especially when you factor in the probability of losing everything at once.
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This is a good argument for separating your camera coverage from homeowners. If you only have a single claim, it normally has little impact on homeowners coverage, but a second claim can be a problem. As a result, you normally want to avoid minor claims and save the insurance for a large loss.
PPA has a good program for professional photographers - but it does require PPA membership.
Re PPA you might want to read this and see if really covers your need.
For those that have joined after Aug 23, this may help if choosing insurance.
Photography Equipment Insurance Options (retitled discussion)
EDIT - March 17,2024 This post has been updated many times so I added the date for reference. Shopping for insurance has been a challenge. This post reflects my experience. Some of the main reasons for this type of insurance is that it will cover things that other insurance would not cover...
bcgforums.com
I started right away many years ago and continue you to do so through State Farm. They have a really good article policy. whenever I buy a piece of new gear I send them the serial number and invoice for wherever I bought it. It’s extremely simple to set up and maintain. There is no deductible as well thankfully, I’ve never had to use it but the peace of mind knowing I have it is very nice.
For me, it's due to international travel and accidental loss such a slip and fall. Given the current state of the home insurance market in many states, I am strong believer in separating the camera insurance. See the thread I posted above.
Maybe I'm in minority here but I have it insured via my homeowners insurance. I don't view insurance as anything other than covering catastrophic loss like theft of my entire kit, fire, etc. If I drop a camera body and break it, that's on me and I won't turn it in. Now, if I dropped a $20,000 lens, yes I would turn that in as that would be catastrophic. My experience with insurance companies (medical, homeowners, auto) has been insurance companies are helpful and friendly as long as you're giving them money. They become far less friendly and helpful when you file a claim and need some of that money back. In today's world insurance is a necessary evil but it is still an evil. I've often wondered it it would be just as cost effective to take a loan out to cover a big claim as it would be to turn it in to insurance. If one makes a big claim (like a 20K lens) would the rates go up enough to pay for the lens over the next 5 years? Probably.
Yes I am a curmudgeon and cranky in the morning.
Jeff
Yes I am a curmudgeon and cranky in the morning.
Jeff
njtrout
New member
I have an All Peril Rider on my homeowner's insurance that should cover any mishap anywhere in the world. You have to ask for the details of the policy and make sure it is All Peril/
I began to insure once I had gear that would be hard to replace due to the immediate financial cost. But over the years I "learned" to insure depending on whether I am traveling and where I am based.
When I lived in Japan I did not insure anything; it's near impossible for you to misplace something and not have it hand it over to a lost & found office or to the police. I only insured short-term if I was visiting areas where my clumsiness could have my gear drop down the mountain or into the water. But when I lived and traveled extensively in SE Asia everything was permanently insured. Likewise when I was living and traveling in Africa and the Caribbean. The policies I got had reasonable premiums that went up very little when I added sub USD1,000 items to the policy (I didn't insure some items that were below 500-700 USD). Currently I live in a place where I do not need protection beyond house and car insurance that covers what's inside. But I will again buy short-term insurance if I am traveling or visiting places where things could fall down the mountain, into bodies of water, or into hands that are not my own.
Having said that, there have been some hard lessons. A few years back, while living in a safe area I had my gear covered only by home/car insurance. After a business trip, I made it home in the nick of time to make a last minute dash to an equestrian event in which some friends were competing. While I was out on my way to a good spot along the trail it began to rain. A kind member of the equestrian team noticed my gear bag and put it under the horse truck so it would not get wet. Well, they forgot about it and that the truck was not at its final parking spot. When I saw someone running towards me calling me out I though someone had been injured, but it was only to tell me that I had a bag of bent/crushed barrels and plenty of glass shards.
When I lived in Japan I did not insure anything; it's near impossible for you to misplace something and not have it hand it over to a lost & found office or to the police. I only insured short-term if I was visiting areas where my clumsiness could have my gear drop down the mountain or into the water. But when I lived and traveled extensively in SE Asia everything was permanently insured. Likewise when I was living and traveling in Africa and the Caribbean. The policies I got had reasonable premiums that went up very little when I added sub USD1,000 items to the policy (I didn't insure some items that were below 500-700 USD). Currently I live in a place where I do not need protection beyond house and car insurance that covers what's inside. But I will again buy short-term insurance if I am traveling or visiting places where things could fall down the mountain, into bodies of water, or into hands that are not my own.
Having said that, there have been some hard lessons. A few years back, while living in a safe area I had my gear covered only by home/car insurance. After a business trip, I made it home in the nick of time to make a last minute dash to an equestrian event in which some friends were competing. While I was out on my way to a good spot along the trail it began to rain. A kind member of the equestrian team noticed my gear bag and put it under the horse truck so it would not get wet. Well, they forgot about it and that the truck was not at its final parking spot. When I saw someone running towards me calling me out I though someone had been injured, but it was only to tell me that I had a bag of bent/crushed barrels and plenty of glass shards.
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Flyboy
Active member
If you have a Homeowner's Policy, there is coverage for personal property, including camera equipment, which provides full replacement, governed by the policy limits and exclusions. Read your policy, or if you have a good agent, have him explain it to you. There is even an amount for Business Property off Premesis. A "Schedule" will eliminate things such as the Deductible, Most Exclusions, and provide Replacement cost coverage. In my experience, Scheduling equipment costs a relatively small amount, but you are required to give Make, Model and Serial Number, which may make some folks a bit twitchy. It paid for itself when my wife dropped her Diamond Wedding Set into the disposer several years ago! For small businesses, there is the "BOP"...Business owner's policy.
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I need to do this as well. Thing is, with as difficult as it is to get and keep homeowners insurance in California, I want a stand alone policy that won't go anywhere near my home policy. I'm not a business so I will need to find something else.
mathjak107 has absolutely made a great point about your CLUE (Comprehensive Loss Underwriting Exchange) report and Eric Bowels about a second claim. A long time ago my insurance agent sugested that I get other policies covering my tools, firearms, jewerly and not to bundle or get riders with my homeowners. I found in most cases the rate per $100 or $1,000 can be less through an association.
Ouch!
Michael Dreese
Member
Having insurance really saved me when my Nikon Z8 fell off my tripod into a creek. It was entirely my fault for not properly securing my gear on a tripod. The camera required a new circuit board and the cost was a bit over $500. My State Farm policy covered the entire cost. The personal articles policy costs about $23 per month. I highly recommend it if you cannot self insure your gear.