I've dropped a rig twice in 10 years and it was covered - by an extension to the house and contents cover.
At which point do you start insuring your gear?
- Thread starter DBalaur
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njtrout
New member
I just changed my homeowner's insurance company. They gave me options to cover my camera gear. Option 1 is regular personal property protection. This would only cover in-home mishaps that could damage my equipment. This is a lower premium. The insurance company is NJM Policy Type HO3. Policy HO5 ($450 annually more) I can get full coverage no matter when or where damage or theft occurs. I must explore third-party camera insurance to see if I can do better than tacking $450 to my homeowners' policy.
What third-party insurance companies do you use to protect your camera gear? I know PPA has one, but I'm not a member...yet. Thanks in advance.
What third-party insurance companies do you use to protect your camera gear? I know PPA has one, but I'm not a member...yet. Thanks in advance.
nokk
Active member
i kept putting off insuring my gear, and thankfully, i didn't have a horror story at the end. i added it on when i switched car insurance to state farm. the cost is low enough that it'll be a long time before the policy cost outweighs the cost of the gear, so well worth it in my mind. i made the decision when i calculated the cost of replacing my gear now that the carjackings and smash and grab thefts are getting out of hand in my state.
DBalaur
Active member
Some great perspectives. It seems we are split between having it under homeowner insurance or under a third party. I am not insured yet but will probably go for the latter route, assuming Canada has a provider.
Good info. Thanks.
This is a good summary from the perspective of what financial protection insurance can provide.
It is important to appreciate this type of cover is NOT for professional use - and cover for professional use can cost significantly more.
In the UK "new for old" without specifying individual items is widely available.
All insurance is NOT the same.
Unless you are prepared to read a policy wording before you buy you may not get as much cover as you assume.
The around $1.50 for $100 cover should tell you it is not enough to accommodate the cost of anybody having multiple claims.
If you have numerous large losses you do not fit common insurance criteria - and rightly from the Insurance perspective justify higher premiums etc.
How competent an insurance agent is to give detailed accurate advice is a variable issue.
To keep my premium moderate for £50,000 of gear (new for old) I voluntarily take a £250 excess and will not claim the £150 balance - to help with the "what if" possibility of a £15,000 event.
It is not uncommon in the UK for separate insurance with a shipper to cost a very high 5% of value - about £250 to send a Z9 for service compared to £8 for shipping
On a homeowners policy NOT living in a high crime area Insurance is relatively inexpensive - trying buying a good quality filter for less perceived protection for just the front element of a $1,000 lens for $15.
It is important to appreciate this type of cover is NOT for professional use - and cover for professional use can cost significantly more.
In the UK "new for old" without specifying individual items is widely available.
All insurance is NOT the same.
Unless you are prepared to read a policy wording before you buy you may not get as much cover as you assume.
The basis of insurance is premiums from many are enough to pay the losses of the few.
The around $1.50 for $100 cover should tell you it is not enough to accommodate the cost of anybody having multiple claims.
If you have numerous large losses you do not fit common insurance criteria - and rightly from the Insurance perspective justify higher premiums etc.
How competent an insurance agent is to give detailed accurate advice is a variable issue.
I have just had my first damage incident in about 20 years - cost £400.
To keep my premium moderate for £50,000 of gear (new for old) I voluntarily take a £250 excess and will not claim the £150 balance - to help with the "what if" possibility of a £15,000 event.
Many do not know what coverage they have bought!.
It is not uncommon in the UK for separate insurance with a shipper to cost a very high 5% of value - about £250 to send a Z9 for service compared to £8 for shipping
marc
Well-known member
From the very moment you take delivery!
I have my Nikon collection added onto my home contents, and then a separate cover for Worldwide cover overseas.
I have my Nikon collection added onto my home contents, and then a separate cover for Worldwide cover overseas.
njtrout
New member
I can get coverage from PPA for approximately $450 (USD) or from my homeowners, which extends coverage for my home for the same amount. Now comes decision time.
O
Well-known member
Depends on the total value, cost of replacing your kit with used gear, if your wealthy or not re replacing gear out of your own pocket, where you live or area you travel to or in.
Some insurance premiums can be $500 or $1000 PA, its not just theft or loss its also damage your covered for, but simply put its the total value of what you have.
I don't care about the gear at all be it lost of damaged, i have it insured so i can go and relax in what ever i do, its just the piece of mind i am paying for.
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mathjak107
Active member
i took the basic ppa plan for 28 a month
O
Well-known member
In included mine in the home content policy that if i provide serial numbers and keep proof of purchase, its all good. it raised my total policy by only $300, that's for theft damage loss domestically or internationally.
Also if you take pictures of your gear include a front page of a newspaper, its indisputable.
Also if you take pictures of your gear include a front page of a newspaper, its indisputable.
mathjak107
Active member
my feeling is with what is going on with home insurance today , the last place i would look to for gear insurance is my homeowners policy
I added a separate add-on to my Homeowner's policy once I git past the basic kit camera/kit lens phase. With USAA it is called a Valuable Personal Property policy and it cover all reasonable issues including my stupidity. The price is reasonable for what I have. I have not had to file a claim so far as my gear has remained in tact and in my hands.