Photography Equipment Insurance Options (retitled discussion)

[JAS]

PPA covers professional use - thus the higher rate. All the homeowner policies cover non-professional use only. How they define professional use varies. Some are very strict - any professional sales or promoting yourself as a professional at any point means you are not covered by a non-professional policy. Others look at materiality or the amount of professional activities involved.

With any of these policies, be sure you are getting the appropriate amount of coverage. It depends on the company. Replacement coverage can be buying a new copy of an item, buying a used or refurbished copy, paying you a sum of money allowing you to buy a new copy, or paying you to buy a used copy.

I've always taken the approach that I don't expect to profit from a loss. I insure based on the current value to replace my gear at KEH - updated each year. I don't pay for replacing it with a new item, and my premium stays low because I insure actual current replacement value. If I have a loss, the value of my gear is determined and I get a check for that amount.

I too adjust my values as equipment ages and new items are added. Once fully paid for, I drop the values after looking at what is available on the used market, usually Used Photo Pro, since I have bought and sold with them in the past. I choose to sell no photos to avoid any conflict on the policy. Check your plans carefully. Theydiffer in the fine print and exceptions.

 

[PeggyBaker]

I have such a rider on my policy through USAA. Reasonable pricing. No claims to date and not in a hurry to generate any. Hobby shooting only.

I have my cameras and musical instruments on that Valuable Personal Property policy. My banjo was stolen. I provided USAA with photos and a description. (The banjo was a one-off which I valued when I brought the policy, no receipt needed). USAA paid when I gave them the police report. As easy as one could wish for.

 

[Len Shepherd]

I maintain a spreadsheet with every item, where purchased, purchase price, condition, current replacement value based on KEH, and the serial number for each item.

I do something similar with one spreadsheet for historical information of everything I have bought Nikon over the last 24 years and a second spreadsheet for the 44 Nikon items items I currently own including small accessories.

Having records available can speed things up if there is an expected large loss such as a significant theft or fire at your home.

CAUTION - the word "camera" does not include items like tripods, gimbals, lighting equipment, printers, computers and associated equipment etc.
"PHOTOGRAPHIC" is a more inclusive word to embrace the often extensive ancillary equipment many of us own.
If you have "camera insurance" check ancillary items are specified as insured, ideally on the policy schedule.

 

[DavidT]

One thing about my rider on my homeowners policy is I specifically had language added that covers falls and water damage. In the event I trip and fall and the lens for example gets broken I’m covered. I believe the policy is also a little better priced because in the event of a fire, natural disaster etc my gear is covered by the contents policy of the home. So I’m paying more for theft or damage when outside the home. I just insure my 600f4, 400f2.8 and both $7k bodies. The smaller glass while a substantial amount when combined is not likely to be lost all together and is easier financially to replace than the insured items. I’d like to cover it all but the cost for $75k in gear was just too much.

I also store all of my equipment in a very large gun safe that weighs 900 lbs and is bolted to a concrete floor. It’s fireproof as well so the odds of a total loss are low.

 

[Hooligans Imagery]

One thing about my rider on my homeowners policy is I specifically had language added that covers falls and water damage. In the event I trip and fall and the lens for example gets broken I’m covered. I believe the policy is also a little better priced because in the event of a fire, natural disaster etc my gear is covered by the contents policy of the home. So I’m paying more for theft or damage when outside the home. I just insure my 600f4, 400f2.8 and both $7k bodies. The smaller glass while a substantial amount when combined is not likely to be lost all together and is easier financially to replace than the insured items. I’d like to cover it all but the cost for $75k in gear was just too much.

I also store all of my equipment in a very large gun safe that weighs 900 lbs and is bolted to a concrete floor. It’s fireproof as well so the odds of a total loss are low.

Hmmm not usually how riders work. They are in addition to the contents policy. Which is actually better for you in case of a total loss. Falls and water damage should be normal loss provisions as they are clearly accidents, covered by the rider. One thing that some should confirm is worldwide coverage for rider items.

 

[Geoff_G]

My insurance agent spent some time explaining "mysterious disappearances". Like your camera lens falling in a lake. Homeowners insurance does not cover "mysterious disappearances". But homeowners insurance will cover most everything else (subject to the deductible).
In my case I specify which items I want insured and for how much.

 

[RKOP]

I have a scheduled rider on our homeowners policy. I specify the value I want to ensure the item for. No deductible. I have used it for repairs with no problem at all. Armed Forces Insurance.

It helps to have the armed forces back you up.. .State Farm dumped my home owner rider after two claims. I self insure... repairs frequency adds up to less than premiums.

 

[EricBowles]

It helps to have the armed forces back you up.. .State Farm dumped my home owner rider after two claims. I self insure... repairs frequency adds up to less than premiums.

You make a good point about frequency of claims. Homeowners policies that cover gear through a rider can create a problem with excessive claims. That can lead to cancellation of your homeowners policy or the rider. The professional policies are much more flexible with claims. They may still cancel after excessive claims, but just because you have a couple of claims does not automatically lead to cancellation or big rate increases.

With any of these policies, it's probably a good idea to limit your small claims - and thus consider whether you really need to insure smaller value items. On the other hand, in the event of a larger claim, you probably have a number of small items that could be involved - filters, batteries, bags, hoods, etc. - that all add up and cost little to insure.

I've typically handled repairs under $500 per item out of pocket.

 

[Len Shepherd]

You make a good point about frequency of claims. Homeowners policies that cover gear through a rider can create a problem with excessive claims. That can lead to cancellation of your homeowners policy or the rider. The professional policies are much more flexible with claims. They may still cancel after excessive claims, but just because you have a couple of claims does not automatically lead to cancellation or big rate increases.

With any of these policies, it's probably a good idea to limit your small claims - and thus consider whether you really need to insure smaller value items. On the other hand, in the event of a larger claim, you probably have a number of small items that could be involved - filters, batteries, bags, hoods, etc. - that all add up and cost little to insure.

I've typically handled repairs under $500 per item out of pocket.

A main fundamental of insurance is that many pay small contributions by way of premium to pay for the losses of the few.

If someone has a lot of claims, particularly if the claim details shows a lack of reasonable care, they tend not to fit the insurance model.

Some degree of self insurance makes sense to me.

 

[Hooligans Imagery]

I am revisiting this thread as I think about 2024 travel.
With home insurance options more limited in my state now, I wish to remove my equipment from the homeowners rider.

I looked at the PPA site again and asked them these two questions via email this morning:

Trying to decide if I join and which policy to purchase.
There is an * on Photo Care coverage that says additional $250 deductible applies. Is that in addition to the $350?

If Photo Care Coverage doesn't include mysterious disappearances (Plus does) what does that mean? Examples are useful. I drop my camera in a lake? Or I am in a restaurant and my backpack is stolen? What's the difference in these coverages with actual examples would be helpful.

If anyone has updated experience with PPA please let me know.

As for NANPA, that looks like a good option but the carrier has changed from RAND to Cross and there doesn't seem to be much information posted.

 

[Len Shepherd]

There is an * on Photo Care coverage that says additional $250 deductible applies. Is that in addition to the $350?

Usually excesses are added together to reach a cumulative total

If Photo Care Coverage doesn't include mysterious disappearances (Plus does) what does that mean? Examples are useful. I drop my camera in a lake? Or I am in a restaurant and my backpack is stolen? What's the difference in these coverages with actual examples would be helpful.

An identifiable event is straightforward - such as dropping your camera in a lake.

For a backpack from a restaurant you need to check the policy wording to find out if it covers theft while handed in for safe keeping or if left unattended in a cloakroom.

"Mysterious disappearances" are likely to be losses that cannot be identified to when and/or where; such as arriving home and finding a lens is missing from a backpack.
Ask for a copy of the policy wording and check for yourself, and get an opinion from an agent or insurer confirmed in writing.

In the UK it is common to have an exclusion for theft while left unattended in a place to which the public have access - a potential problem if items are left in a cloakroom.

 

[wotan1]

Is $15k the limit? Because it's not hard to accumulate enough Z gear to bust through that ceiling

Yeah one lens will do it.

 

[Hooligans Imagery]

Yeah one lens will do it.

That’s the included amount. You can buy more.

 

[Hooligans Imagery]

Usually excesses are added together to reach a cumulative total

I think this more an outdated website issue or they are not being straightforward and transparent. Let's see what they say.

 

[Len Shepherd]

I think this more an outdated website issue or they are not being straightforward and transparent. Let's see what they say.

Polices can have a policy excess.

Policies may have an additional excess for some high risk activities - added to the policy excess.

Theft away from home may have an additional excess.
Theft away from home, particularly overnight, may limit the amount that can be claimed to a lower - or much lower - amount than the value of what is insured.
Check this out - before buying insurance.

Often the policy holder can have a lower premium for a voluntary excess - added to any other policy excesses.

 

[Hooligans Imagery]

Polices can have a policy excess.

Policies may have an additional excess for some high risk activities - added to the policy excess.

Theft away from home may have an additional excess.
Theft away from home, particularly overnight, may limit the amount that can be claimed to a lower - or much lower - amount than the value of what is insured.
Check this out - before buying insurance.

Often the policy holder can have a lower premium for a voluntary excess - added to any other policy excesses.

Ok please look at this website, find the table and then look at the footnote. I am trying to obtain the policy and have emailed them to understand what the * means and if it's just old info now replaced by what's in the table.

Insurance Products – PPA Insurance Solutions

insuranceforppa.com

 

[EricBowles]

I am not a PPA member today but have been in the past. I had a dropped 24-70 lens that in theory should have been covered with the basic free PhotoCare coverage. But what I actually found was there was a standard deductible, plus an additional deductible for "dropped equipment". As a result my $525 repair was not covered at all. With repairs normally in the $300-700 range, you have to wonder what it takes to actually invoke coverage. I decided that the insurance did not add value outside of a total loss, and even then it is limited to depreciated value which means payment for 4-5 year old gear and older was minimal.

I do think there is more value in the upper levels of insurance at added cost. Just don't expect much with the free coverage.

 

[Hooligans Imagery]

I am not a PPA member today but have been in the past. I had a dropped 24-70 lens that in theory should have been covered with the basic free PhotoCare coverage. But what I actually found was there was a standard deductible, plus an additional deductible for "dropped equipment". As a result my $525 repair was not covered at all. With repairs normally in the $300-700 range, you have to wonder what it takes to actually invoke coverage. I decided that the insurance did not add value outside of a total loss, and even then it is limited to depreciated value which means payment for 4-5 year old gear and older was minimal.

I do think there is more value in the upper levels of insurance at added cost. Just don't expect much with the free coverage.

Very helpful - so maybe the website as depicted is quite deceptive. I will see their response and look at the NANPA coverage.
I found a blog post on it which gives more information; subject to confirming these details it looks like the best path. Note that it's underwritten by Chubb.

 

[MMoretti]

As several others have noted, I’m also a USAA member. I had a $16k loss while traveling in Bolivia’s altiplano hinterlands about 2003 (I was de facto living there at the time as an illegal alien) which included my D1X, several lenses (e.g., 80-400 D), memory cards, an early iPod, Lowepro backpack, batteries and more. None of this gear was scheduled, but I filed my claim under my homeowner’s policy and they paid every single item I claimed, and very quickly. I used the money to start over with a D100 and new glass. Today, I have all of my bodies and glass scheduled in their Valuable Personal Property rider which I keep updated as gear comes and goes. I also keep a spreadsheet of my bodies, glass and teleconverters, since about 2000. For me, customer service is a huge part of the value I get from USAA.

 

[Hooligans Imagery]

As several others have noted, I’m also a USAA member. I had a $16k loss while traveling in Bolivia’s altiplano hinterlands about 2003 (I was de facto living there at the time as an illegal alien) which included my D1X, several lenses (e.g., 80-400 D), memory cards, an early iPod, Lowepro backpack, batteries and more. None of this gear was scheduled, but I filed my claim under my homeowner’s policy and they paid every single item I claimed, and very quickly. I used the money to start over with a D100 and new glass. Today, I have all of my bodies and glass scheduled in their Valuable Personal Property rider which I keep updated as gear comes and goes. I also keep a spreadsheet of my bodies, glass and teleconverters, since about 2000. For me, customer service is a huge part of the value I get from USAA.

Looks like they may sell it stand along as well. I was able to get a quote from my wife's account. To keep it comparable I did it for 15,000 and it came to $361 per year. No discount for bundling. No deductible. This is similar to the price of the PPA membership but with no deductible. PROFESSIONAL USE NOT PERMITTED. For professionals, they want you to have small business insurance.

USAA Camera Insurance

Is a camera policy worth it?​

You can rest easier knowing you have protection if something goes wrong. Plus, you'll have coverage benefits you won't get with homeowners insurance.

• You'll never pay a deductible.
• Your things are covered at today's replacement cost.
• If you report a VPP claim, you won't pay a higher premium the way you might with homeowners insurance.

What kind of description do I need to provide for my camera?
We'll need the following details for your camera and any equipment you have.

• Type of item like whether it's a camera, lens, flash or other item
• Manufacturer's name
• Model name or number
• Serial number if you have it
• Detachable lens info with purchase date within the past five years
• If you inherited or owned the item for more than five years and it's still made, we'll need the:
• Date and amount of retail or manufacturer's value.
• Name of retailer or manufacturer.
• If you inherited or owned the item for more than five years and it's no longer made, we'll need an appraisal with the date.

 

[Hooligans Imagery]

The USAA information inspired me to look at my general liability policy for my small coffee business, and so now I have emailed them to investigate a personal property floater for that business to cover photography gear.

So to recap where this thread is:

• PPA seems to have high deductibles for their "included level" of coverage with membership of $323 annually. So you really getting coverage for complete loss not repair.
• NANPA - lower membership cost of $100 entitles you to purchase coverage underwritten by Chubb and now sold through Cross (formerly Rand) in the US. Different seller in Canada. I have an inquiry into for cost.
• USAA - if you qualify will cover $15,000 (the PPA) free level as a standalone policy without a deductible - cost of $361. No Professional Coverage.
• Small business coverage Personal Property floater - investigating.
• Homeowners rider - anyone can do this but you may risk a rating for a claim. I am investigating this also.

 

[MMoretti]

The USAA information inspired me to look at my general liability policy for my small coffee business, and so now I have emailed them to investigate a personal property floater for that business to cover photography gear.

So to recap where this thread is:

• …
• Homeowners rider - anyone can do this but you may risk a rating for a claim. I am investigating this also.

We’ve had two recent (last 3-4 years) homeowner’s claims of substantial amounts from water damage to parts of our home. I have not observed any unexpected (e.g., inflationary) increases in any of our premiums for either homeowner, VPP and/or auto. I’ve been a member of USAA for over 40 years, though, so that could be a factor.

 

[Larry Shuman]

I had my Nikon 600mmF:4g VR and my 200-500mmF:5.6g VR on my home owners policy. I thought all was well until the 200-500 became stuck and the lens zoom ring was stuck and wouldn't move. My homeowner's policy informed me that it was a maintenance issue. I asked who on their staff wqs a camera repair tech. Since then I've found insuance companies either go this route most times. I belioeve it is a type false advertising. They do not inform the buyer of this at any time.

 

[Hooligans Imagery]

I had my Nikon 600mmF:4g VR and my 200-500mmF:5.6g VR on my home owners policy. I thought all was well until the 200-500 became stuck and the lens zoom ring was stuck and wouldn't move. My homeowner's policy informed me that it was a maintenance issue. I asked who on their staff wqs a camera repair tech. Since then I've found insuance companies either go this route most times. I belioeve it is a type false advertising. They do not inform the buyer of this at any time.

Larry not surprised if it is wear and tear and not a loss or damage from a single event. Had you dropped it and the zoom ring got stuck you would have been covered. Sometimes policies include the words - gradual deterioration.

I decided to look deeper and found this in a case involving Chubb which underwrites the NANPA policies.

One court has held that a direct physical loss “contemplates an actual change in insured property then in a satisfactory state, occasioned by accident or other fortuitous event directly upon the property causing it to become unsatisfactory for future use or requiring that repairs be made to make it so.”

 

[Woody Meristem]

I’ve been a member of USAA for over 40 years,

You must be a young fella, in a couple of months I'll have been a USAA member for 60 years.

Hopefully everyone remembers that insurance is a gamble -- the company is betting you won't have a claim and you're betting you will, you should hope they win that bet and odds are they will.