Insuring Gear

[Casey]

I just went through the painless process of updating my schedule on my home-owner's policy that provides coverage for my gear. I put all of my big ticket items on my policy and pay a ridiculously small amount per year to cover it completely. If I drop something and trash it, I can make a claim, pay no deductible and get re-imbursed enough to replace it. I will sleep better at night knowing this is done. I've had it in place for some time but just updated it with the new, higher cost gear I've been buying.

My business partner dropped a $1200 lens a while back on concrete. I'm not certain he had insurance, but it goes to show how easily you can tear up this expensive equipment.

If you don't have insurance, get it. Mine is a schedule jewelry rider on my home owner's policy. $66 a year has me covered. I didn't put the little incidental filters, cases, etc on it...just the big ticket items.

[Gerald S]

Great idea. I had my home broken into about 10 years ago and the insurance covered everything with no questions asked but it wouldn't cover accidental breakage. I need to check into it.

[Shane]

Thanks for the reminder, Casey. I need to do the same thing. Sounds like you bought a personal articles policy.

[texag93]

Hmmm, I need to sit down with my agent and see about that stuff. I updated(transferred my policy) when I moved but not sure on the coverage.

[Howard]

Middleton and I talked about this at the TOT.... it is very inexpensive and gives it all risk coverage with no ded most of the time. Even if it was stolen without floater yes it would be covered but with ded. most of the time a no claim situation. Even if you drop it, etc..it would be covered if you have it on floater.

I have a client that has over 50 grand in camera gear insured. Mostly 35 mm and tons of lenses,etc.. He had one fall in river running from bears and another one got left on roof of truck and he forgot and drove off and it hit the ground- no problem, we paid for new gear.

Great thread for this section no doubt. Very few people even know about it

[PaPaBear_tx]

I insured all of my photography equipment through State Farm. I printed a full inventory through Quicken and submitted them. This is a separate policy all of its own. The coverage is for theft, damage from dropping the equipment, or falling off my kayak into the lake. This is cheap insurance and peace of mind when you are an outdoor photographer and have a lot of gear.

[Wildman]

Yep, good thread Casey. I am paying 4.87 a month extra on my insurance to have replacement cost insurance on my equipment. That even covers any time any where theft

[Bill M]

Yep, good thread Casey................

I agree, been needing a review of my coverages. More concerned about the glass than the bodies. Thanks for the reminder Casey.

[Kevin]

Going to bump this up from the bottom for some questions.

I called Allstate today and they seem pretty clueless about this stuff. They want receipts for everything (I buy most of my stuff used) and kept telling me that all of this was covered under my Personal Property Insurance from my house insurance. They could get the fact that with a 1% deductible and only covering fire/theft that is useless to me. What insurance companies are you guys using?

[scotty]

Kevin, I just talked to my wife. She is in the insurance business. You need to ask to have your equipment scheduled on a "jewelry floater". We have about $8K insured. Costs about $75/year. We are with Kemper, but she said that most all homeowner insurance companies offer it.

[Casey]

Someone had the same issue pop up. They called a different company, got the right answers and switched everything over. Seems Gerald did that.

My guy calls it a schedule jewelry. I've heard it called personal articles policy as well. No deductible and covers damage, theft, the works. I don't know that you need a receipt, as I can put my wife's jewelry on it, but they would want an appraisal. You might be able to get it by providing the serial number, make/model and an online ad or something to indicate replacement value.

[Bill M]

Mine is scheduled for a dollar amount for loss or damage on Personal Articles form.

[Gerald S]

Yes, that was me. The insurance company I had said they had nothing of the sort. So, I called Travelers and not only did they get me set up with a personal articles policy, they also got me more coverage on my house for less money than the other company.

[Shane]

That's it. Ask for a Personal Articles Policy. You can insure any personal property (non-business related) on those with no deductible and usually get replacement cost coverage. Replacement cost is important. That pays you the price of a NEW item if yours gets lost, stolen or damaged. That's better than actual cash value (ACV) which pays you the depreciated value of your old, worn-out used item.

[Kevin]

Thanks for the help guys! Might have to switch it up!