| Author | Thread |
|
|
03/23/2006 12:30:45 AM · #1 |
Does anyone have insurance for their high dollar equipment? I am planning on making some big purchases and the thought of something getting broken got me thinking about insurance.
Who provides coverage? Can you use your home/rental insurance? How much does it cost?
Any help would be appreciated.
thanks
|
|
|
|
03/23/2006 12:32:03 AM · #2 |
I have all my camera gear and my laptop insured through State Farms. $5000 worht of replacement costs for less then $100 a year
|
|
|
|
03/23/2006 12:35:35 AM · #3 |
I purchased my Canon 20D with 17-85 IS lens through Ritz Camera / Inkley's, in part so that I could get an extended warranty with it. Cost is about $300 per year.
I also purchased my Canon 70-200L 2.8 IS thru them for the same reason.
Lucky thing is ... my 70-200 fell out of my backpack last summer and broke the zoom mechanism (amazingly, the glass was fine!). The warranty covered fixing the lens 100%.
They tell me I could drop it in a lake, run over it with a truck, it doesn't matter, the equipment is covered. So far, I'm "out" the $300 on the 20D because nothing has happened to it. But boy was the warranty appreciated on the 70-200!!!!
I'll probably take the camera in for cleaning shortly as I think that is covered under the warranty as well.
|
|
|
|
03/23/2006 12:36:40 AM · #4 |
Originally posted by ShutterPug:
I have all my camera gear and my laptop insured through State Farms. $5000 worht of replacement costs for less then $100 a year |
Just curious... what will State Farm cover? I'm assuming fire & theft, anything else?
|
|
|
|
03/23/2006 12:41:44 AM · #5 |
inland marine will cover it if you drop your lens in the river. Jusat leave it in the river if you drop it...
|
|
|
|
03/23/2006 12:47:16 AM · #6 |
Originally posted by dwterry:
Originally posted by ShutterPug:
I have all my camera gear and my laptop insured through State Farms. $5000 worht of replacement costs for less then $100 a year |
Just curious... what will State Farm cover? I'm assuming fire & theft, anything else? |
They said it covers no matter what. I bought the insurance the day after falling through ice into a river with the 300D - luckily I kept the camera above water. So yes, I can lose it, have it stolen, run it over with my truck and it's covered - for full replacement cost!
|
|
|
|
03/23/2006 01:17:00 AM · #7 |
| Okay...so who knows of an insurance company for our gear in Australia? |
|
|
|
03/23/2006 08:12:08 AM · #8 |
Originally posted by Judi:
Okay...so who knows of an insurance company for our gear in Australia? |
AAMI will let you have "specified personal valuables cover" for your photographic gear anywhere in Australia as part of a home contents policy - by specifying items (with their values), this lets you get more coverage than the standard limit of $1000-5000 total/$1000 per item for "unspecified personal valuables cover". Also covers first 30 days overseas. and AAMI replace "new for old" so if you have items that aren't made any more you'll get the modern equivalent or better. Note that this doesn't cover professional usage - might need a different sort of policy for that?
I haven't claimed on personal valuables cover yet (hopefully will never need to) but I did claim on general contents when my camera gear was stolen from home a few years back. AAMI were easy to deal with and I had no problems getting them to pay the claim. As part of the "new for old", my $30-on-eBay match-needle light meter was replaced with a Gossen digital light meter, and I got a much better flash too.
|
|
|
|
03/23/2006 08:22:15 AM · #9 |
Thanks Paddles.
The company I am currently with wanted me to list my gear and then they stopped me just into it....and said..(get this)...nup, that sounds like you are a professional...we will not cover any of it...even the computer...sheez! |
|
|
|
03/23/2006 10:27:22 AM · #10 |
Originally posted by Judi:
Thanks Paddles.
The company I am currently with wanted me to list my gear and then they stopped me just into it....and said..(get this)...nup, that sounds like you are a professional...we will not cover any of it...even the computer...sheez! |
Judi, even State farms questions me on whether or not I am truly a hobbiest each time I add something, but they do insure me when I tell them I am not making money off this. I just went in this morning to add the Bigma on and the lady just said "sure is an expensive hoby, huh?" She has no idea how expensive photography can be. lol
|
|
|
|
03/23/2006 11:05:39 AM · #11 |
i have the same coverage through statefarm and can back up the scenario she has mentioned. the key was a seperate policy outside our homeowners policy. They also reccomended a liability policy if i were to expand my professional side more toward interaction with people/pets/commisioned work.
Originally posted by ShutterPug:
I have all my camera gear and my laptop insured through State Farms. $5000 worht of replacement costs for less then $100 a year |
|
|
|
|
03/23/2006 12:15:55 PM · #12 |
Originally posted by ShutterPug:
but they do insure me when I tell them I am not making money off this. I just went in this morning to add the Bigma on and the lady just said "sure is an expensive hoby, huh?" She has no idea how expensive photography can be. lol |
So... if you keep buying new gear faster than the money is coming in, then technically you're not making any money. RIGHT?!? :-)
|
|
|
|
03/23/2006 12:35:31 PM · #13 |
I am in the insurance business any my best advice is to call your agent. The reason is, many insurance companies handle photography equipment differently. Ask your agent, is it covered in your auto, in your house, out on a boat, while on vacation. Ask, is it replacement cost or actual cash value. Ask, if breakage is covered. In other words, if you drop it. Take your time and make sure you understand the limits and policy rules. If you have Erie insurance in your area, they are a good company to be with for photo Eq.
No offence to anyone on this site but dont take too much advice from non insurance people. Their intentions will be good but this is a complicated subject and you need to deal with your agent.
Can you use your home/rental insurance? How much does it cost?
Any help would be appreciated.
thanks [/quote] |
|
|
|
03/23/2006 01:12:49 PM · #14 |
Originally posted by dwterry:
Originally posted by ShutterPug:
but they do insure me when I tell them I am not making money off this. I just went in this morning to add the Bigma on and the lady just said "sure is an expensive hoby, huh?" She has no idea how expensive photography can be. lol |
So... if you keep buying new gear faster than the money is coming in, then technically you're not making any money. RIGHT?!? :-) |
I'm really not making any money....unless of course you would care to go to Photographers Direct and buy some of my Prints, or to DPC Prints although my take is much less there.
|
|
|
|
03/23/2006 01:28:18 PM · #15 |
| I pay 20 a year for 2000 worth of photogrpahy equipment thru state farm on a personal property policy, which is an offset of my home owners. |
|
|
|
03/23/2006 03:14:43 PM · #16 |
| So if you are making a little money off of photography, even only a little, what should you do for insurance? |
|
|
|
03/23/2006 03:26:42 PM · #17 |
in different parts of the country have different rules i think.
i was able to insure my stuff - and tell them i was selling prints but not running a studio ( State Farm - vermont - USA). she said that was fine, and that if i expanded i ought to look into a liabilty policy as well. not sure if i would have to change over equipment coverage at that point or not though.
some may have to do with customer loyalty as well - making it easier to find loopholes in the rules - we have been with state farm for as long as i can remember and have multiple policies from homeowners to auto to life and so on...
Originally posted by nova:
So if you are making a little money off of photography, even only a little, what should you do for insurance? |
Message edited by author 2006-03-23 15:28:22.
|
|
|
|
03/23/2006 03:40:47 PM · #18 |
Definitely talk to your agent about this. While soup's agent says it is fine to be making money from his photography, my agent in Michigan stated that if I were making any money then it is no longer considered a hobby, but would then have me considered a professional photographer and that would fall under business policies (which cost a lot more). I think this is being extreme in their thinking as just becasue someone decides to buy a Print from me that does not make me a pro. So I guess if I make a sale, I wont consider it a sale from my photography, but a sale from my printing skills ;-P - my printer is not under the personal policy but under my home owners still.
As fro why I chose to go with a personal policy on my equipment vs the home owners that already covered it - the homeowners I would have to pay a deductible (mine is $500). With the personal policy there is no deductible.
|
|
|
|
03/23/2006 03:44:10 PM · #19 |
on top of that you don't want to be claiming agaisnt your homeowners for 'non-home' related damages as it could lead to higher HO rates, or canceallation of policy - to get you thrown in a pool only to be picked back up by your current carrier at the phenominally higher rate...
Originally posted by ShutterPug:
As fro why I chose to go with a personal policy on my equipment vs the home owners that already covered it - the homeowners I would have to pay a deductible (mine is $500). With the personal policy there is no deductible. |
Message edited by author 2006-03-23 15:44:50.
|
|
|
|
03/23/2006 04:55:57 PM · #20 |
Thanks for the advice you two. Insurance is something I have been putting off, but I do need to take care of it. Thanks again.
|
|
|
|
03/23/2006 06:07:40 PM · #21 |
Originally posted by nova:
Thanks for the advice you two. Insurance is something I have been putting off, but I do need to take care of it. Thanks again. |
Yup - you don't want to wait until you fall through ice into a river, or drop your lens at a hockey game, or worse yet - lose an entire camera off the edge of a mountain cliff.
|
|
|
|
03/23/2006 10:23:10 PM · #22 |
Originally posted by ShutterPug:
Originally posted by Judi:
The company I am currently with wanted me to list my gear and then they stopped me just into it....and said..(get this)...nup, that sounds like you are a professional...we will not cover any of it...even the computer...sheez! |
Judi, even State farms questions me on whether or not I am truly a hobbiest each time I add something, but they do insure me when I tell them I am not making money off this. |
Ouch, Judi! I've added and removed equipment more times than I can remember (as I've purchased lenses, upgraded things), and have a $1500 "item" named "tripod, tripod head, filters and other accessories", and AAMI have never asked about professional usage or suggested they wouldn't cover my gear. The policy excludes professional usage but not professional equipment.
Message edited by author 2006-03-23 22:24:37. |
|
|
|
04/02/2006 01:53:57 PM · #23 |
I have Allied for my home insurance. They wrote up a policy for my equipment, no questions asked. $5000 worth of coverage, no deductible, $76/yr. My premium increases about $4/yr for every $300 of value I add to the policy
|
|
|
|
04/02/2006 02:36:51 PM · #24 |
my insurance company where I insure my house and car has a special policy for cameras and laptops, my equipment is insured against anything.. theft, damage, fire and anything you can think of..
I have a $18000 insurance and I pay $300/year for it
|
|
Home -
Challenges -
Community -
League -
Photos -
Cameras -
Lenses -
Learn -
Prints! -
Help -
Terms of Use -
Privacy -
Top ^
DPChallenge, and website content and design, Copyright © 2001-2024 Challenging Technologies, LLC.
All digital photo copyrights belong to the photographers and may not be used without permission.
Current Server Time: 04/24/2024 01:39:43 PM EDT.
