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10/06/2006 02:35:35 PM · #1 |
I did a search but did not find a good hit for this topic.
I am just getting into the hobby of dSLR photography. As anyone with a dSLR + lens(es) knows, the intial investment can be pretty expensive.
So, I am just curious if many of you have taken out insurance riders on your equipment. If you have, did you have to get an appraisal on it and if so, where did you have it done? Also, what kind of fee did the appraisal cost? Obviously I need to research this more, I just wanted to see if the local 'experts' may have some feedback.
Here's the reason I ask. I have Nationwide insurance (homeowners). I looked at our policy and if we have a fire/flood/theft, etc, I think the basic policy only covers maybe $1000 for all computer/photography, etc. kind of things. The computer alone takes care of all of that. So, I called and found that if I want to insure my photo equipment, I have to get it all appraised and submit that for the rider. I'm not sure if Wolf/Ritz camera does that kind of thing.
I have a Sigma 50-500mm lens that I would never be able to replace without a rider.
Any thoughts on this subject?
Message edited by author 2006-10-06 14:36:40.
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10/06/2006 02:38:46 PM · #2 |
| Yeah they sold me insurance on my kit when I bought it, so all the bits are insured seperately. Probably a waste though because I think house insurance covers it. |
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10/06/2006 02:41:17 PM · #3 |
| My house insurance covers any individual item up to the value of £1500 without special arrangement,I do have an excess of £50 though. |
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10/06/2006 02:45:34 PM · #4 |
As long as it's strictly a hobby, your homeowner's should cover. But as soon as you make money from it, it's business capital and will require its own policy. But if your homeowners will only cover $1000 of your $3000 setup, then sure, it might be worthwhile to take out a small rider.
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10/06/2006 02:47:48 PM · #5 |
| I have a policy for all of my equipment. It's a seperate policy from my home insurance agent. So in essence my stuff is double covered. But the camera policy has a much lower deductable than the home owners policy. |
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10/06/2006 02:48:31 PM · #6 |
My policy has "replacement value" on everything, but the loophole in a lot of homeowner policies is for certain categories of items in which they limit the max payout unless you carry a rider. Had to take out a rider on select jewelry items as individually they could be replaced, but if lost/stolen as a group I'd be hosed.
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10/06/2006 02:49:11 PM · #7 |
I have renters insurance. My camera equipment is covered under that. It's also covered if it's stolen from my car, get robbed while on vacation, etc.....provided I get a police report.
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10/06/2006 02:49:58 PM · #8 |
Originally posted by spydr:
I have a policy for all of my equipment. It's a seperate policy from my home insurance agent. So in essence my stuff is double covered. But the camera policy has a much lower deductable than the home owners policy. |
Spydr, just curious (if you're willing to share), did you have to get appraisals for the equipment for the separate policy, or are you just using receipts for proof of purchase/ownership & to provide the retail purchase amount?
I'm not having much luck finding who does appraisals for this kind of stuff.
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10/06/2006 02:54:35 PM · #9 |
I have a rider on my policy for all of my gear...it only cost a few bucks extra a year and the benefit is that you do not pay a deductible as you would by using just your homeowners insurance. I did not need to get any appraisals I just gave them some ballpark numbers.
Hope this helps,
Maya |
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10/06/2006 02:57:35 PM · #10 |
Originally posted by MayaM:
I have a rider on my policy for all of my gear...it only cost a few bucks extra a year and the benefit is that you do not pay a deductible as you would by using just your homeowners insurance. I did not need to get any appraisals I just gave them some ballpark numbers.
Hope this helps,
Maya |
It does. Thanks. I'm comfortable with the whole rider process. I'm just having trouble after my agent said I'll need an appraisal. I need to follow up with him to see what he suggests in lieu.
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10/06/2006 02:57:41 PM · #11 |
I had to show the equipment and the receipts to my insurance agent to get replacement value.
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10/06/2006 03:03:37 PM · #12 |
I did forget to say earlier....I did not have to get an appraisal or even show receipts on what I paid. However, because I used my credit card OR PayPal to pay for everything, it should be easy enough to get, should I ever need to.
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10/06/2006 03:06:35 PM · #13 |
Just a quick thanks to everyone for their replies.
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10/07/2006 12:20:36 PM · #14 |
Thanks guy. This thread spurred me to call about my equipment. I was covered for theft/destruction (read:fire, etc) from homeowners, but it was only $5/month to add a zero deductible rider which covers loss and damage as well. I now have to worry a lot less about shooting near water or a cliff. :)
One thing to be aware of for people calling (someone did mention it) is that the rider (at least on my insurance) did not cover replacement value, but actual value. That's a bit of a downside, but they did not have a different version. |
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10/09/2006 12:34:44 PM · #15 |
Just a note. Those of you who put your equipment on your homeowners policies will probably not get replacement if someone walks off with your equipment outside of the home. I have a rider for my equipment and made sure that it is insured for ANY type of loss. If I'm shooting a high school football game or I drop my bag in a river while shooting I'm covered. I'm not sure what the total cost is but I had it included on my wife's jewelry rider. I think we have about $50,000 in coverage and pay about $150 a year with State Farm.
The jewelry required appraisals but State Farm only required the receipts for the camera equipment. Even stuff I bought off of eBay. I just printed off the PayPal receipt and turned that in. I even insured stuff like my old Canon AE1 and a 1969 Polaroid Land Camera with estimated values. |
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10/09/2006 12:47:50 PM · #16 |
| Anyone that does not have insurance on expensive camera is taking a big risk. The cost of insuring camera gear for non-professionals is very cheap compared to having to replace lost, stolen or damaged equipment. You can add it to your home-owner policy or to a renters policy. I have twice claimed for damaged and lost equipment and I definitely got my moneys worth. Take the 10 minutes that it takes to call your agent a get a quote, You will be surprized by how little it can cost. Make sure you ask for replacment value. I have about 10 grand(CDN) worth of equipment, and the cost is less than $180.00(CDN) per year. |
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10/09/2006 12:48:34 PM · #17 |
Originally posted by dallasdux:
Originally posted by spydr:
I have a policy for all of my equipment. It's a seperate policy from my home insurance agent. So in essence my stuff is double covered. But the camera policy has a much lower deductable than the home owners policy. |
Spydr, just curious (if you're willing to share), did you have to get appraisals for the equipment for the separate policy, or are you just using receipts for proof of purchase/ownership & to provide the retail purchase amount?
I'm not having much luck finding who does appraisals for this kind of stuff. |
Yes, INSURANCE is a nasty scam. So much is focused on legalese that let's them wiggle out of paying claims. The agents mis-represent the contract to make you feel safe. Then you find out you've paid thousands for coverage you actually did not have. And of course, you've got no case because it's all in the legalese.
The common citizen get's screwed and the courts give their "okay" to keep reaming us.
I'd really like to know where some of you are getting your riders that cover your equipment anywhere and for anything. I've tried getting these for both my computers & photographic equipment and my DJ equipment. And I even try the same insurance companies as others and just can't seem to get them.
It sucks....I hate Insurance companies with a passion.
- Saj
Message edited by author 2006-10-09 12:53:16. |
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10/09/2006 12:48:55 PM · #18 |
| I pay about 1.60 a month to have my equipment on my home owners, it the coverage is actual replacement coverage, zero deductable. |
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10/09/2006 12:49:25 PM · #19 |
I have a rider for my gear thru Allied with no deductible. It covers everything fom theft to damage.
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10/09/2006 01:15:57 PM · #20 |
all of my gear is insured twice. On my home and also on my auto policy
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10/09/2006 02:14:15 PM · #21 |
Just a reminder, if you charge money for photography, you are in business and your homeowner's/renter's policy won't cover your losses. You need businesss insurance for that. Same thing goes for liability, if you drop your camera on someone's head while getting paid to shoot something, your liability coverage through your homeowner's policy will not cover your liability should the injured person or their insurance company decide to sue. You don't legally need to have liability insurance, just be aware that you "could" lose most or all of your personal assets in a lawsuit.
You can try to cover such losses under your homeowner's/renter's policy, but it's considered fraud and if the insurance company finds out, you will not get any money or have to repay what they gave you and you will likely be charged criminally.
Message edited by author 2006-10-09 14:30:51. |
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10/09/2006 02:35:42 PM · #22 |
| note the covrage will vary from country to country and even in the US each state has its own laws, I recommend contacting your agent to see what the covrage would be. |
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10/10/2006 09:10:50 AM · #23 |
Originally posted by Spazmo99:
Just a reminder, if you charge money for photography, you are in business and your homeowner's/renter's policy won't cover your losses. You need businesss insurance for that. Same thing goes for liability, if you drop your camera on someone's head while getting paid to shoot something, your liability coverage through your homeowner's policy will not cover your liability should the injured person or their insurance company decide to sue. You don't legally need to have liability insurance, just be aware that you "could" lose most or all of your personal assets in a lawsuit.
You can try to cover such losses under your homeowner's/renter's policy, but it's considered fraud and if the insurance company finds out, you will not get any money or have to repay what they gave you and you will likely be charged criminally. |
Obviously this coverage varies from state to state but this is the reply my insurance agent sent me yesterday on this topic. I'm in Oklahoma City:
"Sean,
The coverage we have is for professional use as a part time business. A business policy would be good if you have customers coming to a place of business, if you have equipment props that could injure someone while taking pictures, or to cover liability issues such as not performing to a contract or perhaps picture restoration and you would destroy an old picture, etc. Even with a Business policy we would still cover the camera equipment off premises under the same policy we have now. If you get into this full time then you would definitely need a business policy.
Ken" |
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