Insurance

[Portratones]

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Hey everyone, I did a quick search on the forum but couldn’t find similar threads.

TLDR I’m not a professional photographer (meaning photography is not what pays my rent nor I have a company registered at my name) but over the years I’ve accumulated quite a bit of Leica gear between body and lenses both new and used. My main issue is figuring out how to insure all that. I’m based in CA, USA and before everyone mentioning that it’s cover under my apartment insurance… well I call my insurer company and even with the highest rate they will cover up to 15k if something happen while home and I think 5k if outside… clearly not enough.

so my question is how is everyone doing when it comes to gear insurance. Thanks,

 

 

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[LocalHero1953]

I'm UK based and I'm covered under our home insurance up to a value specified by me, with items over a certain value (which varies from year to year - about £3500 at present I think) listed explicitly. Our home insurance is arranged through a broker, so I just tell them my requirements and they find an insurer that meets them.

A couple of times I have used the house as an exhibition space under an 'open studios' programme i.e. the public come into the house, and I sell prints; the insurer has extended the cover temporarily to allow for this, including public liability insurance.

 

Edit: Our insurance also covers use of the equipment out of the house and in other countries. The only requirement is that, if left in a car, it must be locked out of sight in the boot.

Edited November 28, 2021 by LocalHero1953

[andybarton]

My modest bag (which would still cost over £15,000 to replace) is insured via my house insurance - fully covered outside the house anywhere in the world. The premium is very reasonable - so much more reasonable than specialist photography kit insurance, which is a complete rip-off (at least in the UK).

I would suggest that Portratones find another insurance company.

[Speeding]

I live in L.A. and work both here and abroad.  My documentary gear is insured through the business ($100k) for global travel.  My wife's personal Leica kit (similar to Andy's above in value) is a supplemental plan on our homeowner's insurance.  The premium is something like $120 per year and covers her anywhere in the world.  

[zeitz]

My insurance broker split my equipment into collectibles (which seldom leave the house) and into user equipment.  The collectibles are insured under an AXA Insurance Collectibles policy; such a policy is not exclusive to camera equipment but can cover any collectible.  A list of equipment with serial number is needed, but no appraisal is required.  My user equipment is insured under a Nationwide Insurance camera policy; the rates for user equipment is higher than for collectibles of course.  All of the equipment is excluded from my Nationwide homeowners policy.  Your insurance broker should easily be able to set up these policies for you.  This is not something to do online.

[Jeff S]

Chubb (Masterpiece) and AIG (Private Client Group) provide separate policy riders to home insurance for all sorts of collectibles, although underwriting criteria are strict and include net worth.  I’ve used both over the years to insure camera gear, vintage prints, first edition photo books, etc, all at a reasonable standard percentage.  There are no deductibles or appraisals (I set the value, and there are automatic provisions for appreciation, etc), and coverage is worldwide for circumstances outside warranty.

Jeff

[rscheffler]

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From other similar discussions over the years, for US based individuals, the recommendation has been to look for a provider of inland marine insurance. Basically it's a policy that covers moveable equipment.

[chrisinsf]

I have personal article policy w/State Farm. Curious if this what other do and what their experience has been in the event something does go wrong?  Statefarm told me that my renters insurance would not cover the amounts for replacement so I needed a personal articles policy.  It supposedly also covers inflation.

[Jeff S]

On 4/3/2022 at 8:37 PM, chrisinsf said:

I have personal article policy w/State Farm. Curious if this what other do and what their experience has been in the event something does go wrong?  Statefarm told me that my renters insurance would not cover the amounts for replacement so I needed a personal articles policy.  It supposedly also covers inflation.

Jeff