Camera insurance coverage and costs

[ejg1890]

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I an sure this has been covered previously. However, I called my insurance regarding the insurance of my camera equipment or at least the more expensive items. The equipment I have is more than just Leica cameras. The home owners insurance will cover camera equipment if stolen from inside or outside the house. However, that total amount is limited to $10,000 only. However, the amount to insure totals $20k. To ensure these items separately will cost $380 annually; this will cover stolen items as well as accidental damage from drops, water, etc. I have read most have the equipment insured via their home owners insurance.

However, does that cover all your higher valued camera equipment? Has anyone decided to cover their equipment separately due to limited value via home owner policy? Is the $380 make sense or reasonable?  I have no idea of that is reasonable or way to high.

Thanks for any feedback.

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[Guest]

Specific insurance cover for valuable items (almost entirely cameras in my case) is now too expensive for many. And like private health insurance here in Australia, the premiums go up and up every year, almost as fast and as high as global temperatures... 

Before I write any more, please note my 'disclaimer' that I am currently insured in Australia but I've never insured anywhere else in the world. Also, my policy doesn't cover my gear when I travel overseas, usually to Asia. Which may be important to you if you plan to go somewhere with your cameras and lenses this year or in future. 

I too am in the 'trap' of having too much quality camera and darkroom gear for our household policy to effectively cover. For many years my insurer (also my credit union, which gets me a small discount for a yearly upfront payment as well as a reasonable discount on overall insurance rates, so two small 'win-wins' here) had an additional 'rider' to cover extra gear, which in my case added up to AUD $22K, and I took advantage of this to insure everything for replacement value. Then bit by bit I sold off equipment, first the Hasselblad, then some of the Rolllei TLRs, and now I'm thinking of clearing as much of the lot of my camera equipment as the market will go for. Which will fix my problem', sort of, but leave me with only basic gear, which I can cover under my general household policy.

It must be remembered that while the basic general household policy will cover some gear (remember that some insurers will ask that you list this specific gear on the policy but others don't, and you will probably be limited in the number of cameras and lenses you can include in general coverage), it's important to read up carefully on what inclusions and exclusions apply. For example, will your gear be fully covered if you take a camera bag with you to a picnic and someone makes off with it? This happened to a friend last year, he went to a country race meeting and of course his bag 'walked', after which to his dismay he found out that only his actual camera was covered (and at current value at that, not replacement value) and the rest wasn't included. Which cost him a small mint as he had almost all his lens kit with him, the silly boy. 

As with almost everything else in life, the value lies in the detail. Read the fine print and make sure it satisfies all your requirements. 

Edited August 27, 2022 by Jay Dann Walker

[ejg1890]

10 hours ago, Jay Dann Walker said:

It must be remembered that while the basic general household policy will cover some gear (remember that some insurers will ask that you list this specific gear on the policy but others don't, and you will probably be limited in the number of cameras and lenses you can include in general coverage), it's important to read up carefully on what inclusions and exclusions apply.

Thanks. I have asked several questions especially regarding the reimbursement/replacement if an items is stolen or breaks. That is one of the nice things is the insurance also covers accidental drops as that appears to happen more frequently than stolen items. I also have a complete list of items with serial numbers as well.  

[zeitz]

I am in the US.  My solution, set up by my insurance agent, is to have two separate policies for my equipment.  My collectible equipment is covered by Collectibles policy which can also included art, antiques, etc.  My user equipment is covered by a Camera policy.  Both cover equipment with values substantially higher than $20,000.  The rates for the two policies are very different different.  The carrier for collectibles is AXA; the carrier for user equipment is Nationwide.  My insurance broker also handles my house, car and additional personal liability coverage.  He is also an agent for several different insurance companies enabling him to pick the best policies for my situation.

Be aware you are in a state with very high insurance rates.  Having two locations may also complicate the underwriting.  So my rates are likely to be different that what you can get in California and Virginia.  Your best approach is to talk to several different insurance agents and compare the coverage and price that they can get for you.  This is not something you can do online.

[LocalHero1953]

My camera equipment is insured through our household policy, which is arranged through a broker. The actual insurer changes every few years, but the broker is aware that I have expensive kit, and it is included in the quote each time. Some insurers want a separate list of high value items, and the threshold changes as well. It is covered for global travel (within a limited number of days per year), and for theft from a car as long as it is in the boot/trunk. It has also covered me for the few times we have opened our house as an 'open studio'.

With no evidence for it at all, I speculate that household insurance is better value than separate photographic insurance because the market is bigger and more competitive.

[Herr Barnack]

Several years back, I went to my insurance broker and tried to get replacement cost coverage for my Leica M kit.  None of the underwriters would touch it.  I got the impression that they were convinced I was attempting to defraud them and that no one could possibly have that much money tied up in camera gear.  🙄  Idiots.

I am a member of ASMP so I ended up getting insurance through Taylor and Taylor, underwritten by Chubb.  I have replacement cost coverage with a $500 deductible.  Whenever there is a price increase by Leica, I adjust the replacement costs to reflect that.  Each piece of gear is listed with its serial number and the replacement cost.

All things considered, the premiums are within reason, although they are not low.  My premiums don't hold a candle to the cost of replacing even one piece of Leica M gear. 

Not having money to burn, having my gear insured is mandatory.  I just hope I never have to use my coverage.  That's the thing with insurance - we pay for it, hoping we never have to use it.

Edited August 27, 2022 by Herr Barnack

[zeitz]

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11 minutes ago, Herr Barnack said:

None of the underwriters would touch it.

I am quite surprised by this.  I have had no problem getting an underwriter for my Leica equipment.  Are you based in New York City?

[Herr Barnack]

14 minutes ago, zeitz said:

I am quite surprised by this.  I have had no problem getting an underwriter for my Leica equipment.  Are you based in New York City?

No, I'm in Flyover Land (Indiana).  Taylor & Taylor are located in New York City, though.

Apparently anyone living out here in Cornfield County who claims to have Leica gear equal to the cost of a John Deere tractor is obviously a criminal mastermind looking to defraud the insurance company. 🙄

Edited August 27, 2022 by Herr Barnack

[ejg1890]

1 hour ago, Herr Barnack said:

Apparently anyone living out here in Cornfield County who claims to have Leica gear equal to the cost of a John Deere tractor is obviously a criminal mastermind looking to defraud the insurance company. 🙄

And John Deere’s are expensive!!

[Cattoo]

I use USAA for everything.  I have about $60K worth of gear covered under their Valuable Personal Property policy.  Coverage is worldwide so it's good for travel.  They won't cover losses due to wars or criminal activity but otherwise it's pretty open ended.

[Herr Barnack]

Avoiding wars has always been one of my goals in life, along with not getting shot or blown up.

[Cattoo]

What about criminal activity? 😀

[masjah]

3 hours ago, Cattoo said:

What about criminal activity? 😀

Theft is surely a criminal activity, and I wouldn't think much of insurance that didn't cover theft! 

[Cattoo]

Yeah.  They cover theft.  What they won't cover is if I break or lose something while committing a crime.  

[Herr Barnack]

4 hours ago, Cattoo said:

What about criminal activity? 😀

LOL, well that too.

I can't think of many crimes that can be committed by using a camera, but it is also a goal of mine to eschew them, whatever they may be.

 

[Jeff S]

Late to this thread.  Policies vary greatly by company, location, policy type and individual circumstances (including net worth, etc). I’ve always had my gear covered by a separate policy from the same company that underwrites my home, auto and other insurances. Chubb (Masterpiece) and AIG (Private Client Group) both offer these policies for high end collectibles, including camera gear. Although subject to strict underwriting standards, once qualified, the policies are nevertheless very reasonably priced.  I use them to cover camera gear as well as vintage prints and books.

My policy has no deductible, is worldwide, and covers all loss, theft, etc (even due to my own stupidity) at full replacement values that I determine.

The only way to know what is available, and at what cost, is to speak directly with companies that insure in your area.

Jeff

[jdlaing]

On 8/28/2022 at 5:47 PM, Herr Barnack said:

LOL, well that too.

I can't think of many crimes that can be committed by using a camera…………….

I can.

 

On 8/28/2022 at 5:47 PM, Herr Barnack said: