Insurance recommendations?

[M Journey]

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Sorry if this isn't the right forum to post this.

 

Does anyone have any recommendations on insurance for Leica camera and lenses?  I only have a Leica m11 and a 35 apo lens.  I am a hobbyist and use the camera sparingly.  I do take a few trips a year and want to make sure that the camera is insured against theft and damages.  My homeowner's insurance will only cover up to 10k of camera equipment at around $180/year.  

Photographersinsurance.com is quoting $230/yr to cover up to 20k of camera equipment.  Does anyone know if that website is legit and if $230/yr is a reasonable price for 20k in coverage?

 

Thanks

 

 

[dkCambridgeshire]

Using a camera 'sparingly' likely makes little difference to the insurance rate %. What might make a difference in the agreed excess borne bu by you the insured. Insurance rates % for the premiums quoted equate to 1.8% and 1.15% and each might be subject to a different excess. In the UK my home contents policy rate % is lower than both the aforementioned % rates and includes £10K all risks cover (outside the house) for Leica items which is adequate for my own needs. You might be able to negotiate lower premium % rates by using an insurance company approved safe for camera storage at home – and by increasing the agreed excess. Bear in mind that in the event of a claim, we all risk not  getting the 100% replacement value. All depends on the actual policy wording i.e. the 'small print' . 

[Photoworks]

https://www.tcpinsurance.com/photography-insurance/

 

I have been using them for years...

Just email them for a quote...

[chris_tribble]

If you’re in the Uk check Aaduki. https://www.aaduki.com/  Very good people to deal with (and I hand to claim once for a stolen M9 + 35 Summicron asph and 75 Summilux). 🫤 … the good news was that they paid for full replacement cost and were really nice too!

Edited November 26, 2022 by chris_tribble

[Jeff S]

Insurance varies greatly by company, by terms and conditions, by location, and by individual circumstances.  I’ve always used collections policies as separate riders to my high end home policy, through either Chubb (Masterpiece) or AIG (Private Client Group).  Underwriting standards are strict (net worth, etc), but coverage is stellar: no deductibles; worldwide; virtually all circumstances outside warranty; and full replacement value specified by client, including automatic escalators in the event prices increase or new models replace covered items. Annual premiums are typically around 1.5% of insured value, but full peace of mind.

Jeff

[M Journey]

On 11/26/2022 at 1:13 PM, Jeff S said:

Insurance varies greatly by company, by terms and conditions, by location, and by individual circumstances.  I’ve always used collections policies as separate riders to my high end home policy, through either Chubb (Masterpiece) or AIG (Private Client Group).  Underwriting standards are strict (net worth, etc), but coverage is stellar: no deductibles; worldwide; virtually all circumstances outside warranty; and full replacement value specified by client, including automatic escalators in the event prices increase or new models replace covered items. Annual premiums are typically around 1.5% of insured value, but full peace of mind.

Jeff

1.5% is in line with the quote I just got from State Farm.  $320/yr for $20k.  I’m in California so it is prolly higher than in other areas.

 

im gonna shop around for a few more days and then go with State Farm if I don’t find something better.  The personal articles policy quote with State Farm seems to be very comprehensive and will cover just about anything, including accidentally leaving the camera behind somewhere.  

[M Journey]

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On 11/26/2022 at 5:32 AM, Photoworks said:

https://www.tcpinsurance.com/photography-insurance/

 

I have been using them for years...

Just email them for a quote...

Will do thanks

[Ricard0]

I'm in the same boat (looking for insurance to cover my gear, especially when traveling).  It appears TCP (Photoworks' link) is for professional photographers, who need liability, E&O, etc. coverage.

Any suggestions for us amateurs who just need equipment insurance?

 

-rich-

[Jeff S]

1 hour ago, Ricard0 said:

I'm in the same boat (looking for insurance to cover my gear, especially when traveling).  It appears TCP (Photoworks' link) is for professional photographers, who need liability, E&O, etc. coverage.

Any suggestions for us amateurs who just need equipment insurance?

 

-rich-

Posts #5 and 6… and others via related discussions.

Jeff

[Ricard0]

5 hours ago, Jeff S said:

Posts #5 and 6… and others via related discussions.

Jeff

Thanks.  I missed the info in #5.  #6 doesn’t seem to apply. 

[Jeff S]

50 minutes ago, Ricard0 said:

 #6 doesn’t seem to apply. 

State Farm.

Jeff

 

[Ricard0]

In case others reading this thread are also looking for an answer:

I initially assumed photo equipment coverage would be a specialty item and that the usual big insurance firms (State Farm, Alstate et al.) did not offer riders to cover expensive hobbies.  I had based this on prior experience with finding appropriate coverage for my collection of pre-war Martin and Gibson guitars; I had to purchase a policy through a company specializing in musical instrument insurance.

Turns out that for photo equipment all I had to do was to reach out to my homeowner & auto insurance company (in this case, Encompass).  They confirmed that my M11, M10M and assorted lenses would be covered ANY WHERE IN THE WORLD.  So really, no need for an additional rider.

So if you are looking for peace of mind and are not a professional photographer or are looking for more comprehensive coverage, you might start with your homeowner's insurance policy.  You may be surprised to discover that you already have sufficient coverage.

-rich-

 

P.S.   Thanks to the OP for starting this thread!

[Jeff S]

3 hours ago, Ricard0 said:

In case others reading this thread are also looking for an answer:

I initially assumed photo equipment coverage would be a specialty item and that the usual big insurance firms (State Farm, Alstate et al.) did not offer riders to cover expensive hobbies.  I had based this on prior experience with finding appropriate coverage for my collection of pre-war Martin and Gibson guitars; I had to purchase a policy through a company specializing in musical instrument insurance.

Turns out that for photo equipment all I had to do was to reach out to my homeowner & auto insurance company (in this case, Encompass).  They confirmed that my M11, M10M and assorted lenses would be covered ANY WHERE IN THE WORLD.  So really, no need for an additional rider.

So if you are looking for peace of mind and are not a professional photographer or are looking for more comprehensive coverage, you might start with your homeowner's insurance policy.  You may be surprised to discover that you already have sufficient coverage.

-rich-

 

P.S.   Thanks to the OP for starting this thread!

I, too, went through the same company that provides my home, auto and other policies (post #5). But I still insure the gear under a separate policy through that company. Doing so, unlike typical home content coverage, allows for no deductible, full replacement values (that I dictate, and with automatic escalation due to appreciation or product discontinuation/upgrade), no exclusions due to my own negligence, etc.  In other words, it’s important to understand the specific coverage details between policy options, even with one’s home insurance company.

Jeff

[LocalHero1953]

We do not insure direct through an insurance company - we go through a broker. My photographic equipment is covered by our home insurance (including for travel - the main restriction is not to leave it on view in a locked car). But the company providing our insurance changes every few years as the broker finds better deals.

We go into this with open eyes, knowing that the broker gets their fees from the insurer, but our rates seem comparable with what we have seen quoted by others. One benefit is that we tell the broker what coverage we want and they go away and find it or negotiate it - we are not dependent on just the deal offered by the company we may have habitually been with for years.

[Alberti]

The problem I ran into is old lenses. Like my 35mm Summicron V1, bought for . . .€ 300 way back. It can't be insured properly. All my lenses are old or second hand. And then the rate quoted was upward from 2%. I remember 3% of new price, while the payout would be low (day price) so in effect the whole deal was very unappetitive. I dropped it soon.

Good for those with new buys.

[stephan54]

In the Netherlands I paid 100 euro on top of my home insurance and the camera and lenses were insured world wide against damage and theft in certain cases.

In Germany the insurance company asked 350 on top of my home insurance. So how to insure also depends on local conditions.

[caloosajo]

On 1/10/2023 at 5:27 PM, Ricard0 said:

In case others reading this thread are also looking for an answer:

I initially assumed photo equipment coverage would be a specialty item and that the usual big insurance firms (State Farm, Alstate et al.) did not offer riders to cover expensive hobbies.  I had based this on prior experience with finding appropriate coverage for my collection of pre-war Martin and Gibson guitars; I had to purchase a policy through a company specializing in musical instrument insurance.

Turns out that for photo equipment all I had to do was to reach out to my homeowner & auto insurance company (in this case, Encompass).  They confirmed that my M11, M10M and assorted lenses would be covered ANY WHERE IN THE WORLD.  So really, no need for an additional rider.

So if you are looking for peace of mind and are not a professional photographer or are looking for more comprehensive coverage, you might start with your homeowner's insurance policy.  You may be surprised to discover that you already have sufficient coverage.

-rich-

 

P.S.   Thanks to the OP for starting this thread!

Rich, @Ricard0

Would you be so kind to name-drop your musical instrument insurance carrier? I’m nowhere near the pre-war echelon, but looking to cover my acoustic instrument quiver including a couple beloved Collings. Thanks. 

-Jonny

[Ricard0]

On 1/14/2023 at 6:59 PM, caloosajo said:

Rich, @Ricard0

Would you be so kind to name-drop your musical instrument insurance carrier? I’m nowhere near the pre-war echelon, but looking to cover my acoustic instrument quiver including a couple beloved Collings. Thanks. 

-Jonny

Heritage Insurance

https://musicins.com/

I have a ‘96 Collings D2H that’s a tone monster…

[caloosajo]

22 hours ago, Ricard0 said:

Heritage Insurance

https://musicins.com/

I have a ‘96 Collings D2H that’s a tone monster…

Much appreciated! My D2HT is pretty darn special, too.

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[Leitz.]

I am an American living in Asia. I can’t get insurance here. Nobody will insure my camera against theft. The closest I came was to get an insurance specialist and he said I could add it to my home insurance. The coverage wasn’t enough. He said he would look for me and I never heard back. 

I spoke to insurance in the US but they can’t insure me because I don’t live in the US. 
 

any ideas? Thanks