Insurance valuations!

[IkarusJohn]

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I have an all risks, replacement policy on my household contents, which includes all risks cover for my camera gear.  I have to itemise all camera items over NZD5,000 (USD3,000).  I then have global damage and theft cover, for replacement cost.

I have not kept a running total of my spend on camera equipment since I started down the Leica rabbit hole in 2009, but I accept it has been significant (gulp), and probably not sensible.  I have tended to avoid the upgrade treadmill, buying what I thought I wanted; keeping what I use and enjoy; selling what I found I didn't want (usually for a bit of a loss); and refining my equipment.  I concede that I have probably over-spent.  Significantly.  I blame this forum generally and @jonoslack specifically! 😀

Last week, I received my invoice to renew my policy, and I noticed a couple of lenses were not listed.  When I phoned the insurer, they suggested that I update the replacement costs of my camera equipment, like for like - eg, e-Bay prices where the lenses are discontinued or replacement where a newer model has been issued.

Of all my gear, only 3 lenses have been discontinued (black chrome APO 50 Summicron-M, 75 Summilux-M and 180 Elmarit-R ROM) - everything else is either available or a replacement item issued (eg, M11-M).  The replacement values are shocking - I had no idea that camera prices and lenses had gone up so much!

I will renew the policy, but it does rather raise the question - would I have bought the gear at these prices and would I repurchase the same gear if it was lost?  I doubt it.  Will I sell down some of the gear?  Probably - the total of 3 M and an SL camera, 9 M lenses and two lenses for the SL (the 24-90 zoom and a 180/2.8 R lens) comes to USD120,000!  Fuck me! (pardon the Anglo-Saxonism, but seriously?).

For a hobby, at these prices, I think I can justify one lens in each focal length - 21-28-35-50-75 and the SL lenses.  The black chrome 50 APO Summicron-M alone is listed on e-Bay for USD16,000!  This is nuts!  Anyone else done such an inventory and come to the same conclusion?

[zeitz]

The nature of my collection is different.  I focused on accessories from Leitz and others that were hard to find when I bought them.  Some items, although not expensive, took years to find.  Many of the items are now impossible to find.  Even if the insurance company paid for a total loss, I would not live long enough to find every piece again.