Photography equipment Insurance?

Darryl Roberts · Oct 20, 2023

Hi,

I live in apartment and my equipment, if here, is insured from theft or damage.

Do you know how I can obtain some insurance for the field?

Thank you

BrianShaw · Oct 20, 2023

You may want to verify your homeowners/renters insurance. Some stuff might be covered even if theft occurs outside your home.

Alan Edward Klein · Oct 20, 2023

Yes this insurance is available probably at different rates between business or personal use.

MattKing · Oct 20, 2023

Talk to an insurance broker - not a tied to one brand insurance sales person.
You may be able to buy a specific rider that covers listed items.
Such a rider can also help you with a claim against your existing home insurance.

BMbikerider · Oct 20, 2023

My domestic insurance covers my house and contents up to £500,000, including possessions, if away from home, where the loss is from theft, accident or deliberate act by a 3rd party. The only provision being that the accident does not include a dangerous sport such as skiing or skydiving and the value of each individual item is less than £1000, unless previously disclosed to the insurer and agreed. The only item that this involves is my Nikon F6. So long as they are aware and agree, there is no increase in premium.

DREW WILEY · Oct 20, 2023

Professional equipment insurance rates can be pretty steep. Many homeowner's policies are a better bet if one is not a full time pro, and don't travel with an excessive amount of gear susceptible to theft. But if you're a renter, that's not an option.

Pieter12 · Oct 20, 2023

Most insurance will pay squat for loss or theft, even if you have receipts.

BrianShaw · Oct 20, 2023

Pieter12 said:
Most insurance will pay squat for loss or theft, even if you have receipts.

Yep… actual cash value (ACV) always is low, sometimes to the point where filing a claim simply isn’t worth the effort. Even actual replacement cost can be problematic.

MattKing · Oct 20, 2023

I have friends whose house insurance plus scheduled rider replaced their stolen high end DSLR and lenses - stolen from their driveway when they were unloading their car!

BrianShaw · Oct 20, 2023

Riders are the way to go for high value stuff… but they can co$t.

abruzzi · Oct 20, 2023

BMbikerider said:
The only provision being that the accident does not include a dangerous sport such as skiing or skydiving

there goes the idea of skydiving with my 8x10...

TomR55 · Oct 20, 2023

Years ago, I had commercial policies, but I don't know how easily that's done today. For one, the rates are not cheap, and you have to show that you're generating money with this equipment--i.e., that this isn't a hobby, per se. Anyway, those policies provided for "replacement value" on equipment (inland marine insurance). They also insured against liabilities, such as personal damage suits, and other items relating to your business.

I am retired and have a decent Homeowners policy with USAA--but this option is also only available the military families. Fortunately, I have not had to file any claims, but i suspect that many insurance companies will not provide 'replacement costs' but you're not covering commercial liabilities, etc.

Kino · Oct 20, 2023

Get an estimate from your insurer, then don't take out the policy and put that amount each month in a savings account.

Pretty soon, you'll have enough to buy a new Leica and maybe even a lens...

Sirius Glass · Oct 20, 2023

There are several types of coverage: some will depreciate what you paid for the equipment and the type I prefer covers replacement cost. With the latter if ones Leica or Hasselblad were stolen, one would get the money needed to replace the equipment which in those cases could be much higher than originally paid.

RalphLambrecht · Oct 20, 2023

Kino said:
Get an estimate from your insurer, then don't take out the policy and put that amount each month in a savings account.

Pretty soon, you'll have enough to buy a new Leica and maybe even a lens...

brilliant idea! Insurances are in business to make money. So in an average case, you do not to have a policy.

jamesaz · Oct 21, 2023

I don’t know the particulars but several photographers I’ve know over the years got coverage through ASMP. You may need to be a member but my understanding is that the insurance coverage is reasonably priced and geared towards the needs of photographers. Good luck.

btaylor · Oct 21, 2023

Last time I checked, insurance including liability coverage through PPA was about $600/yr, that included $15k for equipment loss.

Philippe-Georges · Oct 21, 2023

Kino said:
Get an estimate from your insurer, then don't take out the policy and put that amount each month in a savings account.

Pretty soon, you'll have enough to buy a new Leica and maybe even a lens...

That's what I did for 35 years.
As 80% of my work was done on location (industry), the insurer wouldn't take my risk file, or only at a ridiculous high cost.
After 12 years of saving, I could buy a whole new Hasselblad set!

BMbikerider · Oct 21, 2023

Some of the prices quoted suggest that those over the pond are being ripped off left right and central. My all in policy including items away from home is a measly £135 per year. This is based on the area you live in and the crime rate around when you take out the insurance and mine is not particularly low. They are more concerned if you live in an area which is prone to flooding which I am not. Although they could not initially understand that, because I live over 800 feet above sea level on the side of a well drained hill I will not flood, and they placed me in the same risk area as the village at the bottom of the hill which does flood.

guangong · Oct 21, 2023

I like the idea of paying yourself the premium. Best is to be aware of your surroundings and be discreet. For home theft a gun save can hold a lot of camera equipment.
However, in today’s world, how many would want to steal a film camera.

Alan Edward Klein · Oct 21, 2023

DREW WILEY said:
Professional equipment insurance rates can be pretty steep. Many homeowner's policies are a better bet if one is not a full time pro, and don't travel with an excessive amount of gear susceptible to theft. But if you're a renter, that's not an option.

Renter's insurance is just like home insurance. I've had when I lived in NYC.

The issue with home insurance is when you report a theft. I reported two breakins into my car's trunk within one year. A few hundred dollars only each time after the deductible were stolen mainly in clothes. After the second report, I was blackballed for three years by the insurance industry. I couldn't get apartment (home) insurance at all. I don't, know if they're still that strict.

BrianShaw · Oct 21, 2023

Yes, Alan, insurance companies still drop people for too many claims. They also drop people when fate works contrary to their profitability. I’ve never heard of that kind of blackballing, though. Having a history of “too many claims” may follow a customer but if that’s a formal or informal process it just seems wrong.

DREW WILEY · Oct 21, 2023

I had a serious equipment burglary incident once, and my homeowner's insurance was wonderful. Fortunately, I still had receipts for all of it. But because I also recorded serial numbers, those went to the police report, and that allowed a search warrant of the suspects once an item being sold matched one of those numbers; and that, along with fingerprints, led to an arrest and conviction, and the recovery of all my items with the exception of one lens, which the insurance company assigned full replacement value. But there were prepared to replace the full 18K in value if necessary. And when my brother accidentally dropped a few items, including a camera I loaned him, his homeowner's policy gave him full replacement value. But neither of us ever abused our insurance for frivolous reasons. That DOES make a difference.

During my day job providing equipment to contractors, 30% of our tool business was theft replacement. Every week multiple insurance estimates were done, often in the tens of thousands of dollars apiece - I'd say 20K was about the average. Many of these were in fact full replacement policies. Of course, the contractors paid quite a bit for such policies in this high risk theft area; but that level of coverage was absolutely necessary.

BrianShaw · Oct 21, 2023

You and your brother must have invested in good insurance coverage with a good insurance company… and had a good police department!

DREW WILEY · Oct 21, 2023

guangong - when there was a major break-in of the local camera store, they took ALL the vintage film cameras first, and only some of the new digital ones. A classic old Nikon or Canon 35mm, or anything classic roll-film MF sells around here almost as soon as it turns up in the display case. There will always be yet another digital camera tweak to select from, and choosey theft rings know that, and sometimes prefer to take more "collectible" things instead. Street grab n' run types might behave differently, since they're more electronics targeted. Different set. But in that store incident, given exactly what was selectively taken, and what wasn't - (and over 250K worth was stolen) - they were obviously at some point informed photographers themselves, and not casual thieves.

Photography equipment Insurance?

Darryl Roberts

BrianShaw

Alan Edward Klein

MattKing

Moderator

BMbikerider

DREW WILEY

Pieter12

BrianShaw

MattKing

Moderator

BrianShaw

abruzzi

TomR55

Kino

Sirius Glass

RalphLambrecht

jamesaz

btaylor

Philippe-Georges

BMbikerider

guangong

Alan Edward Klein

BrianShaw

DREW WILEY

BrianShaw

DREW WILEY

Photography equipment Insurance?

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