Appraisals for Insurance

[PEC]

Does anyone have a recommendation for a company to do appraisals on photography equipment? I am thinking about adding replacement insurance for theft, breakage, loss, etc... I can add this schedule to my homeowners for about $16/$1000 per year. My agent needs the equipment appraised and I don't know who does it.

Thanks!

[venchka]

If the equipment is being insured for replacement value and is still offered for sale, I would use the B&H web listings for price. If the equipment is no longer current, get an average price from KEH.
That said, my agent sold me what was supposed to be replacement value insurance. Until I made a claim. The underwriters at the home office had a different opinion. 10% per year depreciation. I dropped the policy.
Make sure that replacement value is in writing.

[Bob_S]

Looks like your gear is commercial and is not likely to be covered by your homeowners policy. I would want to see it in writing no matter what my agent said. Might check out TCP Insurance.

[kenw]

I have a separate policy for my gear, basically they insure it for whatever you say it is worth since you are paying by the evaluation. I used the B+H new price. According to my agent it only has to be 'reasonable'. But if I say my 70-200/2.8 is worth 14k, they might balk, but if they don't I'll just be paying premiums based on 14k regardless. i sent them a spreadsheet with s/ns and $$ from B+H.

If you add it as a part of your homeowner's policy, be careful as your homeowner's deductible may apply (ours is % of total valuation, like $3500!). You do not want that. It is why I got separate policy, no deductible.

[venchka]

Originally Posted by Bob_S

Looks like your gear is commercial and is not likely to be covered by your homeowners policy. I would want to see it in writing no matter what my agent said. Might check out TCP Insurance.

Agreed. My policy was for non-commercial use and was a rider on my homeowner's policy. When I found out it was useless because of the depreciation, I dropped it.

[grinner]

I just had mine insured by receipts minus depriciation. Have the whole lot insured for 100k and it doesn't break the bank. No appraisal needed.

[PEC]

I am really looking for replacement value (not depreciated value). My homeowners agent wants it appraised before he'll schedule it but doesn't know anyone who appraises photography equipment. :(

[james.d53]

Originally Posted by PEC

Does anyone have a recommendation for a company to do appraisals on photography equipment? I am thinking about adding replacement insurance for theft, breakage, loss, etc... I can add this schedule to my homeowners for about $16/$1000 per year. My agent needs the equipment appraised and I don't know who does it.

Thanks!

You cannot have your photography equipment covered on your personal home insurance policy if you make money as a photographer. It can only be covered if it is for personal use. Be careful what you do. We all know how expensive this equipment is.

[grinner]

If you work from home you can totally put under your home owners.

[PEC]

i make less then $100 per year on my photography :) but will prob look at the commercial offers to ensure i am completely covered.

[james.d53]

Originally Posted by grinner

If you work from home you can totally put under your home owners.

There is a limit and restrictions to business personal property. You are correct that business personal property is covered on premises. Don't dare take it off premise.

The only insurance policy that will adequately cover a Pro is a commercial inland marine floater unless they buy a full blown commercial policy that includes liability. I only say this because I spent 30 years as a property and casualty insurance agent before I sold my business last year.

[grinner]

the only gear that leaves the house is my camera gear and it's pretty much disposable. The edit suite is what the insurance is for.

[james.d53]

Originally Posted by grinner

the only gear that leaves the house is my camera gear and it's pretty much disposable. The edit suite is what the insurance is for.

Edit suite as in computer equipment? If that is what you are talking about, then you should be good to go as long as the total value falls under your home insurance policy's business personal property limit. Good luck to you.

[SCone]

State Farm insured mine after giving them a list of the items, with serials, & photos. Coverage is replacement value for loss or damage, no deductible. Pretty cheap, $135 a year.

[james.d53]

Originally Posted by SCone

State Farm insured mine after giving them a list of the items, with serials, & photos. Coverage is replacement value for loss or damage, no deductible. Pretty cheap, $135 a year.

The company I'm with did the same, but I haven't taken any money as a photographer. Everything is off the table when I do.