Insurance for Cameras

[Matrixxdg]

Hi All,
I would like some input from anyone on this.

I am just getting back into still photography after a long stint as a Betacam shooter for one of the TV majors. Years ago....in a land far away... I had several Nikon HP 3 bodies w/ MD-4 motordrives, 4 or 5 nice lenses and a nice Haliburton case. Got my Blazer towed for parking wrong and of course the wrecker driver doesn't remember ANY case being in the back.

Long story short...I am starting again with New Nikon D80 bodies and do not want the same thing to happen.

Where do I find the insurance to cover my equipment. When I travel overseas as well as domestically. If little Johnny in Asia or Iraq or wherever wants my cameras at gunpoint…..well they can have them.

My chivalry days are over with….I like Me too much. haha

Any ideas or suggestions would be greatly appreciated.

Thanks...Mike G

[Jay Henley]

copy and paste from thread two days ago. hope it helps.

Sorry about your loss. I have insurance with Farmers. I got what they call a Floater for my camera gear not long ago. I think the coverage was for 7 or 8K for my two cameras and lenses. I think it runs about $80.00 annually. No deductible. It is suppose to cover the loss or damage of equipment that would not be covered normally with our homeowners policy. She told me that their Floater policies are normally used for rings and similar.

[Matrixxdg]

Thanks Jay....that is perfect. I have Farmers as well, but have not heard from my agent yet.

--MG

[Duffy Pratt]

Before getting a floater, you should read your regular homeowners policy and see if the coverage is enough for you. The good thing about most floaters is that you can get them with no deductible, and you can get coverage for events that your homeowner's insurance would not cover. For example, on rings, a floater will usually cover the ring for any loss whatsoever. We have floaters on our musical instruments (2 pianos, a harp, and 2 guitars) which are worth more than our house.

I haven't done anything yet with the camera equipment. Its only worth about $3-5K in replacement value, and like most insurance, any claim you make on a floater is likely to result in either raised rates or cancellation.

Duffy

[jerrykr]

I just added a Floater to my homeowners policy before our vacation trip.

The detailed list of "camera stuff" and current replacement prices is a real eye opener.

In one way it finally forced me to make a detailed list of what I have.

The cost for the floater seems like a bargin.

-=- Jerry -=-
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[Breezy]

so what would you recommend if you don't do a floater?
We have already been screwed with a hurricane claim and in the great state of TX most won't cover you!
So what is another recommendation?

[johnastovall]

Check with your insurance agent about an Inland Marine or Personal Articles policy. I cover all my gear with one from State Farm for 1.37/100. It cover gear where ever it is home, car, hotel feild, etc. but is limited to the United States.

Don't couple it to your home owner's policy. Not to insure your gear is crazy.

[Breezy]

Originally Posted by johnastovall

Check with your insurance agent about an Inland Marine or Personal Articles policy. I cover all my gear with one from State Farm for 1.37/100. It cover gear where ever it is home, car, hotel feild, etc. but is limited to the United States.

Don't couple it to your home owner's policy. Not to insure your gear is crazy.

Thanks I won't put anything on my homeowners in this state any way lo.
We have never seen such high deductibles in all of the states we have lived and owned etc...
It is crazy here lol

[Cope]

make a spreadsheet with description, serial number, date of purchase, purchase price and where purchased. I have a blank column for replacement cost. I don't have my filters and so on in the spreadsheet, but I have them at the bottom of the page. I know from experience that if you have a claim, and have a good spreadsheet to support you, the insurance company is much more likely to pay the claim. It also helps the police track down your gear in case of theft.

[johnastovall]

Originally Posted by Cope

make a spreadsheet with description, serial number, date of purchase, purchase price and where purchased. I have a blank column for replacement cost. I don't have my filters and so on in the spreadsheet, but I have them at the bottom of the page. I know from experience that if you have a claim, and have a good spreadsheet to support you, the insurance company is much more likely to pay the claim. It also helps the police track down your gear in case of theft.

State Farm for my gear requires a photo, copy of sales receipt for all gear insured. I keep all my gear as as you do on a spread sheet and all original receipts and such in safety deposit box. I also have my agent check my list against their to make sure we are in synch.

[Breezy]

well heck the Navy lost most of my reciepts :(

[Duffy Pratt]

You should not need receipts. You could do just as well by having the gear appraised. That's what we did for one of our pianos. The question for the insurance company is whether there is a good estimate of its insured value. In some ways, a current appraisal is better than some outdated receipts.

Duffy

[Breezy]

Ok thanks Duffy
Will look ingot this soon :D

[jerrykr]

Homeowner's policy deductibles don't apply to the Floater, coverage is for 100% of value that you declare. That's what a Floater is, a reduction of deductables for specific items. You are very likely covered already on your camera gear on your homeowners policy, but, with the std deductable for your policy. The Floater simply cuts the deductable to zero for the specific items that you declare. Talk to your agent. If you can deal with the deductable, you likely don't need to spend any additional money.

What I did for my Floater addition to my Homeowner's policy, was I made a spreadsheet of each item I wanted covered. I then went to the internet (B&H mostly), and other web sites as needed, and looked up the current price of each item. I did a screen print of the web pages that showed the item, model, purchase price, picture of the item, etc. I attached those prints to the spreadsheet. My insurance agent accepted this package.

The spreadsheet was pretty simple. Item, description, serial number, current replacement price. Most items don't have serial numbers. I went down to the memory card and filter level, but you only have to include what-ever you feel comfortable with purchasing aditional coverage for. You might decide to only cover cameras and lenses for instance. I chose to cover my whole kit, as everything was in the same bag for our recent travel, and short of dropping a single camera off into the ocean, I figured the most likey loss would be the whole bag at one time.

Here's one thing to remember when you put your list together. Your cost for the Floater will be based on the dollar value that you declare is replacement cost. The more you say it costs, the more you will pay per year for the floater policy. So, personally, I wouldn't declare the original price I paid, as most retail prices drop over time. For example, If you paid $1000 for an item a year ago, and it is still available new, but now costs only $750 new, why pay premiums on $1000, when all you need is $750 worth of extra coverage? If the item is no longer available, you might what to use the original purchase price. The insurance company will be going with the documentation that you provide.

-=- Jerry -=-
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[Cope]

but I had about $1300 worth of lawn care tools stolen from my shed 6 years ago. I supplied a list of the items with original cost, serial numbers where I had them, where I bought the item and replacement cost. My policy has $250 deductable replacement cost. The only item I couldn't supply an actual value for was a metal tackle box full of assorted plumbing fittings. I declared $150 and Amica paid off. I had a check in less than a week.

If you decide to just use your homeowner's policy, check to see if there is a limit on photo gear.