Insurance: What do you guys do?

Dubious Drewski · Jun 18, 2008

I'm going to insure my equipment tomorrow. It's just too much to lose. Do any of you insure your gear? And how much coverage do you think is wise?

My biggest fear is theft, but should I consider the others? How does this all work? I've never insured a personal item before.

I guess I should mention, they're personal items, but it's all for business. Does that change anything?

taracor · Jun 19, 2008

I've been interested in insuring my gear as well. Are you using the same insurance company that insures your car and whatnot, or are you using some special one that is only for this kind of thing?

Senor Hound · Jun 19, 2008

A lot of times insurance companies will give you group discounts. If you get your car through them, they'll knock 10 bucks off the total if you get something else through them. I did this with my car and apartment insurance, and my apartment insurance ended up costing $5 a month!

I would think getting $3,000 worth of equipment covered wouldn't cost much at all ($15 a month?), but with it being something you carry around, that may influence it greatly. I know my apartment was $15 for $10,000, but that was because it didn't go with me everywhere I went.

A GOOD insurance agent will talk to you about everything you want to know. Go to someone who will sit down, answer your questions, and tell you your options. All the insurance companies SAY they do this, but a good agent actually will. And then you can reward them with repeat business!

Best of luck to you. Your peace of mind will increase exponentially when you do this.

Slaphead · Jun 19, 2008

Personally I don't bother with insurance these days (apart from must haves like medical, auto, liability and a small general policy that covers me in the event of fire, flood etc). Both of the times that I've attempted a claim the insurance companies have managed to worm their way out of paying up for various "technical" reasons.

These days I just make sure that I don't buy anything that I can't afford to replace immediately, and I do that by placing the money I save on premiums into a bank account - of course that isn't enough by itself, but it means that I keep the money instead of losing it to these legalised criminals.

Mike30D · Jun 19, 2008

Two places that the pros go: http://www.hillusher.com/ and http://www.tcpinsurance.com/ If you're looking to go pro eventually, you'll want insurance. These two cater to photographers.

JerryPH · Jun 19, 2008

It's part of my home insurance. I have written additional coverage that gives me coverage and it cost me absolutely zero more. All I had to do is give them a picture and description with serial number.

They were a little surprised when retail values exceeded $4500, but did accept it without problems.

jwkwd · Jun 19, 2008

I have Geico renters. $269.00 per year for $50,000.00 for my household stuff, including cameras and whatever. The cost of equipment replacement ( whether it be stolen or whatever ) is based on what it cost new. Supposedly, insured items will be covered if they are in my car, in Canada, if I get bonked on the head in Bolivia, or if someone feels the need to break into my home.

manaheim · Jun 19, 2008

The critical bit to understand with all this is your homeowners insurance will likely cover it UNLESS you are getting paid for what you do. Drew, I think you're doing some pro work, so you'll need to get pro insurance. (I need to do this too... still haven't).

One other key bit is that you want to CHECK to make sure your homeowners policy covers it AND you want to check on the deductible. a lot of policies have like a $500 deductible which is kinda horrid. I think I got my deductible waved for like an extra $25 a year or something. Totally worth it.

Granted... I'm doing pro work so if I break my cam and they find that out somehow I am SO hosed.

As someone else said, sit down with someone and talk to them about options/etc.

epatsellis · Jun 19, 2008

JerryPH said:
It's part of my home insurance. I have written additional coverage that gives me coverage and it cost me absolutely zero more. All I had to do is give them a picture and description with serial number.

They were a little surprised when retail values exceeded $4500, but did accept it without problems.

Jerry, you should have seen my agents face when I came in with a 10 page list, and a total that is about twice what the rest of our contents are combined.

erie

Bifurcator · Jun 19, 2008

I agree with Slaphead for the most part - for people living in the USA. I wouldn't bother other than with the ones they MAKE you get at the point of a gun barrel - which they actually do (government sanctioned mafia protection rackets

).

In Japan people are still honest and I dunno about Canada where you're from. I take out a policy for everything in my house against theft, fire, quake, flood, incidental breakage, and etc. It covers cartable/luggable devices too if they are out of the house less than 72 hours. I pay like $7 a month and it covers up to $200,000.00 worth of junk. Most of that is for my video gear though. Here the camera stores themselves most of them, offer a three year policy that covers everything including accidentally dropping it into a garbage disposal, for a one-time fee of 5 or 10 bucks. It might be more for items costing over $3,000 but I doubt it's even twice that. So I've just been doing that for my camera stuff. And I almost never keep gear longer than 6 to 8 months. I'm always buying newer or different stuff and trading in or auctioning off the old - so that suits me perfectly.

Slaphead got it right though North American companies are mafia run and will not pay if they can.

Alex_B · Jun 19, 2008

this is a complicated topic ... i am torn apart really.

most insurances do not cover staying outdoor more that 24 hrs (sleeping in bivy bags or tents with your gear). hence i so far did NOT insure my gear.

Big Mike · Jun 19, 2008

I have my gear covered under my home owners policy...I even have a rider for my gear that gives me a lower deductible than the rest of my possessions.

They told me that everything would still be covered if I was out of the house or on vacation etc....but there just might be a time limit that I don't know about...that would sound like something those sneaky b@stards would do.

I need to get business insurance and switch it all over to that, but I haven't yet.

Dubious Drewski · Jun 19, 2008

Well, it looks like I waited too long to get this insurance. I don't have anything yet and tomorrow early morning, I'm heading out east for a week. I'm taking all $4000 of my equipment with me. Let's hope the fires, floods and thieves go easy on me!

Thank you all for your input. I don't really have time to read it all yet, but I will once I get access to some internet over there. Then I can give a proper response.