When to insure?

Discussion in 'Beyond the Basics' started by Sweetsomedays, Sep 13, 2007.

  1. Sweetsomedays

    Sweetsomedays TPF Noob!

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    I am now probably just about $3,000 into photography. Should I insure now? And how? I have heard mentioned it is possable threw home owners insurance but we don't own a home.
    Thanks!
     
  2. gryphonslair99

    gryphonslair99 Been spending a lot of time on here!

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    I insure my stuff about 15 minutes after I get home with it. I fax a copy of the receipt of purchase to my insurance agent and they add it to my policy.

    It is best not to insure your stuff under your homeowners insurance policy for a couple of reasons. 1. Deductable, you have one. It applies. 2. If you make a claim it can increase your Deductable later on. 3. If you make a claim and it increases your deductable see #1.

    Your homeowners also may limit your what is covered. Call your insurance agent and ask for a seperate policy just for your equipment. Have a copy of every receipt for every piece of equipment you wish to insure along with serial numbers. (good backup in case of theft). Give them all of it and they will tell you what it will cost. My insurance company charges me $72.00 a year for $7000.00 in coverage for any damage, loss or theft, at full replacement value with no deductable. Only thing that is not covered is plain ol'e fashioned mechanical failure.
     
  3. JenR

    JenR TPF Noob!

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    Look into renter's insurance.
     
  4. astrostu

    astrostu Guest

    Get a rider on your renter's or homeowner's insurance.
     
  5. Big Mike

    Big Mike I am Big, I am Mike Staff Member Supporting Member

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    I called my insurance company, I have home & auto insurance with them. My home policy covers all of my household possessions, which included my camera gear. The problem with that, as gryphonslair99 mentioned, is that we usually have a high deductible...$500 or $1000 etc. So it would not be worth it to make a claim for a $1200 camera....and your rates go up when you claim (Insurance companies are all crooks :er: )

    What I did, was to add a rider to my policy. Basically what that does, is give me a lower deductible on specific things...my camera gear, for example. I think mine is $25...although, $50 or $100 would probably give a better rate.

    The other option would be to just get a separate policy for the gear. You don't need to have a home policy.

    It should be noted, that a home or renters policy won't cover your stuff if you are using it in a professional capacity. So if you are using your gear to make money, you will need business insurance.
     
  6. Alex_B

    Alex_B No longer a newbie, moving up!

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    I am thinking about an additional insurance for my photographic gear since I tend to take 7-8K USD out into the wild and force it to sleep with me in a tent. However it seems not easy to find an affordable insurance which covers leaving expensive lenses in the tent in the wilderness away from all guarded tent-sites. Even though I consider those places more safe than a citiy apartment :p

    You have to be careful since they are many restrictions in insurances on offer.
     
  7. gryphonslair99

    gryphonslair99 Been spending a lot of time on here!

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    The best policy to ask for is a A Personal Articles Policy. Unlike homeowners insurance, if I have a case of butterfingers and drop a lens on the floor, it is covered. If it is lost, it is covered. If it is stolen, it is covered. If I am shooing a baseball game and a ball hits the end of the lens, it is covered. My equipment is covered for everthing but malfunctioning such as a shutter that quits. No deductable. 100% replacement value. If I drop my 30D and Canon isn't making it anymore then it is replaced with a 40D. All for about $12.00 per $1000.00 in equipment. Best value in the world if you ever need it.

    If you are using your gear professionally, you MUST have professional insurance, not only for your gear, but for your business as well.
     
  8. Big Mike

    Big Mike I am Big, I am Mike Staff Member Supporting Member

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    My home policy covers my gear for any of that stuff...lost, stolen, broken etc....even if I'm on holidays etc. That's what the rep told me anyway...they might change their tune if I tried to make a claim. :roll:
     
  9. Sweetsomedays

    Sweetsomedays TPF Noob!

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    Thank you very much. I will look into these options!
     
  10. gryphonslair99

    gryphonslair99 Been spending a lot of time on here!

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    Mike,
    Glad to hear it. I don't believe my homeowners covered it if I was clumsy and dropped something. Now if a tree branch came through the roof and fell on my camera bag, yes, but not my own clumsyness. That was one reason I chose the Personal Article policy. It does.
     

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