Insuring Equipment

Discussion in 'General Shop Talk' started by GeorgieGirl, May 25, 2012.

  1. GeorgieGirl

    GeorgieGirl No longer a newbie, moving up!

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    I have read from time to time the various posts about insurance but I am not clear on what the process is like. Can anyone give me some insight into the sort of Q&A or what the application process is like? I'd like to get a policy quote and I have for example looked on the State Farm website. If I dive in there will I be bombarded by agents who want to sell me a bunch of other policies for other things? I'd like to try to avoid that if I can and keep it at an internet distance if possible.

    And with a policy in place, what are some limitations to/for coverage if you can describe, or in the alternate, are there special requirements that I would want to have in place that I should be looking for.

    At this point there are places I don't feel comfortable taking my gear because I am afraid of damage, like on my boat, and I'd like to be able to use it when I am out because for a few years now I am missing some incredible shots, but I'd like to be covered for damage if heaven forbid I drop it in the drink by accident.

    Thoughts?

    Thx.


     
  2. 12sndsgood

    12sndsgood No longer a newbie, moving up!

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    Probably tough to answer because every policy is going to be diffrent, and your going to have to read every policy closely to see what is exactly covered. I am covered up to 15k, and I'm actually awaiting the policty to see specifically what's protected, and how. With anything like this yoru best bet is to make sure you have copies of recipts, it makes things allot easier in the long run if you have those available.
     
  3. LuckySe7en

    LuckySe7en TPF Noob!

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    It depends on how you want it covered. Will this be a business policy? Otherwise any personal property you own will be covered under your home owners/renters policy. Things of significant value should be "scheduled" in which you pay an additional premium to have covered but it's well worth it as it will carry no deductible. When you schedule items on your policy it's typically required to have an appraisal or a sales receipt (must be dated within a certain timeframe).

    It's not likely to just walk into an agency and say "cover these things", it has to be attached to some other policy. This is how it works in Texas but insurance varies state to state.
     
  4. dxqcanada

    dxqcanada Been spending a lot of time on here!

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    For non-commercial coverage ... in Canada, State Farm covers equipment under Home policies ... but you can get an "all risk" policy.
    This mean if you break it, drop it in the ocean, lose it ... it will be covered.
    They require receipts (or letter from Camera Store) for the value of the items.
    There will be a deductible.
    Annual cost for me was about $6.50 per $1000.00 of coverage
     
    Last edited: May 25, 2012
  5. Robin Usagani

    Robin Usagani Been spending a lot of time on here!

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    dont use state farm. You need a broker. I use hill & usher. My gear is protected plus I have e&o and liability insurance through them. Should cost you about $500 - $600 a year. Protected up to $1 Mil. PM me if you want to get in touch with my agent.

    If you use state farm, it will be under your home owner insurance. They wont cover you if you use your equipment for work.
     
  6. GeorgieGirl

    GeorgieGirl No longer a newbie, moving up!

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    Ok, so I am hearing the idea is that the equiptment is covered under home-owners insurance only then since I am not in a business. Ok, that's a good start for me to know. Thank You. I don't have State Farm for home, or anyhting else at this time.
     
  7. dxqcanada

    dxqcanada Been spending a lot of time on here!

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    Home insurance probably will not cover it if you drop it into the water ... that kind of "all risk" would be an add-on to the policy.
     
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  8. KmH

    KmH In memoriam Supporting Member

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    Then you would get a 'rider' added to your home policy for your photography gear.
     
  9. GeorgieGirl

    GeorgieGirl No longer a newbie, moving up!

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    Ok, so my only option, as a non-business, is a rider to the Home Owner, not a separate stand alone Property Policy...?
     
  10. 2WheelPhoto

    2WheelPhoto TPF Noob!

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    Not true. State Farm will write a policy for your camera gear. Dirt Cheap and zero deductible. I pay State Farm around $100 a year for $8,000 in gear insured. Covers damage, theft, etc.
     
  11. 2WheelPhoto

    2WheelPhoto TPF Noob!

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    GA Gal, if you call state farm they'll prob give you better info than you find from us on the net. And a price for your gear =)
     
  12. GeorgieGirl

    GeorgieGirl No longer a newbie, moving up!

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    Ok...just trying to get some ideas on what others experience is with this sort of thing and this has been helpful to me. I have looked on the net for Personal Articles Policies and/or Property Policies and it seems they do exist, but I have not been able to have a discussion with others on how others find they work or don't work. I appreciate all of the information.
     

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