Insurance!

Discussion in 'Digital Photography' started by HBOC, Mar 24, 2010.

  1. HBOC macrumors 68020

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    Oct 14, 2008
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    SLC
    #1
    Just a heads up for those that may not be aware. I wasn't until i called my renters' insurance company (Progressive Home Advantage).

    So I rented a lens last weekend when i went to Seattle. I called my insurance company to see if and what insurance coverage i have. Well, i have full coverage on my computer gear, like if i spill something on it, or drop it, gets stolen, etc..

    Well, my camera gear was a different story. Long story short, i added coverage to my gear. It is called "scheduling". I added like $1200 for a lens, and it increased my premium by like $15 a year.

    Hopefully this helps someone.
     
  2. Abyssgh0st macrumors 68000

    Abyssgh0st

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    Jan 12, 2009
    Location:
    Norman, OK
    #2
    I'd really like to insure my stuff.. specifically my 50D, 17-50mm, and 70-200mm.

    What was the 'different story,' that you alluded to for camera gear?
     
  3. HBOC thread starter macrumors 68020

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    #3
    oh, what i mean to say is that from what i was told, on stuff like jewelry and some electronics, they break it down into categories, and there is a cap on what you can get.

    So lets say i have $15K in coverage, and i have like $6K in camera gear; i won't get $6K for the camera gear. They have limits in each category. So I am glad i called.

    Also, you need to get insured. My coverage cost me like $33 a month. If my stuff is stolen ANYWHERE, i leave it somewhere, i drop it, etc, it is covered for RETAIL value. This cost extra, but it is insurance, afterall, lol.
     
  4. Abyssgh0st macrumors 68000

    Abyssgh0st

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    Jan 12, 2009
    Location:
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    #4
    That may definitely be worthwhile for me.. what all did you insure?
     
  5. HBOC thread starter macrumors 68020

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    #5
    well, since i have sold stuff, just my XSi body, and upto $1200 on a lens (i rented one this past weekend).

    Once i start to compile more gear, i will increase my limits.
     
  6. Kronie macrumors 6502a

    Kronie

    Joined:
    Dec 4, 2008
    #6
    You can get "Inland Marine" insurance that will cover your camera gear for anything, theft, damage, whatever.

    I pay about $90 a year for about $6500 worth of gear. I have even used it for a stolen 20D and 17-55 and my premium didn't change at all.....
     
  7. compuwar macrumors 601

    compuwar

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    Oct 5, 2006
    Location:
    Northern/Central VA
    #7
    A scheduled policy means you have to list the items and serial numbers ahead of time. Travellers had a "Personal Professional Property" policy that was unscheduled and included liability coverage. It's worth checking out.

    Paul
     
  8. HBOC thread starter macrumors 68020

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    #8
    ^
    The lady i talked to on the phone didn't say i had to get serial numbers. She said it was a good idea to take pictures of my stuff, but that was the extent of it.

    Once i get my new gear, i WILL call back and see what else i need to do, and probably increase my limits.
     
  9. davegregory macrumors regular

    Joined:
    Jul 7, 2009
    Location:
    Burlington, Ontario
    #9
    +1 for an inland marine policy or rider attached to your current homeowner's insurance. This will also pay to have your gear replaced at the cost of a NEW version of whatever it is that you have. So, if you have a 20D and it gets stolen or breaks, you get a brand new 50D (or whatever is comparable at that time). Regular insurance will only give you market value for the gear you have. Just something to consider.
     
  10. Westside guy macrumors 601

    Westside guy

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    Oct 15, 2003
    Location:
    The soggy side of the Pacific NW
    #10
    On my insurance policy (with USAA), all the electronics are covered under the same rider - so laptops and camera gear are all lumped together. They didn't need the serial numbers - I specifically asked that. But I do have to be able to show that my total coverage equals the sum total of the equipment covered, obviously.

    I had to take advantage of this coverage a bit more than a year ago, when my daughter spilled a drink on her new MacBook Pro (there was a puppy involved, and a lot of jumping...). Liquid got into the screen and while it continued to function, the presence of liquid made it basically unusable. I told USAA exactly what happened, and they had me go to the Apple store and get an official estimate for the repair (it was something like $1200 for a screen replacement - yowzer!). USAA subtracted the deductible from that and cut me a check, no hassles.

    An insurance rider is definitely worth having.
     
  11. fridgeymonster3 macrumors 6502

    fridgeymonster3

    Joined:
    Jan 28, 2008
    Location:
    Philadelphia
    #11

    Really? I have USAA also, and I have seperate insurance for my camera gear. My renter's insurance covers all of my personal belongings but I have additional insurance (valuable personal property coverage) for my camera gear and my wife's jewelry. I guess mine is a little different.
     
  12. Westside guy macrumors 601

    Westside guy

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    #12
    It may be the difference between renter's and homeowner's policies, but I'm not sure.
     
  13. snberk103 macrumors 603

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    Oct 22, 2007
    Location:
    An Island in the Salish Sea
    #13
    And for those few reading this thread who are wondering whether insurance is worth it....

    Twenty years ago when I was getting my commercial photography diploma the very good and very talented teacher for the Studio Lighting course had her commercial studio broken into, and all her lights and camera gear was stolen. She was not insured, and she couldn't afford to buy replacement equipment. She found employment in an office somewhere in the city and, as far as I know, never got back into professional photography. Couldn't afford to start over again.

    You may not be able to afford to insure everything, but at least buy enough that you can start again if you had to. Please. Unless you're a bad photographer :D
     
  14. ManhattanPrjct macrumors 6502

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    Oct 6, 2008
    #14
    If you don't have the receipts from the gear you have rented or bought - get them, and send them to your insurer. If something happens that requires a payout, this expedites the process by about 1000%.
     
  15. fridgeymonster3 macrumors 6502

    fridgeymonster3

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    #15

    Makes perfect sense. I'll have to ask my father what his homeowner's policy covers (also thru USAA) compared to my renter's. You're making me curious!!
     
  16. Westside guy macrumors 601

    Westside guy

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    #16
    Note that I was talking about a rider - an add-on - to my homeowner's policy. The base policy does not cover accidental damage to computers or cameras.
     
  17. jampat macrumors 6502a

    Joined:
    Mar 17, 2008
    #17
    My camera rider is ~$100/yr for listed items at replacement, $25 deductible. I can be anywhere in the world and mugged, lost in transit or just left on the beach and they pay.

    I will look into an unscheduled policy as it seems easier than keeping the insurance company apprised of a constantly changing pile of gear.
     
  18. compuwar macrumors 601

    compuwar

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    Oct 5, 2006
    Location:
    Northern/Central VA
    #18
    I've said it before, I'll say it again- be *very* *very* careful about riders on homeowner's policies. IF you have a major theft and your homeowner's policy gets canceled because of it, you're going to have mortgage problems like you couldn't believe if you're required to have insurance and you have to check the "have you ever had your policy canceled" box. It's much better to get a separate policy for your gear.

    Paul
     
  19. Abraxsis macrumors 6502

    Abraxsis

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    Sep 23, 2003
    Location:
    Kentucky
    #19
    ^^^ +1 on Paul's comment.

    Get a separate policy that is tailored for this sort of thing. Too many loop holes that the insurance companies can use against you in the even of a major loss if you rely on a "broad spectrum" plan w/ additional riders.
     
  20. Stratification macrumors regular

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    Jan 17, 2005
    Location:
    Spokane, WA
    #20
    Just curious where the best places to look for this coverage would be. Between my wife and I we're getting a pretty good amount of equipment and I'd love to have it covered better.
     
  21. HBOC thread starter macrumors 68020

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    SLC
    #21
    I have $15,000 in personal property coverage. My laptop/computer is TOTALLY covered. I have the receipt, i send it in (if it gets stolen, dropped, destroyed, etc) to them, and they will give cut me a check of what it cost to get the comparable one (new, of course).

    My camera gear is covered, but i didn't specify anything when signing up. I had bought extra coverage (premium, or whatever they call it) for my computer for $12 a year.

    I called to increase my limits and the premiums go up according to how much coverage you want. I added I think $1200 and my premium went up $15 or whatever i posted earlier. I will more than likely increase this when i get my new gear next week. I have no deductibles. I'd rather pay a little more now, then to save $50 a year or whatever to have $0 deductible, than to have to pay a deductible.

    That is how i do my auto insurance too. I once had a $1000 deductible (probably when i was 20) to keep payments manageable, than i had to use it. Sucked.
     
  22. HBOC thread starter macrumors 68020

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    #22
    When i call Progressive next week, i am going to ask what the difference between Marine and Scheduling. Maybe each insurance company has their own terms that they use, lingo - so to speak.

    When you call, ask about both scheduling and marine.
     
  23. mtbdudex macrumors 68000

    mtbdudex

    Joined:
    Aug 28, 2007
    Location:
    SE Michigan
    #23
    HBOC, what did you end up going with?

    I have about $3.2k in camera gear I'm looking to have insurance for, sent the below to my insurance agent.

     
  24. Artful Dodger macrumors 68020

    Artful Dodger

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    May 28, 2004
    Location:
    In a false sense of reality...My Mind!
    #24
    I can say that Allstate does not have extra or separate coverage for gear. They have a $5000 cap for electronics so if your home get's broken in to this will include your tv, dvd player, computer and so on.
    I would think that most people here that are even somewhat established could chew that up between their camera gear and their computers if not way more. I'm looking for a separate coverage because I don't want it going against my homeowners Insurance.
     
  25. HBOC thread starter macrumors 68020

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    #25
    I will call back in the coming days. I know that I listed 2 lenses that i pay extra for, for coverage purposes; a 24-70L ($1200) and a 17-40 ($800). I also have my MBP covered, and all this IS extra coverage. I have $10,000 in electronics cap, plus the extras I just mentioned. My bill is like $30 a month or something
     

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