Any recommendations for insurance for photo equipment? I’m not a member of NANPA or PPA. Currently have my equipment on a scheduled coverage with my homeowners. Thanks in advance for any experience.
Craig, I have my policy through my regular insurance company. The policy is called Personal Property, and I list out everything to them, with serial numbers, cost, etc., and they reimbursement 100% of what the original cost was. I had a laptop that just died on me a year and a half ago, and I called to report it so they could take it off. They reimbursed me for the $1,000 I had paid for it new! I haven’t lost any of my camera equipment yet, but I feel very confident if or when I do, it be the same thing, since all of it is on the same policy. Maybe others use something else, but this has worked for me. Wish you the best in your decision.
Thanks Shirley. I am still waiting for clarification from my (Allstate) company. For items not on my schedule, they will cover with a 1000 deduction. Then I will lose my “no claims discount” for 5 years. the discount is $254 per year. I will report back re the items on schedule. I currently have ~ 15,000 covered with a premium of ~ 700 per year.
I am also with my regular insurance company, USAA, a valuable property rider. I list the items with them. I have my camera gear and some other items. It is a zero deductible plan and costs me $163 per year.
You are welcome, Craig. I am with State Farm, and it is a separate policy, with no deductions, and 100% coverage. I think mine runs close to $200 a year now, but I have 4 camera bodies and a lot of lenses on it (around $10,000 worth of equipment, if I remember right). I have a peace of mind knowing that if anything happens, it is covered. I have all of our computers on it, especially after getting the original price back ($1,000) for a 6 year old laptop that died. I feel so far it has paid for itself. I would imagine you could go with any insurance company that offers you the best deal, since it is a separate policy.
If you are not a professional, then I agree with some of the recommendations above. I used to have a “personal articles” policy with State Farm that covered theft, loss or damage, even if traveling… something a standalone homeowner’s or renter’s policy would not do. It was inexpensive and convenient, but when they learned that I was making a little income from photography (at the time it was only like 15% of my total income), they kicked me off and I was forced to find a much more expensive professional policy.
If you’re looking for one of those, I also have recommendations, but I believe there’s also a wiki on this site (at least, there was soon after David took over) that discusses such options.
Thanks Max and Harley. I don’t make more than ~ 2000 / year with photo income. Really marginal whether IRS would consider hobby vs business. Allstate did clarify. If I have a loss that is not on the schedule, there is a 1000 deductible and I lose my “no claims discount” of 254 / year for 5 years. If it is scheduled, no deductible but also lose the discount for 5 years. If I borrow equipment from a friend and it is damaged it is covered as a unscheduled item. I will continue looking around. I thought there was a reference on our site but couldn’t find it. I’ll check again.
I have a “Personal Articles” policy from State Farm. The premium is $203 a year and covers $12,000 worth of equipment, no deductibles, insured for replacement cost. I started the policy about four years ago and last year it paid for itself when my Canon 24-70 f2.8 II lens fell into the Virgin River. They sent me a check for over $1700, and as far as I can tell my other policies (home, car) have not increased in price.
Thank you all for your input. I had since looked at alternatives for coverage. If one is not a business, having it on a schedule with homeowners is the better option. On the plus side, there is no deductible. On the negative, I would lose the “no claims discount” for 5 years at ~250/year so in effect a 1250 cost to file a claim.