Camera Equipment Insurance

I’m wondering if there are any stand-out companies for insuring camera equipment (against damage, theft, etc)?

Thought I’d ask before I go through my normal insurance provider, State Farm. I’m currently non-commercial, but that may change in the future. I’ve relied on renter’s insurance previously. Looking for more coverage now.

Altogether, my equipment is probably near $10,000 in value.

Thanks!
Dave

Hi Dave,

I have the unique experience of having commercial insurance AND being robbed. My house was broken into in 2008 and they took my camera gear and a variety of musical instruments (not my most expensive ones, thankfully - they just took the shiniest ones).
Here’s what I’ll tell you: from what I know of Renter’s Insurance, it often only covers cameras up to $300 or so (point and shoot cameras) and once you are in the multi-thousand pricetag, they consider you a commercial enterprise and not a hobbyist - which means they won’t cover. Check with State Farm - but that’s what I’ve encountered in the past.
Most insurance carriers like State Farm, Farmers, etc will have a commercial policy option. In my case, I have $2mil liability, up to $50k owned gear and up to $60k in rented gear covered - for $600 a year. That’s a steal at about $50 a month!
If you take on any paid jobs, sometimes the client will require a Certificate of Insurance (COI) naming them as Loss Payee - so once you have commercial insurance, this is easy to have your insurance person generate. If you intend on renting gear, rental houses often will also require a COI - or to swipe your credit card for the total replacement value of the gear. So, if you rent $50k worth of gear, you’ll need that available credit - but if you have insurance, they only swipe for the $1000 deductible.
I briefly talk about it on the RMSP blog
Keep a running spreadsheet of the gear, the serial number and the replacement value -keep that on the cloud and share it with your insurance agent every time you update it. Take pictures of everything. And save ALL the receipts. These documents will help you if you ever get robbed or damage occurs. The insurance companies, in my experience, will do every sneaky thing they can to avoid paying dime-one - so protect yourself with proof you own the gear. Cheers!

Great, thanks for all the useful information!

Dave:

Although I’m not a working professional, I have a Personal Articles policy in addition to my Home Owner’s and Auto with State Farm. As Jeff said, most Renters and Home Owners policies have a limit (usually low) which covers valuables such as photo gear. Ditto for computers which is often overlooked. I’m a member of NANPA (North American Nature Photographers Association) and there is a member discount with RAND Insurance. I’ve checked RAND out every 3-5 years but since I’m bundled with State Farm they continue to have the better rate. I have a lot of gear and accessories so I only insure items over a certain value. Otherwise the list becomes difficult to manage as items are bought and sold. Hope this helps.

Randy

Great thanks. I ended up going with State Farm, personal articles policy. Quite affordable at about $11/month.

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