Wow, what a good rainy-day exercise (or in my case, it's 37C outside today so i'm indoors with the aircon on full blast).
Added in all my purchases from this year to my spreadsheet, put in some proportional weighting factors for things i'd bought all at once with combined shipping, converted the whole lot to $AU using today's exchange rates (which isn't exactly fair, some rates have changed 15% since I bought the stuff, oh well).
And the total cost of my gear is $19,867.
Sum total of everything $236.91 and over is almost the same as the sum total of everything $236.90 and under, that's my "halfway point" of value.
There's some more scary numbers in there, like everything that's cost me $20 or less including shipping
, so really low-value items that I wouldn't even think twice about buying, have still cost me $755 added together. Even things under $50 that I seem to buy without thinking have cost me $3000 in total over the past few years.
So yeah, how do I insure that? Currently my home+contents policy gives me $5000 of 'accidental damage and theft outside of home', ie if someone steals my backpack or i drop it off a cliff. And my policy also gives me 'up to $10k of camera equipment', which i'm definitely well over, so I've got $15k of regular 'contents' specified damages, ie if someone breaks in and/or sets fire to my house. Is it worth updating to include the last $5k? That only includes stuff that cost me $85 or less per piece. The chances of losing absolutely everything
are pretty low (especially in a double-brick house with only a wooden roof to burn).
Sigh, too complicated, I think i'm going to leave it at $15k to save on premiums and go shoot some pictures instead.
Another question since I stayed clear of insurances so far: What happens if I actually lose something and the company has to replace it? Do they say "No problem, no need for proof it was really stolen or it's a fraud attempt, here's your (insert value here) and have fun with it"? Does the insurance rate rise afterwards or (when) do they cancel the contract?
I'm not sure about genuine "losing something" whether they take your word for it. But for theft you definitely need a police report, like when I was backpacking and someone pilfered my P&S from my pocket at a pub (ok, it may have fell out, but for insurance purposes it was stolen), and I had to fill in a proper police report in German (thankfully I eventually found the only cop who spole decent english in Salzburg). That was Travel Insurance (don't leave home without it), so I'm not sure what would happen to premiums if I claimed on my home+contents, hopefully I never have to find out.