Gear insurance? I must have gone to the wrong place. Your advice requested

[Northstar]

Many years ago, I was given the advice that you insure yourself only against events that happen very rarely and are too expensive for you to cover. If you can afford to replace your gear, then don't insure it...

The OP mentions having $45,000 worth of gear – that's about what I have, and I'd find it difficult (if not impossible) to replace that amount in the short term.

But a good reminder is that you should consider carefully before filing a claim, at least for US policies covering personal (not business) use. Those are generally linked to homeowners'/renters' policies, claims against them go into the same database (CLUE), and can affect rates and even eligibility for home/rental coverage.

I view my policy as 'catastrophic' coverage. If I drop my 135/2L to the pavement and it shatters, I'll buy a new one. If my 1D X + 600/4L IS II fall off a cliff, or if my house is robbed and all my gear taken, I'll file a claim.

Agree...that's how I would handle it too.....generally.

 

[preppyak]

Re: Gear insurance? Check is in the mail

Just mailed check to State Farm - for just over 25K Personal Articles - Cameras. Worked out to $16.17 per thousand. Last year it was $12.80, but they sent nice (sic) letter sorta apologizing for increase. Letter also indicated some elements of Coin, Stamp, and Jewelry coverages eliminated. Located in semi-rural California and this is my only State Farm policy. My homeowner's wouldn't even quote; quietly recommended State Farm.

Mine didnt increase, but I did get the same notice on them not covering certain elements (coins, jewelry, etc) which didn't affect me.

I think mine is in the $14/1k gear range, in the Northern Virginia area just outside the beltway. If you were in a higher crime city, I'd suspect that what you were quoted ($18/1k) is probably accurate.

 

[Loswr]

Re: Gear insurance? Check is in the mail

I think mine is in the $14/1k gear range, in the Northern Virginia area just outside the beltway. If you were in a higher crime city, I'd suspect that what you were quoted ($18/1k) is probably accurate.

I'm near Boston, and my rates are comparatively low. But there are other factors...for example, we get a nice discount on our home insurance, and therefore probably on my gear coverage, because my wife stays home with our kids (she chose to give up her academic faculty position to do so).

 

[Canon1]

Many years ago, I was given the advice that you insure yourself only against events that happen very rarely and are too expensive for you to cover. If you can afford to replace your gear, then don't insure it...

The OP mentions having $45,000 worth of gear – that's about what I have, and I'd find it difficult (if not impossible) to replace that amount in the short term.

But a good reminder is that you should consider carefully before filing a claim, at least for US policies covering personal (not business) use. Those are generally linked to homeowners'/renters' policies, claims against them go into the same database (CLUE), and can affect rates and even eligibility for home/rental coverage.

I view my policy as 'catastrophic' coverage. If I drop my 135/2L to the pavement and it shatters, I'll buy a new one. If my 1D X + 600/4L IS II fall off a cliff, or if my house is robbed and all my gear taken, I'll file a claim.

I insure all of my gear under a Personal Articles policy with State Farm. Cost is $1.25/$100 of coverage. No deductible, and it is not linked to my home-owners policy, so if I ever have a claim it won't jack my rates elsewhere. It's a no questions asked policy that covers theft, damage, loss, etc...

 

[Canon1]

First, I agree, you should only insure what you absolutely have to.

I insure everything. If someone grabs my camera bag there are thousands of dollars worth of gadgets and "cheap" lenses. I've got almost $1,000 in just memory cards and spare batteries! It all adds up, and the insurance costs to cover everything is well worth the peace of mind.

 

[LetTheRightLensIn]

Many years ago, I was given the advice that you insure yourself only against events that happen very rarely and are too expensive for you to cover. If you can afford to replace your gear, then don't insure it...

The OP mentions having $45,000 worth of gear – that's about what I have, and I'd find it difficult (if not impossible) to replace that amount in the short term.

But a good reminder is that you should consider carefully before filing a claim, at least for US policies covering personal (not business) use. Those are generally linked to homeowners'/renters' policies, claims against them go into the same database (CLUE), and can affect rates and even eligibility for home/rental coverage.

I view my policy as 'catastrophic' coverage. If I drop my 135/2L to the pavement and it shatters, I'll buy a new one. If my 1D X + 600/4L IS II fall off a cliff, or if my house is robbed and all my gear taken, I'll file a claim.

That is why you need yo put your foot down and insist and a completely floating personal articles policy. In some areas some agents have started playing hard ball and trying to force riders onto home and stuff. If you hit one of those pains then try another nearby office.
It's not smart whatsoever to let it get tied to homeowners or car insurance.

 

[LetTheRightLensIn]

I've seen several topics here previously about insuring your gear against theft or damage and I'm sorry I can't find that thread for reference.

I went to a State Farm agent and requested a quote to cover my inventory that totals about $45K. They sent a proposal for $850/annually which is much more than I recall hearing from other shooters here.

Who are others using for insurance?

Thanks again for your help. This is better than Dear Abby.... :

I pay state farm ~$150/year for $11k.... $150x4 is $600..so seems like a little much. I have a personal article policy (not for business) that covers everything except for war and vermin. I will note that it was kinda a hassle to get everything insured though, as you might expect they want receipts and some other form of proof of purchase. They even wanted an appraisal, but I got them to settle for the aforementioned documentation. Thankfully I have not needed it yet, but contrary to what others have said, if I lost, broke, or had a $1k piece of gear stolen I would file a claim....though I might think twice about filing a claim for something worth only a few hundred. I suppose the threshold of when to file a claim depends on one's financial state.

yeah same here, his State Farm price seems very high unless it was for professional coverage

although maybe if you are living in the middle of the hood or on some fancy beachfront that has a big hurricane risk, perhaps the rates can go crazy though?

the S.F. policy is nice since it's totally unattached, covers loss for ANY reason (and anywhere too, be careful as some policies will pay zilch if you break or have stuff stolen on vacation) with zero deductible

 

[kennephoto]

I today got State Farm to give me 20k gear insurance and liability for my shoots for 335 a year. Allstate quoted me 558 for less coverage. I'm happy with State Farm.

 

[Loswr]

...it is not linked to my home-owners policy, so if I ever have a claim it won't jack my rates elsewhere. It's a no questions asked policy that covers theft, damage, loss, etc...

I wouldn't be too sure about that. While it's true that the State Farm personal articles policy is 'standalone' (not a rider or endorsement), claims against it are still reported to CLUE, and insurers use that database (and your credit score, etc.) to determine your rates and eligibility.

That is why you need yo put your foot down and insist and a completely floating personal articles policy. In some areas some agents have started playing hard ball and trying to force riders onto home and stuff. If you hit one of those pains then try another nearby office.
It's not smart whatsoever to let it get tied to homeowners or car insurance.

As I said, it's not formally 'linked'. But if you file a bunch of gear claims, it will very likely affect your rates...even if your gear and homeowners policies are with different companies. That's why insurers use the CLUE database – to determine how likely you are to file a claim, and charge you accordingly.

As for trying a nearby office, that's not an option. State Farm doesn't write policies for new customers in Massachusetts (they cover us because we had policies prior to moving here)...there are no agents in MA, just a main Policy Service Office (one for the whole state).

 

[Canon1]

...it is not linked to my home-owners policy, so if I ever have a claim it won't jack my rates elsewhere. It's a no questions asked policy that covers theft, damage, loss, etc...

I wouldn't be too sure about that. While it's true that the State Farm personal articles policy is 'standalone' (not a rider or endorsement), claims against it are still reported to CLUE, and insurers use that database (and your credit score, etc.) to determine your rates and eligibility.

I should clarify. It wouldn't cause my other CURRENT policies (including the personal articles policy) with State Farm to suffer increased premiums if I make a claim. (I have this in writing). I don't know if/how it would impact future policies with either State Farm or elsewhere should I have a claim. I am not the type of person to shop insurance every year to save a buck so for a customer like me... CLUE reporting is irrelevant (Most companies only have a three year look-back anyway).

 

[Straightshooter]

Re: Gear insurance? Check is in the mail

I think mine is in the $14/1k gear range, in the Northern Virginia area just outside the beltway. If you were in a higher crime city, I'd suspect that what you were quoted ($18/1k) is probably accurate.

I'm near Boston, and my rates are comparatively low. But there are other factors...for example, we get a nice discount on our home insurance, and therefore probably on my gear coverage, because my wife stays home with our kids (she chose to give up her academic faculty position to do so).

So your wife is smart TOO?! 8)

 

[MARKOE PHOTOE]

Question for the OP

Was this quoted as a rider to your home owners / renter policy or as a stand alone policy? Not sure how much but that will have a pretty good impact on rates

The quote I received was from another insurance company and not my home insurance carrier. I didn't want to tie these two together as Neuro had mentioned.