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Comprehensive insurance for camera equipment
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May 9, 2018 13:49:33   #
tomad Loc: North Carolina
 
Before you ask, I searched and found topics on this but they are all at least 2 years old and provide misleading information according to what I've found out in my own research.

I'm about to make a fairly major camera equipment purchase. I was offered a 3 year Squaretrade policy for $270 that covers accidents (drops and spills) and mechanical/electrical failures. When I read those old threads the majority of people who responded suggested (that they have, and one should get) coverage via a rider on your homeowners insurance policy.

I checked with my agent who actually called the company (Travellers) because they had ambiguous wording in the policy. He found that those riders (offered at $50 per year for my upcoming purchase) only cover loss or damage due to the same things your homeowner policy covers on your home, i.e., fire and theft. They did not cover accidents or mechanical failure. When I asked about changing companies he said that most, if not all, would offer the same coverage and exclusions.

Square trade does not cover theft as far as I can tell, so it seems that you really need both to be completely covered for all possible occurrences. Also, all those people who think they are covered under a homeowners policy better call and make sure exactly what it covers. You may think you have accident (drop and spill) coverage, but in fact you may only have fire and theft coverage.

In my research I also discovered a company called Upsie which offers a 3 year policy on the value I want to insure for $67 that appears to have the same coverage as Squaretrade ($270 for 3 years) but with a $25 deductible for accidents. I could get this for accident coverage and add it to homeowners for theft for $217 for 3 years so as to have comprehensive coverage. This is a much better deal but I haven't heard of Upsie before. Anyone have any personal experience with them?

Lastly, I have a few days to make the decision so does anyone have any other suggestions as to comprehensive coverage for camera equipment?

Thanks

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May 9, 2018 13:56:15   #
Screamin Scott Loc: Marshfield Wi, Baltimore Md, now Dallas Ga
 
If you make any money off of your photography at all, Homeowners policies will decline claims. Best to get a Commercial Inland Marine policy to cover your gear. It will cost a little more but is worth it.

https://en.wikipedia.org/wiki/Inland_marine_insurance

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May 9, 2018 14:02:23   #
jeryh Loc: Oxfordshire UK
 
get the insurance through your home policy; they have a vested interest, after all

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May 9, 2018 16:37:47   #
tomad Loc: North Carolina
 
Screamin Scott wrote:
If you make any money off of your photography at all, Homeowners policies will decline claims. Best to get a Commercial Inland Marine policy to cover your gear. It will cost a little more but is worth it.

https://en.wikipedia.org/wiki/Inland_marine_insurance


From my understanding, Inland Marine policies only cover items "in transit" so if something happens to your equipment at home, office, or on location it is not covered. I am just a hobbyist photographer so I'm looking for a policy that covers accidents, malfunction, and theft in any location.

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May 9, 2018 16:41:44   #
tomad Loc: North Carolina
 
jeryh wrote:
get the insurance through your home policy; they have a vested interest, after all


I don't think you read my original post. I checked that and it's only good for things like fire, theft, lightning strike, etc., not accidents (accidental drop), spillage (getting the camera wet by accident), or breakage through malfunction, as covered by Squaretrade or Upsie or New Leaf.

I've found nothing that is blanket coverage for any occurrence. It appears to take two separate types of policies to do that.

That's why I was asking if there is a single comprehensive solution.

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May 9, 2018 21:04:37   #
CaptainC Loc: Colorado, south of Denver
 
I have my policy from Travelers through USAA. It is for professional coverage. For me, it is both equipment and liability. It covers stupid mistake drops which I can prove since I knocked over my tripod with why D800 on it and they replaced the camera minus my deductible. No hassle. All they needed was the letter from Nikon to prove the body was destroyed beyond repair.

It is quite comprehensive also covering computer gear, damage to rented facilities, and more. It is expensive at around $700/year, but maybe there is a less expensive option for JUST the camera gear.

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May 10, 2018 00:16:40   #
SteveR Loc: Michigan
 
I have a rider through State Farm. It is very reasonable and is based on the purchase price of the equipment. It's all inclusive, covering damage, theft, loss, anything else, wherever it occurs.

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May 10, 2018 06:28:26   #
jerryc41 Loc: Catskill Mts of NY
 
Something here may be helkpsul.

http://www.popphoto.com/how-to/2013/05/how-to-insure-your-camera-gear
http://www.the-digital-picture.com/Photography-Tips/insurance.aspx
https://www.usaa.com/inet/ent_logon/Logon?adid=icgsch49277486-VQ16-c-VQ6-71054850852

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May 10, 2018 07:45:40   #
SonyBug
 
SteveR wrote:
I have a rider through State Farm. It is very reasonable and is based on the purchase price of the equipment. It's all inclusive, covering damage, theft, loss, anything else, wherever it occurs.


I too have State Farm. I have had two losses totalling just over $3,000 and they are stellar with making quick payments. No arguments, just a check.

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May 10, 2018 08:41:16   #
brooklyn-camera I Loc: Brooklyn, NY
 
I have State Farm, PPP Personal Property Protection....No deductible, pays for today's going purchase price and are very fast with settling claims. Just paid the premium and it was $249 a year for $17000 coverage. Used it once and the policy has paid for itself already. Had a Sigma 70-200mm f/2.7 broken in half at a football game. I sent an email and photos of the broken lens and in two days had a check for $1300. The only drawback for me was to locate the receipts that had serial numbers of the lenses, on line was easy. Paper receipts were a pain but I did locate them. I insured everything from tripods, batteries, filters, batt grip and camera bags. You would be surprised how much $$$$ spent on misc items. Good luck and whatever you decide do get insurance.

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May 10, 2018 09:12:26   #
47greyfox Loc: on the edge of the Colorado front range
 
Another State Farm Personal Property policy owner here. Cost is approximately $12/$1000 of value per year. I had one claim last year and all it took was a phone call, a Canon estimate, and the money was deposited in my checking account. Highly recommended.

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May 10, 2018 09:35:49   #
PHOTOAL
 
I am an experienced amateur photographer and an Insurance Agent for 30 years. You can add your photo equipment on an Inland Marine policy to your current Homeowners Insurance policy for very little cost. By doing this your equipment is covered for everything unless it is specifically excluded. For example, over 25 years ago I left my camera on top of my vehicle after taking some images. Drove away, camera slid of the top of my car and the vehicle behind it ran it over. Since it was scheduled and described on my Homeowners policy it was covered. So yes stupidity is covered. Under your basic Homeowners Insurance it is covered only for the perils listed on the policy plus your deductible. By endorsing it on an Inland Marine coverage form your coverage is vast and there is no deductible. If you are using your photographic equipment for any type of monetary gain it would be considered Business Personal property and most companies will have a limit on that of around $2500. However, you can increase that type of coverage on your Homeowners Insurance for very little cost. All of my equipment has been covered on my Homeowners Insurance by the Inland Marine endorsement with never any problems. Please do realize that it will not cover mechanical breakdown so if you camera just quits working it will not be covered to have it fixed. Hope this helps.

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May 10, 2018 09:41:54   #
insman1132 Loc: Southwest Florida
 
I would buy both. The Square Trade and the Homeowners rider. I would assume that something you refer to as a "major camera equipment purchase" would involve a couple of thousand dollars, at least? The two combined should provide you with very comprehensive coverage.


Enjoy your new equipment.

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May 10, 2018 09:57:10   #
gvarner Loc: Central Oregon Coast
 
I'm an amateur and have a personal property policy with State Farm for my cameras and major accessories like a flash. Covers loss or repair, no deductible, no depreciation. Cost is very reasonable. You can even cover computers and printers but not major appliances.

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May 10, 2018 10:43:34   #
Picture Taker Loc: Michigan Thumb
 
I use State Farm for years. Had a claim on a camera and lens (Fell and banged it) and was paid instantly by my agent from his office.

Im gave them the bill from Canon and the bill from Tamron and got the check.

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