repleo Loc: Boston

I am in the process of adding my photo gear to my homeowners insurance as scheduled items / rider. My broker brought up a scenario I hadn't anticipated. If you have a mortgage, your insurance is probably paid out of escrow. Adding a camera rider will increase the premium which will in turn increase the escrow amount on your mortgage. If you have your mortgage set up on an auto payment or bill pay, you may not notice the small increase in the amount due until you get a default notice from the mortgage company.

Just something to watch out for if you go that route.

Hook1230

I am glad that you brought this topic up. I have been debating on covering my camera and drone gear through my homeowners or by investigating carrying it on a separate policy, through a different company, et, etc, etc. I have experi need a couple of losses that occurred super close to each other. Homeowners covered it to the tune of about 35%-45% of the value of what was stolen. Really made me angry as between my parents first and then myself, we have carried insurance through them for over 53 years now with less then 6 claims through that entire time. That includes storm damage, hail damage, storm water damage, everything. Really burned me up. Lol.

Gene51 Loc: Yonkers, NY, now in LSD (LowerSlowerDelaware)

I wouldn't do it - there are other "gotchas" - like when you make a claim, they can choose not to renew. If you don't go for a low deductible replacement value policy, they will give you considerably reduced smaller amount in the event of a claim. They start with the purchase price on your invoice, then subtract for depreciation and wear and tear, the deductible, and any other justification for minimizing their payout. I had such a policy and was so disgusted when I put a claim in I decided to go with an industry specialist - Chubb. Much better on claims. A little bit more than a H/O replacement value poicy, but I did not jeopardize my H/O insurance due to a camera loss claim.

DAN Phillips Loc: Graysville, GA

Be very, very wary of any insurance company. They are in the business to make money at your expense! I can give you plenty of examples of rip offs I have seen over the years while in the funeral business, deputy coroner, customer and uninterested party. I have dealt with many unethical agents even to the point of having one's license revoked. Just be careful!

SonyBug

Check with State Farm for a personal articles policy. I had two claims, one for a destroyed lens (1800), which they paid for in full, and one for a damaged lens which they paid over $900 to repair. No problems with either claim. It is the only policy I have with them. Can not say good enough things about their claim process.

BlueMorel Loc: Southwest Michigan

Makes me glad I have less than $1500 worth of camera equipment! I've only collected on home insurance once - hailstorm damage to siding and roof. Pretty much got my premium's worth on that one! And a badly needed new roof for only a few thousand dollars for our part. Thank you, insurance!

WarpedWeaver

I know this may not help, but have you checked out

https://mygearvault.com/

I know a lot of folks don't like Jared's style, but you can see a list of insurers and get quotes just on your equipment. Just a thought.

47greyfox Loc: on the edge of the Colorado front range

I agree with the "bug." I've been a SF customer since the early 70s. Lucky me (?), I'm a designated guaranteed renewal as long as I can stand the premium. I opened a personal articles policy to cover only my camera stuff a few years ago. I've only had one claim, resulting from a careless hostess dripping schnaps into a Canon G16 open lens barrel... it's a long story. I called Canon when I returned home and got the customary $200 estimate for this sort of thing. SF paid without comment and life moved on. As equipment changes and items come and go, a simple email to my agent is all that it takes. I wait a few days and check my policy online and the change is usually already reflected. Highly recommended.

NCMtnMan Loc: N. Fork New River, Ashe Co., NC

Just make an extra amount on a payment and designate it for escrow. Also, most insurance companies don't treat or react to a claim for a camera equipment rider the same as they do for other claims.

gvarner Loc: Central Oregon Coast

With State Farm, it’s a separate personal property policy, not a rider. Very cheap if you’re an amateur. Double check with your insurer about that rider issue.

via the lens Loc: Northern California, near Yosemite NP

I currently have AAA and a rider for $150 a year, 100% covered. Have filed a claim for a new sensor, $1000, they paid and no insurance increase (at least not for that). I pay my own payments so it is not attached to any other payment. I think State Farm will provide coverage but not as a rider.

PHOTOAL

After reading all of the reply's it is hard for me to sit and not say anything. I have been an Independent Insurance Agent for 30 years. I have also been an advanced amateur photographer for over 40. #1. First of all everybody in business is out to make a profit, otherwise why be in it. So yes Insurance Companies do make money. Insurance is a gamble for us policyholders. You do not have to have Insurance on your Photographic equipment. It is not mandatory by any means. However, each of us has to decide - #1. What do I have to lose? #2. How much does it cost to protect what I have to lose? #3. Can I afford it? My personal experience is that it sounds like a lot of your Agents are not explaining the coverage's to you. I have had 3 instances of claims with my camera's over the years and they have all been paid for in full. It all depends upon the policy you purchase and your agent doing the job of explaining those coverage's so you understand what you are purchasing. My last claim just last year I was at a local High School taking pictures for a Pep Fest and a student stepped on the end of my camera, damage the lens hood and broke the lens. Paid for in full. I know a lot of people expect that everything is paid for regardless. Sorry that is just not the case. There is not a policy out there that will pay for everything. If you don't understand, ask the questions and hopefully your Agent will give you the answers. If not find another Agent. On another claim I unfortunately left my camera on top of my car and drove away. Heard a clanking, looked in the rear view mirror and watched the car behind me run over it. Paid for in full, no deductible. That is the policy that you are looking for. It is an added endorsement to my Homeowner's Insurance for very little cost.

repleo Loc: Boston

I should have explained that this post arose out of another thread which extensively covered the pros and cons of different insurance policies and carriers. I did not intend to start that discussion again. I just wanted to highlight a potential snag if you go the H/O insurers route.

BTW State Farm was the first place I looked. Their web site says they are not offering that type of insurance (nor H/O insurance) to new customers in my state which is unfortunate.

frankraney Loc: Clovis, Ca.

Maybe a good point for those that use escrow for this. But for those that don't know you do not have to use escrow for your insurance and taxes. You don't have to use escrow for anyting other than payment. I've only bought two houses and both of them I told him I would handle my own taxes and insurance you just have to prove to the lender that you have it and provide the information who the insurer is. If you don't provide the insurance or failed to pay your taxes the lender will add it in, guaranteed,

Picture Taker Loc: Michigan Thumb

I believe some of the Pro Organizations give you photo equipment insurance with your membership.