Indiana Loc: Huntington, Indiana

Well, you have the wrong policy. It's not the insurance company...but rather the insurance agent. The question to ask is..."am I insured for the depreciated value of the personal property, or am I insured for the replacement value new of the personal property. Most insurance companies don't offer certain types of insurance, so find one that does. See if Auto Owners Insurance Company is available in your area. They have the policy that will protect you for 100% of the value. I have it, and have used it twice in the past year...lawn mower accident in the pond, and extensive fire damage from a faulty fireplace insert. Hope this helps.

rgood44

Just did my camera equipment through State Farm. Very inexpensive. I don't think they really do riders anymore. These are all separate policies. Much better way as your HO policy will only pay partial and does not cover as many things as a separate policy.

stanikon Loc: Deep in the Heart of Texas

The way escrow works is that they estimate your taxes and insurance. When they pay either one of those, any overage or underage is calculated into the next year's escrow amount. If you add a rider for personal property, whether it be photography equipment or anything else, the insurance company adds that to your annual premium. The mortgage company pays the premium, then performs the calculation as noted. Your insurance will be current and you will not be in default of your house note. I.e. don't worry about it.

jwn Loc: SOUTHEAST GEORGIA USA

I had over $10,000 in equipment stolen out of the back of unlocked car. It was covered as personal property with replacement cost less the deductible. You do not need special riders unless business or want lower deductible. if your agent or phone rep says otherwise ask where in the policy it is excluded or limited. People go all over the world and lose cameras personal property, jewelry and it's covered....jewerly may be limited but it is spelled out in the policy. If your agent can't answer questions get new agent. If you want professional advise tax, legal, insurance ask a professional.

jefflane

If you separately schedule your equipment, it should not affect renewal of your main policy. However, if you make any money with your photography, they can refuse to settle your claim as you should have a "professional" policy and not put on homeonwners.

PHOTOAL

If you want to have the best coverage on your photo equipment you definitely schedule it. Under your basic Homeowners Insurance policy your are covered for the perils of the policy. When it is scheduled you have what is considered all risk. When my camera flew off the car and landed in the street and run over by the car behind me it was paid for in full because it was scheduled. If it was under the regular homeowners Insurance, and not scheduled, it would not have been covered because there is no Insured peril for stupidity.

Bill P

[quote=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.

AS I have said many times, if you need insurance of any kind, contact an independent agent. They are not bound to sell but one brand of insurance, but can choose from a whole host of companies that are just in the insurance business, not in the funny TV commercial business. Does anyone really believe that Warren Buffett gets his car insurance from Geico?

Bill P

Regarding escrow and house payments and insurance: This is something that may apply to people in certain states, but where I live escrow is money you put down when you make an offer on a house to show good faith, and after you won the house is gone. When insurance comes out of house payment, there is an annual review of insurance, taxes etc. and payment is adjusted.

Ednsb Loc: Santa Barbara

yes but how much are you paying for that?

stanikon Loc: Deep in the Heart of Texas

Correct, but incomplete. The house payment is made up of three parts: principal (repayment of the amount actually borrowed), interest and escrow. Insurance and taxes are paid out of the escrow fund, for which the borrower receives an annual statement. That statement shows how much was collected and how much was paid out, the balance in the fund and the calculation of the next year's escrow payment amount. Principal and interest in total are constant throughout the life of the loan (assuming all payments are made on time and as scheduled) but the escrow amount can and does vary.

When you say, "When insurance comes out of house payment (sic)" are you thinking that payment comes out of the amount paid against the principal? Or the amount paid in interest? If not, where does the money come from? The mortgage company certainly doesn't make the payment out of its own pocket.

Jeannie88

I was told years ago by a pro, that since I was not a pro,I should check to see if my insurance company would attach a rider to my homeowners for all my cameras and photo equipment. I did just that , and as he said it was waay cheaper than any other insurance out there at the time. When Ever I buy something new, I just scan in the bill with the make , model, serial number and price to the insurance company. When I get rid of anything, I simply tell them to delete it from the rider. easy peasy.

Bill P

The money come from the money you pay in monthly, which here is "The Mortgage Payment." Here it is not divided into three convenient things. For example, do you have HOA payments as a line item? Special assessments?

We are both right, but by using the term escrow, you will confuse folks where that isn't what a part of your monthly payment is named, but where that term is used for something entirely different..

Scruples Loc: Brooklyn, New York

I have my photo gear covered by a rider on my insurance policy. It also covers theft from other than my home. The worst that can happen is if you lose your gear away from home your covered for accidental damage and loss. My premium is higher because it includes the house and car too. You don't want to be insurance poor.

You can also invest in a very large rambunctious dog that has no problem barking loudly on the drop of dime. The down side is you must walk the beast!

frankraney Loc: Clovis, Ca.

It is an important account, after escrow closes.

Jaackil Loc: Massachusetts

Thank You! Everything you said is absolutely true. I have been in the insurance business for over 30 years also, although not in property and casualty. Let me add a couple of things here. First Know the difference between Actual Cash Value and Replacement cost. Most people opt for ACV to save a couple of $$$. ACV pays your purchase price minus any depreciation and wear and tear. Replacement cost will pay what the market price is to replace the item. Spend the extra couple of dollars for Replacement cost. Second, I love when people say something like my whole family has been with such and such insurance company for more than 50 years. So? The insurance company is going to honor their part in the legally binding contract which is your policy. Does Ford replace the alternator on your 10 year old Taurus because your Whole family has driven fords since the model T? How long you have been with an insurance company has no relevance. Each policy is a 1 year contract that ends on the renewal date. When you renew it is a new policy. Do yourselves a favor spend a few minutes with your agent and go over the coverages and ask in the event of a covered loss how does this work and what will be paid? Most of the time when I hear someone got “ripped off” by their insurance company it has more to do with the insured not knowing what coverages they actually had or how the claims process works. As for “my agent screwed me by selling me an ACV policy instead of Replacement cost.” Let me translate that one. I am cheap and I tried to save a few bucks. Insurance agents get paid commissions, the commission is a % of the premium you pay. Think about that for a second. Do they make more money on the more expensive Replacment cost or the less expensive ACV? Do agents. really want to make more money or less money? Now remember that time you got your new insurance renewal bill and thought it had gone up too much and you called your agent and said how can I bring the cost of this down? I understand this is an international forum so my comments only relate to the US. That being the case. Insurance in the US is heavily regulated making it nearly impossible for Insurance Companies to “rip consumers off”. It’s up to the policy holder to ask some questions and understand what they are buying. If you understand the coverages you are buying you will never be surprised when you file a claim. Our equipment is important to us for some it represents thousands of dollars for other maybe a lot less but either way it is an important investment for each of us. Most of us will spend hours on end researching before we buy any piece of new gear. Take a few minutes and review your insurance coverage too. Happy Shooting All.