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Feb 22, 2021 19:20:14   #
A. T.
 
Fellow hedgehogs,

I need some assistance with camera insurance. I currently have homeowners and vehicle insurance with State Farm and also have a separate rider policy for my camera equipment. I currently have a D850, D500 and a host of lenses insured at replacement value; however, when attempting to insure my D4s at replacement value, they are telling me that they can only replace the DSLR at the purchase price. When explaining to State Farm that the purchase price was much lower than the fair market value of the camera, they said that was what the underwriters expressed to them. I ask them what if the camera was a gift to me with no receipt.......they said they would insure the camera at fair market value. Exactly what I want for the D4s. So, would anyone have any suggestions for camera insurance companies out there?

Feb 22, 2021 19:32:06   #
PixelStan77 Loc: Vermont/Chicago
 
A. T. wrote:
Fellow hedgehogs,

I need some assistance with camera insurance. I currently have homeowners and vehicle insurance with State Farm and also have a separate rider policy for my camera equipment. I currently have a D850, D500 and a host of lenses insured at replacement value; however, when attempting to insure my D4s at replacement value, they are telling me that they can only replace the DSLR at the purchase price. When explaining to State Farm that the purchase price was much lower than the fair market value of the camera, they said that was what the underwriters expressed to them. I ask them what if the camera was a gift to me with no receipt.......they said they would insure the camera at fair market value. Exactly what I want for the D4s. So, would anyone have any suggestions for camera insurance companies out there?
Fellow hedgehogs, br br I need some assistance w... (show quote)


What makes you feel you need camera insurance? You travel to high crime regions? Why not be self insured?

Feb 22, 2021 19:32:58   #
rmalarz Loc: Tempe, Arizona
 
I'd hit google and search for
" best photographic equipment insurance company " without the quotes. Then, pick discuss your requirements with the top leaders.
--Bob
A. T. wrote:
Fellow hedgehogs,

I need some assistance with camera insurance. I currently have homeowners and vehicle insurance with State Farm and also have a separate rider policy for my camera equipment. I currently have a D850, D500 and a host of lenses insured at replacement value; however, when attempting to insure my D4s at replacement value, they are telling me that they can only replace the DSLR at the purchase price. When explaining to State Farm that the purchase price was much lower than the fair market value of the camera, they said that was what the underwriters expressed to them. I ask them what if the camera was a gift to me with no receipt.......they said they would insure the camera at fair market value. Exactly what I want for the D4s. So, would anyone have any suggestions for camera insurance companies out there?
Fellow hedgehogs, br br I need some assistance w... (show quote)

 
 
Feb 22, 2021 19:36:23   #
CHG_CANON Loc: the Windy City
 
In the meantime of changing policies, use google to find the used price for the camera and / or lenses. You'd probably buy from KEH for a used replacement. Just take their highest price.

Feb 22, 2021 19:55:41   #
A. T.
 
PixelStan77 wrote:
What makes you feel you need camera insurance? You travel to high crime regions? Why not be self insured?


Well, I have a sizable investment in DSLRs and lenses and I just think it's wise to protect your investment while it has substantial value. I don't have life insurance because I'm debt-free and nothing that I have outside of my home and autos has enough value to be insured. So, when my camera equipment no longer has what I consider to be monetary value, I will no longer insure the equipment. The very low cost of camera insurance to me is well worth the cost.

Feb 22, 2021 20:05:37   #
quixdraw Loc: American Free States -- Montana
 
Carried camera insurance the whole time I was working as a photographer, never since. For my use, coverage under homeowners is adequate - never a claim, just being careful. Everything depreciates - and realize that when you make a claim, or if there are multiple claims, it will compromise your status with most insurers. I would not make a claim ex. a major loss.

Feb 22, 2021 20:16:20   #
A. T.
 
CHG_CANON wrote:
In the meantime of changing policies, use google to find the used price for the camera and / or lenses. You'd probably buy from KEH for a used replacement. Just take their highest price.


That's what I did. I got a really good deal on a Nikon D4s with 27k on the shutter in mint condition for $1600. and was trying to insure it for $3500.00.

 
 
Feb 22, 2021 20:18:57   #
A. T.
 
quixdraw wrote:
Carried camera insurance the whole time I was working as a photographer, never since. For my use, coverage under homeowners is adequate - never a claim, just being careful. Everything depreciates - and realize that when you make a claim, or if there are multiple claims, it will compromise your status with most insurers. I would not make a claim ex. a major loss.


Okay, wise suggestion and maybe that's what God is telling me with the issues I'm having with this latest camera. Thanks for the recommendation, I really appreciate it.

Feb 23, 2021 06:18:35   #
SHWeiss
 
PPA has a great policy included with membership which has many other benefits. Pm me and I can send a link for a $35 discount

Feb 23, 2021 06:46:14   #
bleirer
 
Insurance has very clear definitions sometimes regulated by the state. Replacement, actual cash value, and so on. Some states say you aren't supposed to make a profit on insurance, I'd guess to protect against the scam of buying undervalued properly then destroying it for the insurance profit. Not saying that is you, but the insurance company doesn't know you personally. Ask the insurer to exactly define the coverage and be happy to get back what you paid.

Feb 23, 2021 07:32:24   #
billnikon Loc: Pennsylvania/Ohio/Florida/Maui/Oregon/Vermont
 
A. T. wrote:
Fellow hedgehogs,

I need some assistance with camera insurance. I currently have homeowners and vehicle insurance with State Farm and also have a separate rider policy for my camera equipment. I currently have a D850, D500 and a host of lenses insured at replacement value; however, when attempting to insure my D4s at replacement value, they are telling me that they can only replace the DSLR at the purchase price. When explaining to State Farm that the purchase price was much lower than the fair market value of the camera, they said that was what the underwriters expressed to them. I ask them what if the camera was a gift to me with no receipt.......they said they would insure the camera at fair market value. Exactly what I want for the D4s. So, would anyone have any suggestions for camera insurance companies out there?
Fellow hedgehogs, br br I need some assistance w... (show quote)


I always use the replacement value as when new, or the cost of an similar camera, in this case, I would insure it for the value of a D6, or $6500.00.

 
 
Feb 23, 2021 07:37:34   #
starlifter Loc: Towson, MD
 
The rider I have with my State Farm policy covers my equipment if it gets damaged or stolen. Had to use when my D7200 got wet on a canoe trip. No problems. Years ago they would ask the value now they want a receipt. Still I'm happy with it.

Feb 23, 2021 08:25:36   #
tcthome Loc: Keansburg , NJ
 
A. T. wrote:
Well, I have a sizable investment in DSLRs and lenses and I just think it's wise to protect your investment while it has substantial value. I don't have life insurance because I'm debt-free and nothing that I have outside of my home and autos has enough value to be insured. So, when my camera equipment no longer has what I consider to be monetary value, I will no longer insure the equipment. The very low cost of camera insurance to me is well worth the cost.


agree. Even with the life ins. No wife or kids to leave to. I put in my will that all my debt be left to my brothers & sisters though! Nice guy, HAH!

Feb 23, 2021 08:33:36   #
jbk224 Loc: Long Island, NY
 
A. T. wrote:
That's what I did. I got a really good deal on a Nikon D4s with 27k on the shutter in mint condition for $1600. and was trying to insure it for $3500.00.


When you applied for your insurance, did you give them the receipt for this camera?

Feb 23, 2021 09:36:55   #
gvarner Loc: Central Oregon Coast
 
Take a product back to a store and see if you can get the the full price for a refund or the sale price you paid. The purchase price coverage is fair. FMV is also fair. I had a film SLR with no value record and my State Farm agent looked it up on eBay, used that as the value.

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