mort Loc: california

i just purchased a leica m240 . it is the most expensive camera i have , and with the value of my old 35mm f2 lens ,
i will be carrying over $4000 in camera gear . with the craziness on the streets , now , in san francisco , i feel a bit concerned , so i checked with state farm on insurance . they want to insure my cameras ( also an m8 with lens )
with a policy called " personal property " . i had to specify a maximum price for the equipment , when purchased , etc . with used leica , the prices go down on used , stabilize , and then seem to go up . it is hard to set a price .
i wonder what others have experienced , and how they have insured their camera gear ?

rwww80a Loc: Hampton, NH

I would make sure the policy is for REPLACEMENT VALUE of an equivalent piece of equipment. Most policies depreciate equipment value which will never equal what you have to pay for replacing what is lost. Yes, it is more expensive.
As far as value - do you have receipts or a dealer quote for what you own? Use that for establishing value.
Be prepared for a fight if a loss occurs.

13 Loc: I am only responsible to what I say..not what

I wouldn't have State Farm! They are the worst to pay out! At least in this area.

mort Loc: california

[quote=rwww80a]I would make sure the policy is for REPLACEMENT VALUE of an equivalent piece of equipment. Most policies depreciate equipment value which will never equal what you have to pay for replacing what is lost. Yes, it is more expensive.
As far as

that is the problem . my lens were purchased for or with film cameras in the late 70s or early 80s , and now the prices are out of sight . the m8 was purchased 3 years ago and is now listed on eBay for at least 5-600 more than i paid for mine . how would i get insurance that would cover replacement value ?

sb Loc: Florida's East Coast

You can demonstrate the value of used equipment by looking them up on the KEH website. You want to make sure that you have coverage for burglary from your home but also robbery from your person or car. They will probably not cover breakage. You might check with coverage through membership in an organization like NANPA (North American Nature Photography Association), which may have broader coverage. All the good property insurance companies pulled out of Florida, so I gave up on insuring my gear after I found that there was minimal coverage with a high cost with a very high deductible.

akamerica

Replacement value might be replacing a total loss with a used unit with the same specs. Replacement cost to my understanding (with USAA) is the purchase cost that I quoted when I registered each camera item with them on a personal articles floater policy. Damage, theft, etc all covered. Years ago my Nikon fell to the ground as the lift-gate opened. Cost to repair was about $1800 with the cost of new $2100.
They sent me a check for $2100.

As an aside with household goods insurance, there is a game afoot. I.E. State Farm, and many others, in a homeowners policy provide replacement cost coverage for your personal property: furniture, lamps, silverware, clothes, etc. HOWEVER, in example, say you have 100K coverage, and the property is a total loss, in a fire. All your personal property (shown in your inventory photo - stored elsewhere) are gone, up in smoke. So, they might give you a check for $10,000 and tell you to send each receipt for your purchase of each like item lost. WOW. A two seater couch lost is not a 3-seater couch, and so on. Model of your stereo, etc. It is called a "Hold-back" Can you imagine all the work to collect, and to 100K???

In Florida my insurance company (Tower Hill) does not have a hold-back - and on verification of the loss would send you a check for $100,000. Oh, just learned that tools in this policy are valued at current used prices.

Check it out!

fredtoo Loc: Houston

mort, I'm surprised your insurance agent didn't suggest listing the camera equipment on your policy as a "scheduled" item. This should always be done with a single expensive item that shouldn't be thrown in with "the mix".

A "scheduled" item is covered for full replacement price if lost, stolen, damaged, burned, whatever. No discounting for age of the item. I carried my wife's Rolex as a scheduled item for years, until she finally went swimming with it on and had failed to tighten up the winder (meaning it leaked). Repair was $3K. Fully covered by S.F., no questions asked.

ekim08 Loc: Indiana

Here in Indiana have no problem

billnikon Loc: Pennsylvania/Ohio/Florida/Maui/Oregon/Vermont

With my insurance company I list what the cost would be to replace. For example, I just purchased a Sony Zeiss Batis 40 mm f2 lens used Mint for $600.00, new it runs $1349.00, so that is what it is insured for.
I checked with my insurer on this and they concur that I should always list replacement value regardless what my receipt shows. The receipt is only a verification of ownership and used to prove that you did indeed own it.
And yes, mine is a separate policy, many folks assume that there insurance company will replace their equipment if lost or stolen and when they file a claim they are disappointed that their equipment is not covered.
It is always a good idea to sit down with your agent and get it straight.
TRUST BUT VARIFY has always been my motto.

traderjohn Loc: New York City

Justify your assumption that your camera costs 4K or more than insure it for that much. If it is stolen you get something rather than going on about how much the thing goes up or down. Now, what are you going to do if some thief tries to rob you and takes your camera?

Peterfiore Loc: Where DR goes south

.

Bayou

Mixing multiple types of insurance into a single policy places ALL of your insurance at risk. Home owners insurance companies are "drop happy" in many places, seeking to lessen their exposure in a particular area. This is particularly true in coastal areas where hurricanes have caused lots of claim activity. When you make nickel and dime claims for cameras, guess who they drop first? Home and auto bundled together? Have a wreck...you might lose your home insurance.

Bundling is terrible practice. If you lack the means to self insure, get stand alone camera insurance.

CliffMcKenzie Loc: Lake Athens Texas

First, do what most Californians do and move to Texas. (Just kidding, we already have too many Californians. We now have posted signs reminding them they come as refugees and not as missionaries.)

Allstate covers my equipment. It is a schedule based on original receipts. Most of my equipment came from Adorama and B&H. They have records available online dating way back in time. Additionally, (this might be of help to you), I provided proof of registration with Nikon USA. My coverage is "at cost replacement". The theory is if my D850 falls into the water or is stolen, it is replaced with a new D850 (I am sure a new Z9 is not the answer).

brooklyn-camera I Loc: Brooklyn, NY

https://www.statefarm.com/insurance/home-and-property/personal-articles-policy I used this policy twice and StateFarm paid off in full with monies for replacement equipment. A sigma 70-200 f/2.8 and another lens, forgot the size and type. Paying about $340 a years for $19,000 coverage.

gvarner Loc: Central Oregon Coast

I have the State Farm personal property policy. Very cost effective for me. Easy to add or subtract gear. Even covers my desktop PC and printer but not mobile devices.