Photo Gear Insurance - Huge Policy Increase: There have been lots of prior discussions on the pros and cons of insuring your photo gear. This is not one of them. I do want to ask if...

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Photo Gear Insurance - Huge Policy Increase

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Mar 9, 2019 15:22:12 #

tiphareth51 Loc: Somewhere near North Pole, Alaska

There have been lots of prior discussions on the pros and cons of insuring your photo gear. This is not one of them. I do want to ask if others have had a huge increase in their insurance policy premium. The premium for my Personal Articles Policy from State Farm increased from $187. to $275. I find that outrageous. Does anyone care to comment if they have been affected as well? Is there another insurance company you would recommend? My thinking is that as equipment ages, their value would decrease, not increase. It does state inflation coverage applies so that may be a factor. Thank you.

Mar 9, 2019 15:35:22 #

Steve DeMott Loc: St. Louis, Missouri (Oakville area)

tiphareth51 wrote:

There have been lots of prior discussions on the p... (show quote)

My gear is covered through Shelter Insurance. Replacement value for up to $5,000 is only $50/per year. It just covers Camera related items not personnel items.

Mar 9, 2019 15:42:28 #

rjaywallace Loc: Wisconsin

I very recently called my State Farm agent and arranged “all risks” personal item coverage for a high end purchase. The premium quoted was extremely reasonable. Rates are based on location, nature of item covered, alarms or other personal security, where the item is stored, past claims, etc. Call your agent and ask why your rate was raised.

Mar 9, 2019 15:45:54 #

the hiker Loc: San Diego

tiphareth51 wrote:

There have been lots of prior discussions on the p... (show quote)

if you are a triple A member call them and see what there rates are.

Mar 9, 2019 16:01:56 #

G Brown Loc: Sunny Bognor Regis West Sussex UK

Do you not have 'Go Compare' or similar websites that let you browse 'quotes' from a range of companies?
House contents insurance will cover Photography equipment at 'all risks' however there will be variances in 'what' cover you get or even a minimum claim value.

it is generally worth exploring lots of quotes for all utilities and insurances on a regular basis.

have fun

Mar 10, 2019 08:29:06 #

hjachym Loc: West Michigan

tiphareth51 wrote:

There have been lots of prior discussions on the p... (show quote)

Obviously I don't know the replacement value of your equipment. All of my photo gear and my wife's jewelry (there is not an extreme amount of that) comes to about $85 a year with a scheduled rider through AAA homeowners.

Mar 10, 2019 09:01:17 #

brooklyn-camera I Loc: Brooklyn, NY

I am using State Farm for my PAP policy. I pay $259 a year for $19,000.00 coverage. I have used it twice and received a check in the mail in about two weeks. The one lens that I broke cost less than what State Farm sent me for a replacement. I am happy so far with State Farm, lets hope it stays this way.

Next time I receive the premium notice lets see if I pass out or not? As you can see I reside in Brooklyn, New York.

Mar 10, 2019 09:16:23 #

jerryc41 Loc: Catskill Mts of NY

That's another reason why I don't have insurance on my gear. In fifty years, I've never needed camera insurance. At $200/year, I would have paid over $10,000 for insurance.

Mar 10, 2019 10:16:02 #

olemikey Loc: 6 mile creek, Spacecoast Florida

jerryc41 wrote:

That's another reason why I don't have insurance on my gear. In fifty years, I've never needed camera insurance. At $200/year, I would have paid over $10,000 for insurance.

We takes our chances and roll the dice!! Same here. Hopefully we didn't jinx ourselves in stating this!!!

Mar 10, 2019 12:18:22 #

jeep_daddy Loc: Prescott AZ

My Allstate insurance covers my camera equipment through the homeowners policy I have. It's not a "replacement" policy but they pay the cost minus 10% for each year old the equipment is. But if I replace that piece with the exact same piece and send the receipt to them, they will make up the difference. I know because I had a bag of equipment stolen from my garage a few years ago.

Mar 10, 2019 15:00:00 #

tiphareth51 Loc: Somewhere near North Pole, Alaska

Brooklyn-camera. My new premium is higher than yours for $5,000.00 less property value. There had been no prior claims on the policy. It will be interesting to learn how the rate is calculated. With several other State Farm policies in my portfolio, a discount should apply. Thank you for your reply.

Mar 10, 2019 15:01:23 #

tiphareth51 Loc: Somewhere near North Pole, Alaska

Thank you everyone for responding. I will be looking into other options.

Mar 10, 2019 19:15:39 #

TheShoe Loc: Lacey, WA

G Brown wrote:

And "at all risks" includes accidental damage, and loss. My wife recently left something at an airport. Naturally, it could not be found when she discovered the loss the next day. She reported it to Allstate via phone. Three days later we received a check for 9000+ USD.

Mar 10, 2019 20:16:48 #

Gallopingphotog

My premium is determined by the value of the bundle I'm insuring. $100 to $500, for instance, then $501 to $750, etc. etc. (I'm pulling numbers out of the air; too lazy to go find the policy and check). I started with the most important (camera bodies and lenses) then added gear until I reached my self-imposed $$ limit. My "good" tripod and most expensive (and favorite) bag, one flash unit. Stuff like that. Yeah, I'd hate to have to buy all new SD cards, filters, etc., but it's better than doubling that premium!

Mar 10, 2019 23:06:15 #

ronpier Loc: Poland Ohio

tiphareth51 wrote:

There have been lots of prior discussions on the p... (show quote)

Before shopping and possibly moving your insurance to another carrier you need to speak to your agent about the 25 cents per day increase. Have you added items? Any claims? Has your rating territory changed?Change in deductible? Most insurance carriers will not insure just your personal articles. They also want your home, cars etc. Are you unhappy with your other coverages/rates/service? Seems like a lot of work for a rate increase of that amount unless there are other factors not mentioned here. IMHO.

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