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Insuring my gear.

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NLA

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My camera gear is about to increase, substantially so, in its value, and I am really interested in obtaining some insurance. I am a home owner, and understand that I can get some type of 'rider' for my equipment. Seeing as how our homeowner's insurance is incorporated into our mortgage payment, I wonder if (not that I am expecting anything to happen) a mortgage payment increase might be realized, in the unfortunate event of something happening to any part of my gear - and a claim having been put into effect.

In the event of that being the likely case, what other viable options might there be for someone seeking insurance?
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Blessings,
Nathan

http://www.nlalston.zenfolio.com
 
Hi Nathan

Not sure how all of that will affect your payment - but some free advice from an accountant. You should have things like property tax and insurance payments OUTSIDE of your mortgage, since they would increase the size of your mortgage, and therefore the interest you pay/will pay on the mortgage - by a fair bit.

and by the way - enjoy that lovely camera!
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Doug
 
Nationwide Insurance simply issues a separate policy called an "Inland Marine". Don't know why the name, but covers jewelry, cameras, musical instruments, etc.

Very reasonably priced. I'm sure that is because it is linked to homeowners policy somehow. But billing is separate, not billed to mortgage holder.

Our coverage is all perils, no deductible. Required copies of receipts including serial numbers of camera equipment covered.
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Only the name starts with Gr... :-)
 
He hasn't rolled his insurance and taxes INTO the mortgage; they are just paid when he PAYS his mortgage. His monthly check to the mortgage company consists of his mortgage payment and a monthly insurance and tax payment accrual that goes into an escrow fund. Then the fund pays the insurance company and tax assessor semi-annually/annually as they require. He's not paying any additional mortgage interest on these expenses.

What he IS giving up is the ability to earn interest on the amount of his semi-annual insurance and tax payments. He theoretically could be holding those amounts in savings, collect interest on them, and then pay them when they are due. However, some states and/or mortgage companies require you to set up escrow accounts to ensure that you are actually putting money away every month. And with the dismal savings account interest rates these days, it may not even be worth it, as one may be tempted to use that money "in an emergency" (like upgrading camera equipment!).
 
Your homeowner's insurance likely covers the cameras and gear. But check with them first. It would, however, be subject to the deductible. If you get a rider, it would probably cover the gear without a deductible. Thus, you are comparing the cost of the rider to the deductible.

But, as I say, check with your insurance company to see what they actually do.

Another thing, I have heard of separate camera insurance that covers much, but doesn't cover theft from a rental car. This is, of course, completely stupid. Do check that such losses are covered with whatever insurance you get.

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gollywop

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gollywop said:
Your homeowner's insurance likely covers the cameras and gear. But check with them first. It would, however, be subject to the deductible. If you get a rider, it would probably cover the gear without a deductible. Thus, you are comparing the cost of the rider to the deductible.
Click to expand...
I just changed carriers and specifically found out what I had before and compared it to what I was getting. Neither offered significant protection specifically for photo related gear for the kind of equipment that most on this forum are probably into. And then like you said, you have to pay the deductible. I'm in the process of getting a separate rider myself.

BTW - Everyone should shop insurance occasionally. I checked auto, and this is a little embarrassing, just because I saw a commercial with the typical "customers save $X by switching to us" routine. I wound up saving $600 + per year. A funny incident was that I was so shocked at the price that I told the lady on the phone that something must be wrong and we went line by line comparing coverages. She then thought something bad must be on my record and had to get mine and my wife's numbers to verify. Nope everything's just fine and that's your price!!

At the end of the conversation (one of those insurance.com type places) she asked was I interested in Homeowner's........sure why not. Bam another approx $600 savings and frankly better coverage. $1200 a year savings, both very reputable national carriers, better coverage.......for about an hour's effort........yeah I'm happy right now.

Keith
 
Who offers insurance for photographic equipment separately. I have mine in a rider with State Farm but I'm not sure how it will affect my homeowner's insurance if I have to use it. Will it increase my homeowners if I have to use it and will they drop me if I have to use it more than once?
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http://imageevent.com/isewake
 
make copies of all the equipment you want to insure.
Keep the originals.
Take a copy to a few insurance companies.
Tell them you want to get a quote on replacement insurance.
This covers theft or loss or even damge.
They usually insure by $ per thousands of equipment.

I went with State farm. They gave me a great price.
For a few hundred a year I am covered and have peace of mind.

Whenever I sell or buy new gear, I make new copies and take it to my agents office to update my file.

If I have a claim they already have the copy of the receipt and I just wait for the check.
I made a claim 6 years ago.

I dropped a Bronica SQAi with a 80mm lens and a film back into a pond while working a wedding.

I took the camera the next day to the agent. They sent it to be fixed or whatever. And then probably sold as used to a national company

I got a check for the complete replacement ,$3000 , in 1 week.
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Sam
http://www.samjsternphotography.com
 
Camera equipment is subject to maximum limitation under homeowners policy. Most policies will limit the total payout to $500. ( Usually cash & jewelery are in same type of limited category). If you want to insure the full value of your camera equipment then you MUST have a rider to the regular policy. In obtaining the rider they will want copies of the receipts/ invoices and serial numbers. Any equipment you can't show receipts will be subject to the limitations of your regular homeowner's policy.

Ronald
Nikon D300
 
Mike in Kansas said:
What he IS giving up is the ability to earn interest on the amount of his semi-annual insurance and tax payments.
Click to expand...
He is also gaining the ability for there to be a problem with the escrow company taking too much money (as happened to my friend) and thus getting screwed until you can get your mortgage company to fix it. Ever try customer service with a lender????

OP, you can simply pay the yearly premium up front if the rest of your coverage (camera stuff) without increasing escrow. Ask your insurance guy.
 
I also have my gear insured thru my homeowners insurance, and it cost about 80 dollars more a year because of that rider, but WELL worth it!
Good luck.
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GG
 
Talk to your agent. They're most qualified to give you advice.

I can tell you that where I'm from the Homeowners policy excludes property that is used at any time in any way for business.
 
I also use State Farm .

I have all my camera equipment insured , and even my 12" aperture telescope , for under $200 per year ..
This also includes self-damage/theft .
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All NIKON

member of WSSA (the Worldwide Squirrel Shooters Association) as member# 159
 
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