We all have valuable camera equipment, but is it covered by insurance? A recent question from a member got me thinking so I did a little probing into the confusing world of insurance. Regardless of the insurance coverage you have, you should have an up-to-date list of your equipment with its replacement value and serial numbers, plus copies of your purchase receipts. Another good idea is to photograph your equipment, in case you must prove what was damaged or stolen.
Most of us will have coverage under the “contents” section of our home insurance policy. These policies generally have a blanket total for everything in your home, with a deductible amount for any claim. Your camera equipment will usually be covered under contents; however, you should update the total from time to time just in case there is a total loss. For instance, $200,000 to $300,000 for contents may sound like a lot, but if you start to list the replacement value all your clothes, furniture, appliances, computers, and camera equipment, etc. you might be surprised how quickly they add up.
Homeowner’s policies usually have “Special Limits”, such as $3,000 for watercraft, $10,000 for jewellery, etc. If your policy has a special limit for computers or camera equipment that is less than their replacement value, you should talk to your insurance agent to see what options there are to fully cover these items. There are lots of camera equipment insurance policies offered online, but it is probably best to rely on your insurance agent.
If you use your camera equipment to earn money (a ‘business” in the insurance world), you will probably have to purchase a separate commercial policy to cover the equipment. Depending on the deductible and other conditions, these policies will vary from $1.50 to $3.00 per $100 of replacement cost. So, for replacement value of $20,000, the premium will be between $300 and $600 per year. This is a very wide range, so you should have your insurance agent “shop around” for you.
The” bottom line” is to check with your insurance agent to make sure you are covered.