I’ve been searching insurance options for my camera, lens, and laptop. I am not a professional but I still have gear that’s on the more expensive end. I’ve seen the suggestion turning up in pretty much every thread to get a personal property rider from State Farm. I’ve had (and used) such a thing in the past.
However, with the gear I have now, I bought these items at a hefty discount. Close to half off my A7R3 (open box), $500 off the MacBook Pro, and a couple hundred off the 24-105 lens. The problem with this is State Farm only wants to insure for my original purchase prices, rather than replacement costs. Meaning if these items were stolen I’d still be out a sizable chunk of change even with insurance, assuming I wanted to replace what was lost. I’ve already got a home owners policy with them, but I’m wanting to travel overseas and I’m a little concerned about theft.
Does anybody have any suggestions for alternatives to State Farm? I’m fine with getting a permanent insurance policy, or getting something that is just covering the trips I take.
I used to work for State Farm and honestly I don’t think you’re understanding how the policy is supposed to work. You are supposed to be indemnified, meaning financially restored to the point you were at before the loss. Otherwise, why wouldn’t everyone just get something at a discount, get a policy, and then “lose it” to make a profit. If you REALLY wanted to skirt around this, State Farm will absolutely let you add it to a Personal Articles Policy with an appraisal. Don’t tell them what you got it for, just go get it appraised and give them that. But yea, making a profit off of a claim is not the intended purpose of insurance