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.
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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
NANPA has a deal for members through Rand/Chubb. $350/year for $14300 in coverage, plus 100/year for the NANPA membership. They’ve wired me the full retail price of broken items before when I was traveling, they’re great.
For non pros you can usually list photo gear on your homeowners or renters insurance for not much money.
I have mine as a special addition to my homeowners policy, but they want to see receipts and I bought all of my Leica gear used.
That said, if my camera was stolen I’d just buy another used one.
when i asked mine about this the small print was that they only cover gear for which you’re the original owner and only until it’s 3 years old, then it’s no longer covered.
If it’s important enough to you, ask other insurance companies. Mine (Amica - I don’t think they’re in all states) will accept a receipt for a used gear purchase and keep covering as long as I keep paying.
Yes, plenty will. People should not assume theirs will though without making absolutely sure, though. Athos is pretty widely recommended for people wanting to insure photo/video gear specifically, separate from homeowners.
Full Frame Insurance has been outstanding.
Thank you! I was paying about $300 a year just for liability for about 10 years now.
Mine is covered in my home owner’s policy.
I have replacement cost coverage with CNA Insurance
I have replacement cost with my business policy from State Farm. I have had such a good relationship with my broker and State Farm across all of my policies that I wouldn’t consider another company.
Front Row Insurance.
Huh, it’s weird that State Farm will only insure for purchase price. I have a personal articles policy through them for my camera gear, and everything is insured at a replacement value that we agree to at the time I add things. They don’t even ask for receipts for items under a certain threshold (I think $2k).
I have a lens that I bought for used for just over $4k, but have insured at the $6k MSRP, since it only appears on used markets infrequently. They didn’t question that decision at all.
Others have listed a lot of great alternatives here, but if for whatever reason you would like to go with State Farm, I’d recommend talking to a different agent.
I have had the same experience as you with my SF agent.
Athos insurance. Hands down easiest in film industry for owner ops. you can make a quote yourself and see what the price is right on the website.