Whether a hobbyist, professional, or someone who takes just likes to take photographs here and there, everyone has expensive gear. Usually, one will have a camera body, and 1-3 lenses, a tripod, and possibly an external flash. The basics right? However, some may take that to the next level if this becomes their profession, and or a serious hobby. Equipment could include, two bodies, 6 lenses, two tripods, multiple off camera flashes, stands, triggers, and multiple accessories. That becomes a lot of money right? That is where photography equipment insurance can come into play or in professional terms “personal article policy.”
By having photography equipment insurance, one can have peace of mind, that if a lens is dropped and shattered, instead of busting out another chunk of change to replace it, a simple call takes care of it and bam, a new lens at no cost to you (depending if there is no deductible on your plan and the items price, usually there is not one). Over the years, I seem to have acquired a ton of equipment. From school, I now have all the stuff for portraiture, landscape, wildlife, and macro. It all adds up to be a lot of money sitting there.
That is why I got it all insured. I personally have State Farms photo insurance because that is my primary insurance for my vehicle, so it made things easy. For a small fee each month tacked on, around $18, I have every piece of equipment insured. Yearly it comes out to around $225 dollars. Not too bad right? Even a small polarizer is covered. He insured a filter? Yup! Anything and everything is listed. For example, I’m in a National Park, lots of people around, and worst case scenario happens! Someone snatches up my photo bag. Not only did I lose the big ticket items, camera, lenses, etc., but I lost all the little goodies, filters, small reflectors, flashes, batteries, and so on.
In that scenario, the way my insurance would work, is I pop in, say here is everything I lost, and all of a sudden it’s replaced, or fixed if something else occurred. Now, in the case of losing a whole bag, there would possibly be a deductible cause that is a lot of gear. If I’m correct it needed to be over 5 or 10 thousand to hit a deductible. I would gladly have that deductible if it means a ton of money is not lost. When one creates the insurance, you write up everything. Model, serial number, and of course the price that you paid for it new. That way if something happened, you get the price you paid for it, verse the depreciation price. Other things that fall under it are, I drop something off a mountain, stolen items, even if a camera body just explodes, it’s covered.
There are also other insurances available for people whom have a business such as a portraiture company. I personally don’t work in portraiture, but it would be a smart idea to be covered. Be noted of “a professional liability lawsuit. These suits may claim that you’ve been negligent or made an error or omission while performing your services.” Scary right? With insurance you can be covered and it would all be taken care of in the event you had a problem with a client.
Now I’m not saying you have to go with State Farm, there are many insurance companies available, and for even cheaper prices. My only suggestion is look into insurance if your acquiring a lot of gear, and make sure all scenarios are covered. Stolen, lost, broken, and or malfunctions and stops working. Happy Coverage!