Need insurance?

[RonFrank]

After checking all the options, I found that the BEST deal was with a rider on my homeowners policy (StateFarm). To insure camera equipment against ANYTHING (flood, loss at sea, stolen, drop the thing in the pavement, ANYTHING) it is a 1% cost, minumum $40 poliicy, and ZERO deductable. That is for REPLACEMENT cost.

To insure dive gear it's actually a bit more, 1.8% of the equipment cost.

I insured everything that is going UW, and I'm going to call back tomorrow, and add more stuff as it's so cheap!

Dan, and DEPP coverage just does not stack up against this policy. Check with your local agency as I'm very sure they can vary. In addition this is for non-professional coverage. If you are shooting as a professional (based on your IRS status) the rates are a bit higher, but still much better than DAN or DEPP.

Just thought I'd share this as insurance questions are asked on a regular basis, and after going through the options nothing else came close in either coverage, or low cost.

 

[WicketsMom]

Thanks! I had not thought about that but am going to call my State Farm agent tomorrow. I got a new digital camera for Christmas and bought an Ikelite housing for it before our Tobago trip in May, but was a little nervous about it flooding and ruining my new camera.

Wish I had known about that before we went to Saba and the divemaster was helping us out of the van and grabbed the bag with my Nikon FG camera in it and dropped it on the ground, cracking the case at the shutter release. I haven't even tried to have it repaired.

 

[Larry C]

Does the coverage include outside US? Better make sure.

 

[RichKirby]

I sure wouldn't want to file a claim against my homeowners policy. Good way to get your rates to go up for years or get dropped at renewal time.

 

[Larry C]

Absolutely, Rich. Having grown up in the insurance industry, (My parents had an independent agency and my wife and brother work for a big commercial brokerage) I can tell you that with homeowners, it's one claim and you're out. Our dog bit the garbage man-$75 doctor visit, and barely broke the skin-and we've been stuck with the same carrier ever since. No one else will touch it.

 

[Cacia]

I sure wouldn't want to file a claim against my homeowners policy. Good way to get your rates to go up for years or get dropped at renewal time.

Ron, I checked into this as I have State Farm Homeowner's policy also. You are right about the cost. I became a bit worried about filing small claims on such a big item policy, as if they increased my rates even a tiny percentage, it could really effect my wallet. I try and fly under the radar on houses and cars. (High deductablibles, minimize claims) I am not sure if I made the right call, but since the odds are that I WILL flood, I just opted for the DAN equipment insurance. I know how well you think things through, so curious what you thought about this angle. Here, in Hawaii, we are on a bit of thin ice with hurricanes and floods, so I have been advised not to rock the boat. I intended to grind my agent a bit on my rate and was told many other carriers had pulled out and would no longer offer hurricane coverage and I was "lucky to have it".

FWIW, An elder at Ikelite told me the same thing, you advised. One of those big picture little picture pesky dilemmas...

 

[CompuDude]

Alternate insurance is indeed better. The way policies get dropped these days, and rates hiked even for minor claims, it's far better to have supplemental insurance that you can use and replace at will rather than try to add onto your homeowners insurance. One rate spike and all the money you've saved will be wiped out in an instant. Save your homeowners insurance for the things it was meant for: busted pipes, errant trees, earthquakes, floods, etc... the really big things. Don't screw up your HOME because you want to protect against a little flooding in your camera.

 

[JTemple]

I have a Personal Articles policy with State Farm for all my photo gear and laptop. It's a stand alone policy, not tied to a home owner's policy. Same coverage and price as described above.

 

[Cacia]

hmmm...stand alone, huh? So a claim will not effect your rate for your house? I would do that if given that assurance. Does rider mean stand alone?

(my parents live in Virginia, hope they haven't floated off)

 

[Larry C]

No, a rider is exactly what it sounds like. You send the insurance company a list of items and their values, and they add it to your policy. Typically, this might be expensive jewelry or a carbon fibre bicycle, etc. They charge a percentage of value based on category, generally. A stand alone policy insures only the listed items and is not attached to any other policy. They generally will write them only for customers who have other policies with them, e.g. homeowner, car, etc.