Everything You Need to Know About Insurance for Cameras and Photography Gear
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Camera equipment can be a considerable investment. To protect your assets, you may want to consider purchasing photography equipment insurance.
Before you purchase separate insurance, however, chances are your camera gear is covered already covered by your home insurance policy or renters insurance. However, these policies usually have reimbursement limits unless you add additional personal property coverage. Also, most of the time, basic policies of this type only cover your photography equipment in cases of home theft, vandalism, or fire that occurs while items are in your residence.
If you want your camera equipment covered for general theft and accidents, you have several insurance options to select from. It can be as simple as adding extra coverage to an existing insurance policy or purchasing specific photography and camera insurance on its own.
Purchasing extra coverage on homeowners or renters insurance
Most homeowners and renters insurance policies cover personal property. Personal property is defined as items you own that are inside your home. For example, it includes your furniture; clothes; jewelry; electronics such as televisions, cameras, and computers; dishes; and a wide variety of other items.
However, the coverage is usually limited to specific reimbursement amounts and only in specific instances. If you own camera gear that is worth more than your reimbursement limits, you may want to add extra coverage.
Adding extra coverage to your homeowners or renters policy such as valuable personal property insurance provides a lot of benefits for little cost. This type of insurance was designed to protect high dollar items like cameras, music instruments, jewelry, artwork, and so forth that are worth more than $100. Often, added personal property coverage has no deductible and covers accidental damage and theft or loss, as well as higher per item replacement or reimbursement benefits.
Photography and camera insurance
Photography equipment insurance covers a wide variety of items including cameras, lighting equipment, lenses, tripods, filters, and accessories. Usually insurance designed exclusively for camera and photography equipment is purchased by professional photographers or photography businesses. However, it’s not limited to professionals.
Photography equipment insurance provides worldwide coverage for loss, damage, and theft on location, in transit, in your vehicle and so forth with minimal deductibles for your photography gear. Depending on the camera equipment insurance coverage, you can get replacement cost or actual cash value reimbursement. If you’re using your equipment as a professional photographer, you may be able to add liability coverage for your business, too.
Limited coverage at time of purchase
If you’re only concerned about coverage for accidents and equipment repair, you may be able to purchase this type of additional coverage during time of purchase. Many retailers offer protection plans for televisions, computers, and other electronic equipment; camera insurance policies are no different. However, these coverage options are very limited. They usually does not protect your camera gear against theft or other causes of damage.
When looking at adding extra coverage or purchasing photography equipment insurance, be prepared to provide proof of purchase that includes a detailed description of your camera gear. If you end up needing to file a claim, having a photo of your photography equipment in your insurance file will be helpful, too.
Also bear in mind that if you’re using your camera for business purposes, it may not necessarily be covered, so it’s important to be clear about how it is used. You may need a different type of insurance for professional purposes.
Make sure to have your insurance company clearly explain your policy, what it covers, to what extent and if there are any exemptions that would prevent any reimbursement for your camera gear.