Photography Equipment Insurance: What You Need and What It Costs

Why Your Homeowner's Insurance Probably Does Not Cover Your Gear

Most homeowner's and renter's insurance policies exclude or severely limit coverage for business equipment. Even if your policy has a personal property limit of $50,000, your camera gear may be capped at $1,000-$2,500 under a sub-limit for "business property" -- or excluded entirely.

If you are using your gear for paid work, you need a policy written for professional photography equipment.

The Two Main Options for Photographers

Inland Marine / Equipment Floater

This is the most common choice for photographers. An inland marine policy covers your gear for:

• Accidental damage (drops, water damage, impact)
• Theft -- from your car, your home, or on location
• Loss in transit

Coverage is typically worldwide, meaning your gear is covered whether you are shooting locally or on a destination assignment. You schedule each piece of equipment with its replacement value and serial number.

Business Owner's Policy (BOP)

A BOP is a bundled policy that combines general liability coverage with property coverage (which can include your equipment). If you also need liability insurance -- and you should -- a BOP can be more cost-efficient than buying separate policies.

Top Insurance Providers for Photographers

• Hill & Usher (Package Choice): Widely used by professional photographers; covers equipment, liability, and errors & omissions
• Athos: Strong inland marine options, straightforward online quoting
• Full Frame Insurance: Built specifically for photographers and videographers
• PPA (Professional Photographers of America): Membership includes up to $15,000 in equipment coverage and $1 million in liability

What to Cover and How

List every piece of gear worth more than $500 individually, with its serial number and current replacement cost. Do not estimate -- look up what it would cost to replace each item new today.

Make sure your policy specifies replacement cost, not actual cash value. Actual cash value policies depreciate your gear, meaning a three-year-old camera body might pay out at 40% of its purchase price. Replacement cost pays what it costs to buy the equivalent item new.

Confirm that coverage is worldwide if you ever travel for shoots.

What Does It Cost?

Expect to pay $200-$800 per year for an equipment floater covering $10,000-$30,000 worth of gear. The exact rate depends on total gear value, your claims history, and whether you want liability coverage bundled in.

For most working photographers, the premium is less than the cost of replacing one lens.

If Your Gear Is Stolen

File a police report within 24 hours. Most insurance policies require a police report as a condition of payment for theft claims. Document the serial numbers of stolen items (ideally before anything is ever stolen -- photograph your gear with serial numbers visible and store that file somewhere other than the stolen bag).