A dropped camera or a stolen bag can wipe out months of income. Here is what photography equipment insurance covers and how to get it.
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.
This is the most common choice for photographers. An inland marine policy covers your gear for:
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.
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.
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Review my real quote for $29 →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.
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.
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).
Usually not adequately. Most homeowner's and renter's policies have low sub-limits for business equipment (often $1,000-$2,500) and exclude coverage for gear used in professional or commercial activities. Check your policy language and consider a dedicated photography equipment policy.
Roughly $200-$800 per year for most working photographers, depending on the total value of gear covered and whether liability is included. Getting a quote from Hill & Usher, Athos, or Full Frame Insurance takes about 10 minutes and gives you exact numbers for your situation.
File a police report immediately -- within 24 hours if possible. Most insurance policies require one. Then contact your insurer and provide the report number, serial numbers of the stolen equipment, and proof of purchase or value. Keep serial numbers recorded somewhere separate from your gear bag.
Yes, but the coverage question is different. For rented gear, ask the rental house about their damage waiver and whether it covers full replacement. Your own equipment policy may extend to rented gear, but verify this with your insurer before assuming it does.
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