Gear & Camera Insurance Choices

[DandyDon]

Gawd but I hate insurance. I used to sell it, made me hate it more. I do buy some of it, tho - with large deductibles as I really don't want to mess with claims unless it's pretty significant - along with the saved premiums. I've self-insured my gear & cameras for some time, but was looking at insuring all that and decided a comparison of choices was in order. Why hasn't someone else done this and saved me the trouble...?

Ok, so I gave it a shot. Please review my work and point out any errors, okay? I estimated that I might insure as much as $3,500 in gear and $1,500 in cameras. Probly not, but that's what I did the comparison on...

(1) Some would suggest a scheduled coverage rider on your homeowners insurance which could be cheaper & simpler in ways, however not everyone can do that, and - as some members pointed out in a discussion....

Just be aware of an issue in some states which can affect you when insuring through your homeowners policy. In some states, if you have 2 claims in three years, of any type, against your policy, you could be subject to being classified high risk and at risk of losing your insurance. That is the case in Colorado. You can have one camera theft and a break-in on your car, neither one even related to damage to your home, and you are either uninsurable or at exhorbitant rates.

While I could insure my gear at a much lower cost than through DEPP, there's no way I'm going to let damage to my gear affect protection to my home.

Im an Insurance Adjuster and what (she) says is absolutely correct. While there are lots of reasons to have all your insurance needs provided by 1 company (agent), if you have 2 claims within 3 years you are subject to losing those policies. IE, you could be non-renewed.

A small additional premium for "Scuba" related gear, that might have a higher probability of you filing a claim, might be worth paying. You can maybe save a few dollars a year on your premiums by adding a rider to your homeowners policy or having an inland marine policy. But weigh whether it's worth possibily losing your homeowners coverage. I carry my scuba gear with a separate company than I have my homeowners coverage with.

REJECTED


(2) D.E.P.P. is popular with many divers, so I looked at it.

First, join Coral @ $12 year. Looks like a scubaboard wannabe, but maybe it's an okay organization.

Then the equipment premiums must include my BC & Reg (perhaps to avoid being camera insurers only? don't know why?) and would be $95 base + $60 camera flooding in addition to the $12 Coral = $167.

I had to read the claims requirements more than once to ensure I wasn't halucinating...

FLOOD CLAIMS:
All flooded or damaged equipment must be shipped to the Coral Reef authorized facility within five (5) days of the claim. If the damaged equipment has not been shipped within five (5) days of the occurrence, your deductible will be increased by ten percent (10%) per day until the item is shipped.

5 days of the accident or the claim? The latter I hope. This is the first time I have ever seen that the deductible - the greater of $25 or 10% must be paid at the time of claim?! I suppose that's because they're going to repair or replace my equipment, not send a check, but it seemed odd still.

Screen shots of some DEPP charts attached.

Remembering why I've always self-insured


(3) DAN is super on dive insurance. I feared that their equipment insurance might be something they added only because members kept asking for it - thinking they'd be good at that too, and they do contract it out...

• Dive Equipment Insurance services are being provided by Senn, Dunn, Marsh, and Roland, LLC.
• Deductible $100; Water Deductible $250 or 10% loss, whichever is greater
• Cost to insure just a Reef Master SL155 Sealife DC500 Underwater Digital Camera Pro Set @ $732 = $99

$99 to insure $732 with $250 deductible?! I was born at night, but not last night! I did not go on to look at maybe insuring other parts of my gear.

Dissappointed


(4) Then I heard about State Farm's Inland Marine policy. I all of SB for discussions on this and it seems to be a pretty well kept secret, but not totally....

My company is USAA - and this coverage is a Personal Articles Floater (also known by some companies as "inland marine insurance"). It essentially covers all risks to specifically listed items on the policy. This is a separate policy from homeowners insurance and covers only those items specifically listed. Intentional DAMAGE would of course not be covered, but accidental flooding certainly should unless the policy specifically excludes it that as a cause of loss.
FWIW - for about $4500 worth of camera coverage, I am paying $48 per year.
Yes - they do put a nice note on the policy packet that says "you claims history may affect your coverage...."

I have a inland marine policy for covering my UW camera gear and its inusred through state farm. It covers everything from simple damage to lost or destroyed.

for 5200 worth of camera gear i payed $59 for all the coverage.

I also use State Farm.......my cost is $29.00 per year for $2000.00 in coverage.

from the time that i informed them that my nikonos had flooded and it was confirmed by my photo tech, i had a check in hand in less then 4 business days. the start to finish ticket time was less then 30 days so i consider that a pretty good turn around time.

The initial quote I got today...
$3,500 sports gear: $116
$1,500 cameras: + $20
No Deductible

Hello State Farm - I think I'll be in good hands.

 

[scubaguy655]

I have the same or similar policy with State Farm for my camera gear. It is a stand alone policy (not part of my home insurance) and it costs me ~$30 per year for something like $3000 in coverage.

 

[HEFFAY]

I have that exact same State Farm coverage for all my scuba gear, camera gear, and laptop/computer stuff. It's super cheap as I get a nice package discount (I have multiple lines covered by them). They say it pretty much covers everything except intentional damage. Follows you everywhere you go in the world.

 

[DandyDon]

It makes me wonder why DEPP and DAN gear coverages are so popular...?

 

[OceanObsessed]

It makes me wonder why DEPP and DAN gear coverages are so popular...?

I think the State Farm Inland Marine policy is the way to go. Unfortunately, they don't write them to everyone. I can't get one because I live East of I-95, which considered a flood zone in SE Florida.
-Chris

 

[junior2725]

I also have the State Farm policy, but it seems that I will need to look for new coverage in the not too distant future. I am currently on my second claim within six months regarding my camera gear. Almost all of my camera equipment was stolen out of my car last Feb. and then I just flooded my camera recently. I have been told that my policy is on the non renew list. I'm not sure if that means that my renters insurance and car insurance will be non renewed also. I can say that when my car insurance renewed this past May and that it increased by about 50-80 dollars. Not sure exactly but I know it went up. Not sure if that had anything to do with my 4,000 claim in Feb. They are being a little more drawn out on this recent claim. I had to meat with an insurance investigator, but it wasn't really that big of a deal. He was nice and they are already sending me a new camera and lens. The question comes about the ikelite housing repair. The claims adjustor keeps thinking that they are going to be able to go after ikelite for the flood. I try and explain it doesn't really work that way, but I'm sure they'll figure that out. I'm just worried about getting my housing back before I leave at the begining of August for a trip to Roatan. I have a feeling that I may need to pay Ikelite out of pocket for the repairs and then worry about it with the insurance company later, just to expedite things.

 

[DandyDon]

I think the State Farm Inland Marine policy is the way to go. Unfortunately, they don't write them to everyone. I can't get one because I live East of I-95, which considered a flood zone in SE Florida.
-Chris

I guess you're not Inland enough for Inland Marine...?

Tough luck, Junior - but would have been worse without the insurance. I'm thinking it may be preferable to have the Inland Marine policy with a separate company than used for larger risks like home and car - which would be true for me here.

I have two scuba cameras - a Sea Life 5mp with strobe and a Canon A540 with housing, and a used Vivitar 5340s on the way that I'll flash to become a Seal Life clone - $32 delivered, sweet! Now to finish the inventory and get them all covered before the trip in a month.

 

[DandyDon]

Whew, finally did my inventory of what I decided to insure - all my cameras, dive computers, Oxygen and Carbon Monoxide testers, and my laptop. Working this up reminded me of one of the reasons I prefer to self insure, but nah - it wasn't so bad. My list included...

1. Item name from manufacturer's website and my replacement cost;
2. The actual URL for the site, including MSRP when available;
3. The Serial number of each piece.

Haha, I actually took it all to the State Farm office with me in case there were any questions and to get the young lady to help with the serial numbers - some of those are tiny! I explained that the kits needed to be insured as kits: for example, my DC500 Sealife camera* itself cannot be reasonably replaced and the kit includes a housing that won't fit anything else, a strobe that may not fit a suitable replacement, and spare battery & charger that won't fit much else, so if I lose or damage the camera I want it all treated as a package. I think I got that accomplished. I don't want to damage it, I try not to, but with dive cameras: "It's not If you will flood it, it When will you flood it!!" and the market for old dive camera housings and accessories is extremely soft. I'm sure there are many more housings than surviving cameras today. My land camera is a Canon A540, and I spent more on the dive housing for it than the camera - but there'd be very little buyer demand for that housing that fits no other camera if I flooded it so I asked that the two items be considered a kit. They seemed okay with that.

* Yeah, I know - the Vivicam 5340s can be flashed to be a good replacement but those are virtually unavailable now; I've been looking on US and UK Ebay to help friends who flooded theirs and there are none in the US, expensive to import from UK. I have one I got at a bargain to carry as a spare, but that's how I want to treat it - as a spare. When it happens that I flood the DC500, I would want a fair settlement on the loss, then use that on the upgrade of my choosing.

There were several question about my home, how close the fire hydrant is, how close the fire station, smoke detectors, burglary alarms, etc. Some of those may just be for company studies; some may affect rates - or could in another type of insurance, like when I lived in a wood frame house 8 miles in the country served by a volunteer fire department. :11: At least I am in town and in a brick home how.

The rate for my cameras was $1.38 per $100, no depreciation or deductible if I understood correctly. That's danged cheap compared to DAN and DEPP. Sports equipment was about twice that rate which is understandable I suppose. She included my laptop at $1,000 as sport equipment; maybe I should request an adjustment on that, but it's all pretty reasonable, and claims will not affect my other insurance - so I'm happy. I also finally have a good inventory with serial numbers for a possible theft report, or I will when I find my copy she gave me and scan it into my laptop documents.

I'll know more when I get the policy and read it closely, and of course - much more when I have a claim, but I am happy. I read too often of totally loosing their cameras and strobe on dives too.

I did not bother insuring my BC, regs, or other dive gear as those are not at as much risk...

• Divers don't lose those boarding boats or misplace them;
• They don't get damaged if dropped in water or splashed;
• If I lose anything on a diving accident, DAN's Preferred dive insurance covers it;
• If lost by an airline, driver, porter, etc - I'd hope to go after the business;
• They are more at risk on international flights with reduced airline liability and trips dealing with foreign businesses, but I take trip insurance for those.

Am I overlooking anything...??

 

[Brewski]

This should be made a sticky. wish I read this before I bought my DAN insurance

 

[Jim Ernst]

Don.

I am sorry to disagree...

But out of my personal experience.. The info on D.E.P.P Is wrong they due offer you a check or a replacement and if they can NOT replace it for you they buy you the next upgrade of what you have.

Now the problem that I have NOT experienced is if they have to buy you the next best thing.... What if the next best thing will not fit your housing.

SO FAR... D.E.P.P. has treated me better then any!