Insuring Your Photo Equipment

By Neil Rosenfeld

Photo equipment is very expensive and it is very important to have yours insured. Most people could insure their photo equipment under their homeowner's or renter's policy through what is called a "floater" policy. With a floater policy, you pay an additional premium per certain dollar amount, usually $100, of equipment. Most floaters are "listed" policies in which each item must be listed on the policy in order to be covered. In addition, many policies have "exclusions" which won't insure for losses that occur other than when the equipment is at home. So be careful to make sure you are covered while traveling or shooting away from home.

If you are in the business of photography, even part time, your homeowner's or renter's policy will not usually cover your equipment. Check with your insurance agency for details, and if necessary, get a business insurance policy. Some professional photographic associations, such as the Advertising Photographers of America (APA) and the American Society of Media Photographers (ASMP), have group policies available, but you must be a member to apply. A business insurance package is a good idea because not only will your photography gear be covered, but you most likely will also have a certain amount of liability protection. This coverage can be invaluable if you accidentally damage someone's property (for example, suppose while leaning out a window for that perfect shot, you drop your camera onto a Porsche below)! In addition, a business policy should cover office equipment, lost or damaged film, and employee liability.

Whether you are insuring your gear with a homeowner's/renter's policy or a business policy, it is important to be covered for the "replacement value" of your equipment. This way, if you suffer a loss, your insurance will pay the value of a new item, not the value paid. This is a necessity if you buy most of your equipment second-hand. Both types of policies also require a list of your equipment (also known as an equipment schedule) which should include the make/model, serial number, price paid, and replacement value. Don't forget to add in all accessories such as filters, lens shades, and so on - their value quickly adds up.

Finally, all insurance policies are different and many change frequently. It is your responsibility to read and understand your policy and it's coverage.

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The preceding material was written by Neil Rosenfeld. These are the opinions of the author, not the opinions of eBay, and therefore eBay does not validate the accuracy of or endorse these opinions.