Where to Find Camera Insurance
Let's be honest, cameras can be downright expensive! So expensive that if it were to break, then we may not be able to repair or replace them without selling a kidney (joke).
Luckily however, we have a few choices as to how we can insure or cameras against a loss, and protect ourselves from financial hardships.
Before you go out buying insurance coverage for your camera and equipment, read this article because you may already be insured.
If you own or rent a home, and carry either a homeowner's or renter insurance policy, then you most likely already have coverage on your camera.
Typical insurance policies provide personal property coverage (coverage C) for those items damaged on and off the residence, by a covered loss.
The basic personal property coverage is usually afforded in the amount of 50% of the insured value of the home.
This means if your home is insured to $100,000, then you would have $50,000 available for a loss to your personal property while it is on the premises.
If the property is not on the premises, then the coverage is limited to only 10% of the personal property coverage available.
Using the same example as above, an item damaged or lost off the premises would only be covered up to $5,000.
So if you have a child or household member who is away from home, be weary of the value of the camera they may be using.
As long as the camera is within the 5% of your home's insured value, there should be enough coverage available.
With homeowner's and renter's policies come some restrictions.
Most commonly referred to is the business property limitation in your policy.
This limitation allows for only $2500 in coverage business property damaged or lost on premises and only $250 for off the insured premises, If you use your camera for business reasons, then it may be wise to invest in a commercial or inland marine policy, depending on your needs.
For those who use their camera's for commercial uses including professional photography or filmography, your best option for insurance may be thought the commercial market.
As there are strict limitation set forth by a homeowner's policy, you don't want to find yourself in a position where your property isn't fully covered because you didn't mention the camera was for commercial usage.
Commercial policies can range in coverage options, but most do cover personal property both on and off the insured premises.
Luckily however, we have a few choices as to how we can insure or cameras against a loss, and protect ourselves from financial hardships.
Before you go out buying insurance coverage for your camera and equipment, read this article because you may already be insured.
If you own or rent a home, and carry either a homeowner's or renter insurance policy, then you most likely already have coverage on your camera.
Typical insurance policies provide personal property coverage (coverage C) for those items damaged on and off the residence, by a covered loss.
The basic personal property coverage is usually afforded in the amount of 50% of the insured value of the home.
This means if your home is insured to $100,000, then you would have $50,000 available for a loss to your personal property while it is on the premises.
If the property is not on the premises, then the coverage is limited to only 10% of the personal property coverage available.
Using the same example as above, an item damaged or lost off the premises would only be covered up to $5,000.
So if you have a child or household member who is away from home, be weary of the value of the camera they may be using.
As long as the camera is within the 5% of your home's insured value, there should be enough coverage available.
With homeowner's and renter's policies come some restrictions.
Most commonly referred to is the business property limitation in your policy.
This limitation allows for only $2500 in coverage business property damaged or lost on premises and only $250 for off the insured premises, If you use your camera for business reasons, then it may be wise to invest in a commercial or inland marine policy, depending on your needs.
For those who use their camera's for commercial uses including professional photography or filmography, your best option for insurance may be thought the commercial market.
As there are strict limitation set forth by a homeowner's policy, you don't want to find yourself in a position where your property isn't fully covered because you didn't mention the camera was for commercial usage.
Commercial policies can range in coverage options, but most do cover personal property both on and off the insured premises.
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