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Camera and Equipment Insurance
I recently had my residence burgled and most of my camera gear stolen. This was the
first time I've had to deal with insurance companies, and I have to say I learnt a lot from
it. Here are some comments for fellow naive insurance customers.
The first thing is that I didn't think through my policy. My insurance policy covers
camera gear up to $3000 Canadian. I'd bought all my stuff used and didn't think it was
worth that much. Of course, the insurance covers replacement cost of new items. And a
local camera store valued the stolen goods at $4600. Plus tax on top of that. My $3000
coverage doesn't even come close to covering all the items I lost. So when calculating the
replacement cost of your gear remember to factor in both new cost and taxes.
Second, the policy replaces stolen equipment with the rough equivalent that's sold today.
Sometimes that worked out to my advantage. I had an old Canon T50 camera stolen that
was pretty well worthless. But the camera shop rated its replacement as the cheapest
Canon SLR sold as a body (not a kit) - the Rebel G. A Rebel G replacing a T50 is a
pretty darn good deal.
However, I also lost a 30 year-old Pentax Spotmatic that was in excellent condition.
Having that replaced with a Pentax MZ-7 is kind of sad. It's like saying, "Okay - your
beloved 1965 Ford Mustang, your first car, is gone. Here's a shiny new 2001 Mustang!"
It's not exactly the same thing.
Finally, be absolutely sure to record every single item you own in a spreadsheet, with
serial numbers for everything with serial numbers. And keep receipts and proof of
ownership. Otherwise the insurance company may turn down parts or all of your claim.
So. Yes, I had insurance. Did it help me? Well. Kind of. I can't replace much of what was
stolen, and I'm not sure if I will. I could obtain a cash settlement, but it's not going to be a
$3000 cheque or anything - the cash value is depreciated too.
Still. If I get burgled again at least this time there isn't much to take. :)
-- NK Guy, June 12, 2001
I know this is really stupid of me but i don't have the receipts of many of many of the
higher priced items that i own, and also one or two was given as a gift sans receipt (
Mamiya 645 outfit ) is there anything i can do besides photos and serial numbers that
will be adequate proof to the insurance companies of my actual ownership of these
items?
-- Jared Zimmerman, June 17, 2001
http://www.photo.net/learn/insurance (11 of 12) [5/15/2002 7:16:03 PM]