When searching for camera insurance, all of the different info on the internet can make it a bit confusing. If you are not already a guru, then the descriptions used can seem like some extinct Chinese language. This is the exact reason why I started my camera insurance blog, so that you can find the correct info on camera insurance. Inside you can find information on existing coverage you may have, and what your options are for additional insurance as well.
With your typical homeowners and renters insurance policies, camera equipment can be covered to an extent (stated in the policy). Usually a HO policy will coverage damage to your personal property which experiences the damage in a covered loss. This applies to both on and off-premises losses. Be advised however that the coverage can be limited based on whether the loss occurs on or off the property. A break down can be found below:
Amount of Home overage – Ex. $100,000
% of Personal Property Coverage (on premises)- Ex. 50%
% of Personal Property Coverage (off premises)- Ex. 5%
Using this guide, we see that a covered loss to your camera while on your property would provide coverage in the amount of 50% of the total home’s coverage. If the loss occurs somewhere other than the insured premises, then the coverage would only be 5% of the total home coverage. So be weary of your limits when traveling off your property with your camera.
Limitations for Business Use
If you are using your camera and equipment mainly for business or commercial uses, than your homeowner’s coverage may not be enough. The reason is most insurance policies carry a provision which limits coverage for business property. Typically this limitation is $2500 for on premises losses and $250 for off premises losses. With this being said, it is always smart to look into the options for commercial insurance when using your camera for business purposes. See below.
If you do your camera for business usage, then a commercial policy is probably the route you want to take. With this being said, most people obtain a business property policy which covers the property used in connection with your business. Typically I see those persons who use their cameras for wedding photography or freelance work purchasing this type of coverage. Be weary of whether your insurance policy provides coverage on a named or open peril basis as this will determine which losses are covered. Speak with your agent or read your policy to learn more.