Fright of my life and a warning for the future

BMD

BMD

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Bruce
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I don't know about all you guys and girls out there in the ether, but I've been into photography as an 'enthusiastic amateur' for over 30 years and in that time have amassed a considerable amount of gear.

I've just spent the best part of the day listing it for insurance purposes and it's frightened the life out of me when I've totalled it all up and realised just how under insured I've been, and, how much in real terms it would cost to replace.

Whereas before I've been happily bumbling along paying my monthly premium to a well known and reputable camera insurance company, my premium has just trebled (just short of £100 per month!!!)

Although this premium is itself staggering as it's £1200 a year which is more than my house and car insurance combined, it's the 'what if' factor that gets me, had something occurred.

So, if I may be so bold to suggest to all that may be interested or otherwise concerned.

CHECK THE VALUE OF YOUR KIT AND MAKE SURE YOU INSURE ITS TRUE VALUE.

Having spoken to my insurance company they tell me that had the worst happened and I'd made a claim, due to being under insured they MAY not have paid out. MAY being the operative word.
 
All the more reason to get a quote from your home contents insurance supplier. Most will cover photo gear for far less than the stand-alone companies.
 
Quite right. I should have added that I haven't gone ahead with that premium!!!:ty:
 
I added up everything we had, then totalled what it would cost to replace it - £15k. That was surprising...

The house insurance did us a good deal. Make sure it covers outside the home and hasn't a maximum value for single items. They initially tried £500 for a single item as the maximum limit. I emailed them my list of kit and new prices...
 
mines all insured with the co-op they rang and asked me about any hobbies i had and its covered for £5000 for £8 a month added to my contents insurance on the house, bargain. and i have claimed paid out no problem. so glad they called :-)
 
I had the same fright 2yrs ago- too much for Home Insurance. Accessories and bits n bobs do tot up. So I quickly arranged cover for it all (£70k) whilst in the house (burglary, flood etc). And the likely maximum value whilst in use for All Risks (£15k) includes Accidental Damage and theft whilst away from the home.
 
"So I quickly arranged cover for it all (£70k) ."

May I ask is that the value of your photo gear or all contents? I'm waiting for my own house insurance to get back to me as they need to speak to their underwriters. My kit is just over £42k and they reckon the underwrite won't swallow that
 
I spoke to a few home insurance companies when renewing last year and when I mentioned having individual items worth £3000+ none of them were interested in insuring them.
 
simonjs said:
I spoke to a few home insurance companies when renewing last year and when I mentioned having individual items worth £3000+ none of them were interested in insuring them.
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I suspect that's what mine will say but I am loathed to be paying £100 per month. The killer punch is not having any peace of mind and I know that if I don't get it covered 'sods law' will take effect
 
simonjs said:
I spoke to a few home insurance companies when renewing last year and when I mentioned having individual items worth £3000+ none of them were interested in insuring them.
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There are companies out there who will do this. Go through a broker.
 
BMD said:
"So I quickly arranged cover for it all (£70k) ."

May I ask is that the value of your photo gear or all contents? I'm waiting for my own house insurance to get back to me as they need to speak to their underwriters. My kit is just over £42k and they reckon the underwrite won't swallow that
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Photo gear only
 
How do you pm people here? I'd like to know who you insurers are and get a quote from them myself if that's ok
 
BMD said:
How do you pm people here? I'd like to know who you insurers are and get a quote from them myself if that's ok
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Just because one insurance company suits one situation/person/possessions/location means absolutely nowt. Like I said, go to a broker.
 
With my home insurance I'm limited to a £1000 max for individual items and I've got 3 lenses and 2 bodies that were more than that. I got cover with Photoguard for both me and the wife and we have around £15K between us and pay around £400 per year. We have a £50 excess, in vehicle, travelling and left alone cover and we can update the amount at any time by adding or deleting items as we buy them.

They are very good with claims too, I had a second hand 7D that I'd swapped for a 60D and dropped it. Once I could prove the value and ownership without a shop receipt they paid out straight to the repair centre within a couple of days. They kept me informed all throughout the claim and I would highly recommend them to anyone.

I don't know what the cover would be with some of you guys with gear worth 40-70 thousand pounds, I could only dream of having that much gear (unless I had a good win on the lottery of course).
 
Back in 1956 I had a New Rolleiflex stolen. and my insurance company paid out no problem.
Since then I have never had a claim.
Some of the time I have had professional insurance and more recently have been covered on my house insurance.
I have paid out several times what my kit has ever been worth in premiums.

I have come to believe that it is more cost effective to self insure by putting money into a savings pot.
This not only covers for the odd disaster but is a source of cash for new kit. The chances of everything becoming stolen or destroyed at once is minimal.

Even Business users might find it better to self insure the bulk of their stuff, and only insure named items that form a greater risk to the business.
 
Terrywoodenpic said:
Back in 1956 I had a New Rolleiflex stolen. and my insurance company paid out no problem.
Since then I have never had a claim.
Some of the time I have had professional insurance and more recently have been covered on my house insurance.
I have paid out several times what my kit has ever been worth in premiums.

I have come to believe that it is more cost effective to self insure by putting money into a savings pot.
This not only covers for the odd disaster but is a source of cash for new kit. The chances of everything becoming stolen or destroyed at once is minimal.

Even Business users might find it better to self insure the bulk of their stuff, and only insure named items that form a greater risk to the business.
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Interesting viewpoint. :ty:
 
Byker28i said:
I added up everything we had, then totalled what it would cost to replace it - £15k. That was surprising...

The house insurance did us a good deal. Make sure it covers outside the home and hasn't a maximum value for single items. They initially tried £500 for a single item as the maximum limit. I emailed them my list of kit and new prices...
Click to expand...

I found I got up top £2000 per item from Zurich Insurance.
 
BMD said:
I suspect that's what mine will say but I am loathed to be paying £100 per month. The killer punch is not having any peace of mind and I know that if I don't get it covered 'sods law' will take effect
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I don't understand why you are paying £100 per month.Can you explain why you have to pay that premium when household insurance is based on per single item cost.What is the most expensive photographic item that you have?
 
kestral said:
I don't understand why you are paying £100 per month.Can you explain why you have to pay that premium when household insurance is based on per single item cost.What is the most expensive photographic item that you have?
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I'm not. That's what I have been quoted. My H/A insurance won't cover me due to overall value and I have one item at £9k and another at £5k. My current H/A insurance max per item is £3k, so looking elsewhere. The £100pm quote is from a specialist well known camera insurer
 
BMD said:
I'm not. That's what I have been quoted. My H/A insurance won't cover me due to overall value and I have one item at £9k and another at £5k. My current H/A insurance max per item is £3k, so looking elsewhere. The £100pm quote is from a specialist well known camera insurer
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Wouldn't the way to go be just to cover those items the H/A insurance won't?
 
Well, a change for the better. Got a call from my insurers this lunchtime. It appears they'd made a mistake with their valuation policy and they will cover me.
Any single item over £2.5k has to be declared, but only make/model NOT serial numbers or actual cost which surprised me. I'm covered on a new for old basis, accidental cover, worldwide all at no extra cost (yet!!) policy due for renewal October and have been told there will be a 'slight' increase. Uhm ????.

One thing that does baffle me is this: When I take my gear out, I'm covered for £10k. Because I've specified certain items over £2.5k I'm covered separately for them + the £10k. If the items weren't specified I'd just have the £10k cover. Seems odd to me. (n)

Anyway, I now have peace of mind and thanks for your views and suggestions.:ty:
 
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Just had similar conversation with our insurers and had to list items worth more than £1500. I have some things that qualify, but not many.
 
My home insurers (my bankers) have set an upper threshold of £2,000 for an individual item to automatically be included on my policy without any need to list it. I can declare individual items which are of any value above that amount and the policy also covers my camera gear while in the car (when it's locked). The policy costs me £13 per month.
 
RedRobin said:
My home insurers (my bankers) have set an upper threshold of £2,000 for an individual item to automatically be included on my policy without any need to list it. I can declare individual items which are of any value above that amount and the policy also covers my camera gear while in the car (when it's locked). The policy costs me £13 per month.
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Mine insisted anything over £2.5k MUST be declared otherwise not covered which seems fair enough. My insurance (house & contents) works out at £18.20 per month and includes vehicles etc. just glad they realised their error.
 
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