Home insurance for camera gear?

I don't think you could go anywhere in the scuba world without hearing about depp or dann. I was wondering why people use these insurance companies vs just their home insurance policy?

I've been working closely with my home insurance company for some time now as I've got an exorbitant amount of specialty items as a rider on my home insurance. At any given time, the goods in my truck greatly exceed the cost of my truck, and they are aware that the most expensive items I have, rarely see the inside of my home (I travel a lot) All my "stuff" I guess you would say, is insured under my home insurance including my housing / dive gear. I even made a special trip to go in and confirm that my camera would indeed be covered if the housing flooded or if the gear was stolen on a plane and they confirmed that it was.

Because everything seems to be covered under my home insurance, I just don't understand the purpose of dann and depp? Am I missing something?

I'm no expert, and I've know nothing about DEPP, but I carry DAN insurance for me and my wife, not my gear. I use it for their medical benefits, and possibly specialty transport if needed. Any gear insurance is simply a bonus as far as I'm concerned.

I have just begun dialog with my home owners insurance agent about this. For about $200 a year I can cover $25,000 of equipment, cameras and scuba gear. When I put that into DANs calculator it is about $900 a year.

It is the least expensive route, but can cost you in the long run if you need it.

If you make a couple of claims on your homeowners policy, they will cancel you. It's just the way they are. So, you make a claim for camera gear, a claim for some roof damage and the next thing you know they won't renew you. Then you go to another company and they jack your rates way up. Your ability to get homeowners' insurance is tainted for a long time, even if you no longer carry the camera gear on your policy. Claims are claims.

Depending on where you live, YMMV.

Your home insurance will not cover med expenses if you get bent or have another type of diving accident. This is the main purpose of DAN. The equipment insurance available through DAN (H2O Insurance) is a separate, optional coverage for dive equipment and camera gear.

Make sure that distinction is made when deciding to be a DAN member or not.

Your home insurance will not cover med expenses if you get bent or have another type of diving accident. This is the main purpose of DAN. The equipment insurance available through DAN (H2O Insurance) is a separate, optional coverage for dive equipment and camera gear.

 

Make sure that distinction is made when deciding to be a DAN member or not.

That's fairly well known. I was referring to equipment and I believe the OP was also, just to be clear.

Ah I see. so these insurance comanies are more geared towards personal health insurance vs gear insurance, though they do have the option of insuring gear as well. That makes more sense.

I might have to reconfirm this, but when i buy travel health insurance, I'm pretty sure it covers getting bent. I'm in canada, and Canada has universal healthcare, so I think that would cover it as well, though I'd likely have to pay for it myself first.

Ah I see. so these insurance comanies are more geared towards personal health insurance vs gear insurance, though they do have the option of insuring gear as well. That makes more sense.

 

I might have to reconfirm this, but when i buy travel health insurance, I'm pretty sure it covers getting bent. I'm in canada, and Canada has universal healthcare, so I think that would cover it as well, though I'd likely have to pay for it myself first.

I would get travel insurance when I lived in the UK. My advice is to check the fine print, some permit diving to your certification and others limit you to 30ft/10m. Also you will need to check the amount they will pay out in case of an accident. But these are easy to spot once you know what you are looking for.

 

I would get travel insurance when I lived in the UK. My advice is to check the fine print, some permit diving to your certification and others limit you to 30ft/10m. Also you will need to check the amount they will pay out in case of an accident. But these are easy to spot once you know what you are looking for.

Its seems strange to me how weird insurance companies are against diving, but insure you all day long to drive. You've a much higher chance of getting hurt in a car than you do underwater. heck, you've a higher chance of getting hurt crossing the street.

Ten years ago, my house was broken into, burglars stole approximately $6000 in items. The next time my insurance policy renewed, they jacked up my policy $1000 per year. It stayed that way until just the last year. One of my colleagues made the 2nd claim on his home owner's insurance a few years ago and his insurance company dropped him after paying. He pays about twice what he used to for home owner's insurance now.

My view on Home Owner's insurance is to use it only for truly catastrophic claims from now on. I use DAN's photo gear insurance because regardless of what it costs or whether I use it, my home insurance will not be affected.

JP

Ten years ago, my house was broken into, burglars stole approximately $6000 in items. The next time my insurance policy renewed, they jacked up my policy $1000 per year. It stayed that way until just the last year. One of my colleagues made the 2nd claim on his home owner's insurance a few years ago and his insurance company dropped him after paying. He pays about twice what he used to for home owner's insurance now.

 

My view on Home Owner's insurance is to use it only for truly catastrophic claims from now on. I use DAN's photo gear insurance because regardless of what it costs or whether I use it, my home insurance will not be affected.

 

JP

That makes sense.

Talk to your home insurance agent about an all perils policy separate from your homeowners. $25,000 worth of equipment is covered for about $250 a year by State Farm for example. I've had to make a couple of claims and it's had no affect on my homeowners. Talk to your agent.

Steve

Steve W is right about talking to your agent/broker. So many things factor into how your insurance company will react, including how much you pay them annually etc.

I have travel insurance including dive accident coverage with unlimited depth, which is separate from the home policies but with the same company. That travel insurance gives me a $1500 max on each item, so I can take a $1500 deductable on items covered in the separate policy like what Steve has which then covers me for the whole amount of my equipment. It's complicated and a pain to claim but they do pay... finallyl
Just lost a case full of toys to the airlines and the insurance pay the full amount slowly... but they paid without a hit on my main policy. It's not easy to get as my buddy tried to do the same but couldn't get the insurance company to do it because of where his house is etc.

I haven't bothered to read all the responses so what I am about to say may already have been covered. Sorry if that's the case and I say this from the PoV of another life, having once been heavily involved in the insurance industry.

Insurance is a can of worms, well and truly:

• Homeowners Insurance: Statistically Insurance Actuaries (glorified mathematicians and one is more "odd" than the next) can tell you, almost to the nearest single monetary unit of your choice, what the payout figure is going to be for the "homeowners" bit of the insurance risk on their house in a particular area, The risk does go up exponentially if the house is rented but it's still statistically viable. Adding strange stuff such as, in our case, SCUBA gear adds to the risk and is not statistically viable. IOW, they're guessing. Informed guessing, yes, but nevertheless guessing, They also know that every proposal they issue has wording on it along the lines of "have you ever had a policy refused or cancelled?" They base their risk assessment on the fact that your homeowners policy is much more valuable to you, as it should be, than the odd 10K claim, that your claim is therefore likely to be much more "legitimate" than that of the person holding an individual policy. You think that Insurance Companies don't talk to each other? Think again, I am living proof that they do so, so if you answered "no" to that question above when the correct answer would be "yes", good luck to you. Odds are that you'll be caught out and, if you are, then your policy all-of-a-sudden becomes null and void.

• Specialist SCUBA Insurance (of the sort provided by the likes of DEPP). The statistics are simply not there, yes, they can make educated guesses, but statistically the actuaries are groping in the dark. As mentioned abve, people making claims under this type of policy have an unfortunate habit of "embellishing" the claim. How often have you heard "I'll just claim it back on insurance"? I'm essentially on the Insurance Companies' side on this one, if only because they have a "duty of care" towards their other customers because claims have the unfortunate habit of increasing premiums. That's very bad PR for any Insurance Company.

Consider that the premium you pay on your insurance is a loss and you're the "right" kind of Policyholder/Customer. One who only claims when something extraordinary happens which, I suppose, includes a flood. I haven't insured my camera gear (for underwater purposes) in any number of years and, premium wise, I'm well in front. I recognise, though, that sh1t happens and that one of these (not so) fine days I'll get well and truly caught out. It's, however, the path I've chosen, yours may vary.

Talk to your home insurance agent about an all perils policy separate from your homeowners. $25,000 worth of equipment is covered for about $250 a year by State Farm for example. I've had to make a couple of claims and it's had no affect on my homeowners. Talk to your agent.

 

Steve

Steve

Does the "all perils" policy cover a flood or damage or just loss by theft lets say? In name it sounds like it covers everything.

Steve

Hi partner,

As I understand it "All perils" means just that. Fall off the boat, flood, stolen, lost luggage, etc. I dropped a 70-200mm on the deck of the dive boat and they sent me a check. You should talk to your agent, there are a some limitations. I don't believe you can get the coverage if you are using the equipment in a professional situation for instance. The only other limitation I know of is that the equipment must be listed by serial number but that's to be expected i guess. I should also say that I'm only familar with State Farm.

Cheers,

Steve

Steve, 

Hello, thanks for sharing above. We too have State Farm - we pay several up-charges for Prof. Photo Equipment- on independent “ Photographic Equipment Article Listing” with all our camera gear- and yes you have to include S/N and receipts for purchase for all items covered. We have never had a claim. After 34 years of camera work, and thousands of dives, I flooded my Nikon D850 in an Ikelite housing when the shark cage hit a surge and bumped the housing in Guadalupe last week. Of course that camera is no longer for sale new- and the housing may be fixed according to Ikelite by replacing electronics. I am unsure how to claim on insurance- if I even should after reading about the rate increases in home owners. (We live in FL and home insurance is bad enough between hurricanes, sink holes and flooding). The total rig is about 6K. There is a clause for “a set pair” - of items being covered as well, since the housing really can’t be used without a camera inside.  What did you claim? Failure to maintain or product failure is NOT covered, but this really was an accident. I understand this is kinda a personal ? The policy honesty is difficult to understand and I probably should have asked more questions when I purchased it. (Live and learn) It appears the “replacement cost” is covered, for similar or “like” camera. Hmm, I guess that means used?  I appreciate any feedback. Many thanks, Rich. PS - bummer happened of course on morning of 2nd day, luckily at least I had the gopro 8 to play with. Great trip all the same.