Should You Insure Your Photography Equipment?

My good friend just got back from a family vacation to Washington DC and we were talking the other night, when he dropped this horror story on me. A day or two into his vacation while shooting the Lincoln Memorial at night, his brand new Canon 7D took a nose dive off of his tripod and smashed his lens and itself into oblivion. Because it was new and purchased on a high end credit card, he contacted the credit card company about a reimbursement. The limit, he was told, was $500, not even enough to cover the cost of the lens, let alone a brand new camera.

This is the kind of story that haunts me, wakes me up in the middle of the night in a cold sweat. It also makes me think about camera insurance. Many of us who are enthusiasts, not professionals, don’t give much thought to insuring our equipment. Homeowners insurance will often cover the lost of a stolen camera or lens anyway, even if you are traveling. But what about accidents, like the one my friend experienced or any other of that type? I put my camera in harm’s way on a regular basis, hanging over the edge of a building, taking it out in a boat, even shooting at the beach with sand and salt.

There are several options for camera insurance and it really depends on what your comfort level for risk is, or how much you are willing to pay. If you are an enthusiast, perhaps your best bet is an enhancement, called a “rider” in insurance terms, to your homeowners insurance to cover accidental damage to your camera (or other valuables) away from home. If you aren’t satisfied with the options your insurance company offers you, there are many insurance companies specializing in insuring photo equipment. Keep in mind that many of these companies clients may be professionals, however, and require a more comprehensive type of insurance. For example, a professional photographer may need to insure himself against liability if anyone is injured during a photo shoot.

As a photographer, are you comfortable with the level of risk you are taking with your equipment? Could you replace it if it were damaged or stolen? I know I’ll be talking to my insurance company soon after the horror story my friend shared with me!