Stolen Camera Bag! Help!

johno

I'm not sure where to post this, so I'll do it here.

Last week, while returning home from vacation, my family and I stopped for dinner on the way home. When we had returned to our van, the back window was smashed and one camera bag, two laptops and one guitar were gone.

Now I'm going through the insurance form.

Anyone have any idea on what cost to put down for insurance? Both cameras were older, 1D Mark I and 20D. I bought the 20D new and the 1D used, in December.

The insurance form says, "Estimated Price" I bought my 20D new for $1299.95. (I still have the receipt) and today the 20D isn't worth what I paid for it.

What I should put down? I don't even know what a 1D Mark I sold for when it came out.

Also, I'm not a professional... I am a hobby fanatic like most of you. This is all under my home owners insurance and I've heard some good stories and bad. Anyone with a good story?

In all, from lenses, batteries, CF cards, Flash and many more items you can surprisingly fit into a camera bag, the loss is just under $6000

Thanks for the help.
johno~

ziggy53

Unless you have "replacement" insurance you should report "fair market value" for the equipment.

KEH is a pretty good place to shop for prices. Items should be priced by the components so lenses would be valued separately. You may be requested to provide proof of the values so printouts might be a good idea.

If you have any serial numbers I would also contact any nearby pawn shops and camera stores just in case the stuff is fenced. Local camera clubs should also be informed about the theft.

Icebear

If the insurer asks for "price" give them the price when new. They also probably want to know how old the item is. If you have actual cash value coverage (vice replacement cost) there will be some discussion about depreciation, etc in order to come up with the ACV. Even if you have replacement cost coverage, most insurers will only give you the ACV until you actually replace the item.

If they ask for estimated value, then you need to estimate the current ACV, but not if what they actually ask for is "price."

johno

thanks for the advice. I'm still trying to figure this whole thing out. many lessons learned with this.

peace.
johno~

Art Scott

Icebear wrote:

If the insurer asks for "price" give them the price when new. They also probably want to know how old the item is. If you have actual cash value coverage (vice replacement cost) there will be some discussion about depreciation, etc in order to come up with the ACV. Even if you have replacement cost coverage, most insurers will only give you the ACV until you actually replace the item.

If they ask for estimated value, then you need to estimate the current ACV, but not if what they actually ask for is "price."

most household insurance companies have guide lines on the depreciated value of the equipment so yes do give the price you actually paid for the equipment......I had an insurance agent once advise me to have a friend dummy me a reciept for a used camera as what I paid for it was waaaaaay below market price but the opriginal receipt had faded and could not be read and he said most insuracne companies woud try to get away with only allowing 50-75 dollars as the paid for price and then depreciate from there......I got royally screwed cause I would not do it.........

Mitchell

Sorry to hear about this, John.

I had my gear stolen the same way 2 years ago. Just a sucky feeling now, but you'll move on and insurance will help finance some new gear.

Good luck.

catspaw

When I had some stuff stolen and had to file a claim, I repurchased the items to replace them and submitted THOSE receipts to my home owners insurance. But I had no receipts for the items that had been stolen, even though they were fairly new.

the most important part was that I had to list EVERY SINGLE ITEM on the police report. Initially I reported one item as a single object (say like 'camera bag') but then replacement was several items, so the police report had to be amended to list each and every single thing else they wouldn't honor the claim.

Hope that helps a bit

rwells

johno wrote:

What I should put down?

Also, I'm not a professional... I am a hobby fanatic like most of you. This is all under my home owners insurance...

* Put down the price that you originally paid for the item. The insurance carrier will worry about the depreciation.

* You also have your homeowners deductible to take into account.

* A note of caution here: You don't have to be a "professional" to have your equipment disqualified from your HO policy if you are "attempting" to make a profit from your photography. I see that you have photographs for sale on your website. Read your HO policy. It's in there in black & white.

Hope that helps...

Photoskipper

Put the original price on the claim form and let the insurance company to take care of the replacement value.
Visit a used camera shop nearby to check the "fair-value" in case the insurance company under-pay or ask for the amount you want.

johno

rwells wrote:

* Put down the price that you originally paid for the item. The insurance carrier will worry about the depreciation.

* You also have your homeowners deductible to take into account.

* A note of caution here: You don't have to be a "professional" to have your equipment disqualified from your HO policy if you are "attempting" to make a profit from your photography. I see that you have photographs for sale on your website. Read your HO policy. It's in there in black & white.

Hope that helps...

Good grief! I've looked all over my policy and I can't find even the word camera... Still looking. Now I'm scared.

Art Scott

johno wrote:

Good grief! I've looked all over my policy and I can't find even the word camera... Still looking. Now I'm scared.

Household contents: TV's, computers and etc.........
Maybe it is on a rider to the policy...........

rwells

johno wrote:

Good grief! I've looked all over my policy and I can't find even the word camera... Still looking. Now I'm scared.

It will be under the "Contents" = Personal Property section of your policy, if your policy has a limit on camera's specifically. (Dollar wise)

Most carriers (Ins. companies) will have limits on certain items, art, furs, jewelry, etc. You'll want to pay attention to this in your policy.


What you are looking for in particular, will be the section that deals with "business use" under both sections, property & contents.

Every carrier that I've dealt with excludes anything that relates to business use, even part-time or hobby with income intent, on a HO (Home Owners) policy.


Here's the easy route: Specifically ask your agent about it. Also make sure that your agent SHOWS YOU IN YOUR POLICY, the exact sections/wording.


Disclaimer:
I am not a licensed insurance agent, and I'm NOT giving you insurance advice. Seek advice from a licensed insurance agent.


Hope that helps.