Getting your camera and photography equipment insured can be confusing. Here’s a quick guide on how to do it and what to look out for.
Suppose you're the proud owner of a high-end digital camera, such as an action or DSLR camera. In that case, you've likely experienced that heart-stopping moment when it almost slips from your grasp or is misplaced — particularly if you haven't invested in camera insurance. These compact but powerful devices come with a hefty price tag, making them prime candidates for insurance, especially if they're your bread and butter. Here's the lowdown on how to insure your camera and what to keep an eye out for.
So what are your options for insuring your camera?
Add it to your home contents insurance
Your camera and all the gear that goes with it can be included in your home contents insurance. This is often more affordable than standalone camera insurance. However, it’s important to check if you need to explicitly tell your insurer about your camera and its gear under your policy. There might be a limit to the cover if you choose not to specify it.
At Naked, we automatically include camera insurance for gear up to R5 000, whether you're at home or on the go. For equipment that’s worth more than R5,000, simply specify it on our app to cover it for its full replacement cost.
No home contents insurance? Consider standalone camera insurance
If you don't have insurance for your stuff at home, or you don't want to mix it with other insurances, getting insurance just for your camera is a great option. This kind of insurance usually offers the same protection as the one for all your home items but is just for cameras.
Just think of it as buying one policy per item. So if you own two cameras, you’d need to insure them separately. This also means that you’d pay two separate excesses if both were stolen at the same time.
How to make sure you’re buying enough cover for your camera
It's important to always insure your camera and gear for their replacement value – what it would cost to replace them new today. Doing this makes sure that if you do claim, you're given brand-new similar stuff. But sometimes there’s the issue of your specific camera or its gear no longer being manufactured. If this is the case, find the next model up and insure it for that value. If your camera or any gear is stolen, lost, or can't be fixed, your insurance will give you the newer model.
Choose an excess you can afford to pay at a moment’s notice
Your insurance excess directly influences your premium. It’s also an amount of money that you should have available in your account at any given moment in case you need to claim.
The easiest way to calculate the best excess is to determine the maximum amount you can comfortably afford to pay out of your pocket if and when you need to claim. This way, you’ll avoid getting into trouble when it comes to claiming while minimising the amount you have to pay for insurance.
What camera insurance typically covers
Theft and accidental loss
Expensive gadgets like cameras are at risk of being taken by sticky fingers. Your insurance will usually cover you for this loss and help you get back to snapping in no time. The same goes for loss. Genuine mistakes happen, and insurance companies understand that. If you accidentally misplace your camera, your insurer will generally cover that loss. That being said, it's important to always handle your camera with care and make sure it's well-protected at all times.
Accidental damage
If your camera strap decides to give in and sends your camera lens crashing to the ground, your insurance usually has you covered.
Travel
What’s a holiday without some snaps? If you’re planning on travelling abroad or locally with your camera, your insurer should cover it for the same risks it faces when you’re not travelling. But to be 100% sure, ask your insurer what their policy is when you venture abroad. There might also be a time limit on how long your insurance will cover you if you are outside the country. At Naked, your camera will retain its coverage for six months when you take it overseas with you.
Friends using your camera
For most policies (including Naked), as long as you know that your friend is borrowing your camera, it will still be fully covered. And it wouldn’t hurt to remind your friend that they must also take reasonable care in looking after your camera and equipment.
What camera insurance usually does not cover
Using your camera to generate an income
For those using their camera professionally, it's very important to check out the exclusions, as standard policies might not measure up. If your camera is used to make money and you need protection against the loss of that income should it be lost or stolen, your contents or single item policy would usually not cover that, and you would need to look at a specific business insurance policy.
With Naked’s home contents policy – specified or not specified – we won’t cover any equipment that is being used on a paid job. We do, however, cover camera and photography equipment for professional use when you insure it as a ‘single item’.
Wear and tear
As with most gadgets, they get old and wear out over time. If your camera breaks due to normal ageing or wear and tear, your insurance usually won't cover the damage.
Manufacturing fault or failure
Insurance generally covers unexpected damages that can happen to your camera, but it doesn’t cover damages that arise from defective parts or workmanship. Those types of damages are usually covered by warranties.
Stuff that happened before you bought the cover
Claiming for an accident, theft or loss that happened before you bought cover for your camera won’t be covered.
Lost data or files
Lost data will generally not be covered by your insurer.
Heads-up: What is covered and what is not covered may differ from insurer to insurer, so it’s best to check with them before assuming anything.
There’s nothing more frustrating than knowing you could’ve protected your things by insuring them in a couple of minutes. Your future self will thank you when and if something bad happens to your camera.
Interested in exploring your options? Check out how our single-item cover can give the protection your camera needs with just a few clicks – you’ll literally be covered in 60 seconds.
