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Old April 17th, 2015, 11:10 AM   #1
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How much to pay for fire/theft insurance?

My home insurance policy wants $500 per year to cover $10,000 of video equipment while it is on the premises and while it off premises.

Is this an OK deal or do I need to shop around?
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Old April 17th, 2015, 11:35 AM   #2
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Re: How much to pay for fire/theft insurance?

Have you made claims in the past ? as this will effect your premium.

I normally shop around with 3-4 vendors and then go with the cheapest. If you haven't done that already. Give it a go so you have an idea of the quotes being received.
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Old April 17th, 2015, 12:05 PM   #3
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Re: How much to pay for fire/theft insurance?

Not sure how things work in Canada, but you need to make sure you're covered for business use vs. personal use. If you pay premiums on the basis of personal use, and you need to file a claim while on business, you may not have any coverage
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Old April 17th, 2015, 01:12 PM   #4
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Re: How much to pay for fire/theft insurance?

Good point. I made sure the quote was for "business use" particularly because the equipment is owned by the private limited company and I just keep the equipment at home for convenience purposes.

I indicated 90% business and 10% personal to make sure it is covered both ways,
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Old April 17th, 2015, 05:45 PM   #5
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Re: How much to pay for fire/theft insurance?

I had no choice but to do Professional Liability along with my gear policy and included up to $60k in rented gear and I was paying $2000 a year.
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Old April 17th, 2015, 11:27 PM   #6
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Re: How much to pay for fire/theft insurance?

Funny how the insurance often forces prof liability on you when all you want is to cover typically non-dangerous equipment, unlike production machines.

I can understand that if a camera is on a crane and it falls off and hits someone, the asset could be involved in a lawsuit that could drag on, otherwise all many of us want is to avoid loss of the asset through theft first, then (less likely) though fire.
.
The most critical stage for theft during any outing is when you are carrying equipment from your car/truck to a site and the return. You really need two people so that none of the equipment is unattended, even for a few minutes.

It's probably unwise not to have commercial liability.
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