Insurance laws and policies vary from location to location. In the US, they vary from state to state. In Indiana, which is fairly typical, a homeowners policy will cover photo equipment to the limit specified in the policy less the deductible for "Named Perils", which are named in the policy: fire, theft, vandalism, wind, etc. There is an endorsement to the standard policy for some reason called an "Inland Marine" rider which covers "all risks". It should be "all but..." risks because it still doesn't cover willful destruction, neglect, or usual wear & tear. Generally property scheduled on an inland marine rider is not subject to the overall deductible on the policy. Examples: You're walking down the street, your slip and fall and your camera disappears down the sewer - not a named peril, so no coverage by your regular homeowners' policy - if covered by an inland marine rider, covered for replacement cost (must be replaced) less no deductible. Same street - a robber accosts you and takes your camera - covered for replacement cost less deductible by regular homeowners, replacement cost less no deductible if covered by inland marine rider. Your insurance policy is a contract between you and the company where for the premium they will insure you against certain losses. The company will do only what is in the contract. It is not a substitute for taking care of your equipment. It is not a cheap way to upgrade your equipment or to convert old junk into cash to pay your light bill. The insurance companies have seen every scam and do their best to protect themselves against them. If you suffer a loss, the company will ask for receipts showing where and when you bought your stuff and what you paid for it. You can make this process less painful by keeping receipts and an accurate list of this information including serial numbers. The fact that I do most of my trading with a local camera store and they keep sales and inventory records on a computer was a huge help when I had a fire. I now have a list of all my equipment on file with my agent and a separate list of what I want scheduled on an inland marine rider. I schedule the stuff I use daily, but not the old retired favorites I keep at home. I pay $1.50 per $100 (1.5%per year) of the value of the equipment scheduled. Sorry for the longwinded post - insurance is a longwinded affair!
