Insurance For Your Gear

[TSJMajesty]

Let's talk about that.

For example, do you feel like your homeowner's/renter's ins is sufficient? Does it cover travel losses? (That's kind of what got me thinking of it (going to JP's Guitar Universe next month), and I'm a bit embarrassed to say it, but I need to get coverage.)

Do you have to schedule your gear individually, and if so, how do you set a value that would actually be paid, in the event of a loss? As in, do you need an appraisal?

My biggest concern when it comes to ins in general is the "gap" between what you really need to replace something, and what the ins co will pay you.

Another question- does it go by what you actually paid for an item? Because I don't want that, since in a few cases I got a great deal, and wouldn't necessarily be able to replace it for what I originally paid. Same type of situation if you own vintage gear.

And for any of you that had a claim, how did it go? Would you recommend that company?

 

[HomespunEffects]

I think they want replacement value, not what you paid for it.

My homeowner covers contents up to a certain amount. Business insurance covers theft anywhere.

The only thing I ever would have had to claim was stolen business equipment. They took a $550 tool and my deductible was $500. I didn’t bother with the claim.

Wasn’t there a company that covered musical equipment a while back? I seem to recall something like that.

 

[Holden Afart]

It's EN-shorints I reckon.

 

[gearJunkie]

Homeowners insurance usually will NOT cover any music gear used "professionally" (e.g. for gigging).

When I used to rehearse & gig on a regular basis (4 to 5 times a week), I was able to get coverage for the gear in our practice space and what I used on stage through our local musicians union.

Between union dues and insurance premiums, I paid roughly $500 per year, but that was 20 years in the past.

 

[Sleezy E]

Farmers told me I could add it to my homeowners insurance... for a fee.

I'd just have to give them an inventory list with valuations.