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.

 

[la szum]

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?

I found that out firsthand last Fall with the Harley. They found the cheapest "comparables" and then
reimbursed me based on that. I protested, and they bumped it up like $140, and I had no recourse.

This is something I need to look into more. There have been a bunch of claims filed due to the
Ice Storm, but I didn't file. My Mom got a check for $5k last week for what I felt like was about
$3k damage and recovery. I guess that is the Insurance Racket. Some win and come out ahead
after a "loss" and others lose and come out further behind.

 

[EOengineer]

I got all my stuff covered under an umbrella policy in my homeowners insurance recently. It covers traveling and everything. It cost extra but at this point it’s worth it.

 

[Mooselake]

Generally mine are covered under my homeowners policy. I asked about it specifically, having a handful of items that would cost between $2,000 and $3,000 to replace. Of course there's an overall contents limit, but the guitars will get replaced before couches and curtains! The individual values were all below the threshold for valuable items I would need to list separately, but I don't remember what that was. I never considered the travel aspect of it, so that I don't know. I'll have to ask about that because I do bring a guitar with me to my summer place.

 

[laxu]

One thing to keep in mind is age-related deductions. Many of us use guitars that are ancient in terms of how those policies are determined. You might have to get a separate insurance for your older guitars that has no age deductions.

It might depend, but at least with my insurance company when making a claim they ask for both the purchase price and the cost of a replacement.

 

[JasonE]

I looked into the home owners route many years ago. Mine wouldn't cover the gear if I made any money with it. Since I tend to have the occasional gig where we get paid by a check there is proof that I make money with my gear. That led me to researching insurance specifically for my gear. I found Heritage Music Ins.. I have been a customer of theirs for over 15 years.

I have had one claim for a wireless that they paid out without putting me through too much work on my end. I had another issue that I reached out to them about and they opened a claim right away. This one turned out to be a warrantee issue with the manufacturer so they canceled the claim once I told them it was going to be covered under warrantee.

I would recommend them. You set the value of the instruments and they pay you a replacement cost. If the guitar gets damaged and is repairable they may ask you about repairing it and then paying you a loss in value payment to make you whole. They cover your instruments in almost all situations. I have covered guitars, pedals, powered speakers, mixers and effects units with them over the years. If I take it to a gig, I try to have it covered on my insurance. Your premiums will be based on your total dollar amount you have insured with them. I list out all of my gear with make, model, serial number, year made and what it cost me to buy it new right now. I update my sheet every time I obtain new gear or sell gear. Most of the time you can add a guitar and not have to pay extra at that time, or not pay much depending on the cost of the new guitar. I also update my values at times because I have quite a few guitars that are no longer made.