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Discussion in 'General Discussion' started by jjpish68, Jan 9, 2018.
Do you have your guitars insured and if so through who? In the US please.
Your best bet is to ask your insurance agent to add it/them to your homeowners policy or renters policy. Coverage will depend on value.
So I’m guessing a special rider that would cover the actual value or replacement cost versus a regular policy that would take in account depreciation?
My renters insurance [AAA] would not cover music instruments. I tried just about everywhere. Even Clarion was unwilling to touch my gear collection!
MusicPro Insurance was referred to me on a drum forum, so I gave it a shot. You can apply on their website by downloading their spreadsheet and adding your items to it. I was able to export my MSAccess database into a spreadsheet, removing the info they did not need.
They insured all of my music instruments for what I think is a decent price.
Bought a few new pieces of gear over the weekend, and added them to my policy online for $5.
The only thing I cannot address is claims. I'm new to them, and hopefully will not need to make a claim. That's where I think the rubber truly meets the road. But they were the only ones who would sell me coverage.
My agent(my wife) tried to explain it to me, but I tuned her out after she said homeowners should cover it. But, yes it would be separate rider, and depending on how many you have and their value, you would either get blanket coverage or scheduled coverage. Scheduled is the better way to go if you know specific values and have proof. I works the same as a jewelry coverage schedule, if that makes any sense.
What Markie said: talk to 11top. He will explain that homeowners wont cover instruments on regular policies, how the riders wont cover you gigging, how you need a real policy from a company that specializes in them, etc.
My wife mentioned that too, if you are using your rigs for gigs, then you definitely need a separate policy.
Yes defined value in the policy. 11top can tell you what it is called.
Thank you for the responses and info. Not gigging and nothing of "high" value but I do have a few and if someone was to walk in and grab them I would not be in the position to replace what I have especially at replacement costs. I got what I think were good deals on my 2 PRS and the others would all be around the 1500-2000 mark to replace so 7X?=0 well probably 1..........
I know I am crazy, but I have decided not to insure after having one guitar stolen 30 years ago and getting about 70% of what I needed to replace it, even though I thought that I had replacement value coverage (which I have since learned is a "defined term" )
Its fair to decide to self insure when the loss will just be your own and the value of the loss is predictable. I like some insurance to soften the blow of a loss. If I lost all my guitars I wouldn’t replace them all, but I’d like to be able to replace a few without being out of pocket.
Same. Some of my guitars are limited releases. Some were 50-plus-year-old me indulging 13-year-old me. If I lost all of my gear due to a disaster, I'd probably replace a few items, and put the rest toward a house.
1. Your homeowners insurance covers your personal property (ie. Contents including musical instruments) worldwide as long as it’s not “business” property, and it’s subject to your deductible.
2. The definition of “business” may vary from one company to another. The lastest ISO form (99% of carriers adopt the ISO form) defines “business” as GROSSING $2,000+ within 12 months. Does that include selling guitars? Most likely, but up to your adjuster.
3. An unendorsed HO policy only provides “actual cash value” (depreciation applies) on contents, but most are usually written for full replacement cost these days. (But remember, replacement cost may not adequately cover your loss. For example, think about a real 1959 Les Paul standard. Would you be happy collecting $6-7,000 on a guitar worth $250,000?). And see #4.
4. An unendorsed HO policy requires you to prove the value of your loss at time of loss. On the other hand:
5. A VALUED schedule does not require proof of value at the time of loss. The value is set at the time of scheduling, and usually requires an appraisal. IF YOU WANT TO BE CERTAIN ON THE AMOUNT YOU WILL RECEIVE AFTER A LOSS, THIS IS THE WAY TO GO.
Those are the facts. Here are some opinions:
1. Buy your coverage from an “Independent Agent.” If you want to catch my drift, Google “worst insurance companies,” and see who ALWAYS is listed. Hint: It’s those companies with the catchy funny commercials on TV. Hey, I love those commercials; the insurance just sucks. And hmmmm, who pays for those commercials?.....but I digress.
2. Look for an agent with “CPCU” after his/her name. Knowledge is a good thing (and doesn’t cost the consumer any more).
If your current agent/Company won’t provide valued coverage, I’d find different insurance. Plenty of carriers will. I use Cincinnati Insurance, and they are excellent. If you need a mono-line market, Heritage is Good. They use Traveler’s paper (last time I inquired). They will schedule. THEY WILL USE A VALUED FORM IF YOU REQUEST IT (and doesn’t usually increase the rate). They will allow business use if needed (at a higher rate).
Now, those of you following this sage advice owe me a beer. We are on the honor system! ;-)
I'll buy ya a beer next time you're in Chicago, just cuz!
Thanx! That’s worth the trip. I’m on my way.
I thought of a few more things last night.
Insurance should be purchased to cover catastrophe. Unless you have instruments that have a value higher than replacement cost or if you are using them as “business,” your homeowners insurance should suffice. Just make sure that you purchase a replacement cost limit high enough to cover all of your belongings including guitars for full replacement in the event of a total loss like fire. Have your proof established now, before the loss. Have detailed photos, sales receipts, and/or appraisals ready, and don’t keep them at home! Also, videos are good so your can describe the instrument. Put them in your bank lockbox, your office, a friend or relative’s home, and at your agent’s office. Just keep in mind that you will still have to prove the value to the insurance company which you will NOT have to do if you have a “agreed value” schedule.
I hope none of us ever have to use insurance.
I should print this and show it to my renters insurance guy at AAA. He likes to say things, such as "musical instruments are covered to a reasonable amount." It is hard to sell my guitar collection as anything resembling "reasonable." Well, reasonable HERE, but not to the outsider.
He also says, "Your homeowner's policy covers collectibles up to $1,000." I said, "No offense, but what kind of sh*tty collectibles are we talking about here?"
In the end, what he was telling me was that my renters insurance would cover the TV, couch, bed, clothes, computer, etc., and that it would also provide coverage if a friend comes over [haha] and they get bit by my cat and want to sue, or maybe they trip over a coffee table.
It's the type of insurance that is required for living here.
Maybe the difference is that I'm a renter, and not a home owner.
Based upon those statements, you need a new agent. Find a CPCU. All of these companies use the same basic ISO coverage forms. “Reasonable amount?” LOL! You are buying a written CONTRACT. Read the homeowners form, and make sure your agent added replacement cost. It doesn’t read “reasonable amount.” It reads (paraphrase), “We will replace with like kind and quality”. It also limits replacement to current standards (eg. think 1959 Les Paul will be replaced with a new current model. Gee, thanks......that’s where the ‘valued” scheduling comes in).