Inventory...and insurance

[11top]

Thanks Steve, I'm going to get things clarified with my current agent for the time being and look into whether I should make a change at some point. I'll contact you directly with any questions. I appreciate your advice.

Not to sound like a broken record, Vaughn, but if you have your guitars scheduled under inland marine (on your homeowners), don't let your agent tell you they can't add a valued (agreed value) form. If they say they can't, get a new agent/carrier. "Valued" means the insurer can't question the limit at the time of the loss.

 

[alantig]

I've been thinking about the Heritage thing. This has been helpful.

 

[vchizzle]

Not to sound like a broken record, Vaughn, but if you have your guitars scheduled under inland marine (on your homeowners), don't let your agent tell you they can't add a valued (agreed value) form. If they say they can't, get a new agent/carrier. "Valued" means the insurer can't question the limit at the time of the loss.

Will do. Thanks again!

 

[beas]

I have a special rider attached to my homeowners policy with an inventory, prices, serial numbers, and photos of all of my guitars. The price per year is ridiculously inexpensive. I update the list whenever it changes and my agent makes the adjustments same day.

 

[LJD]

My understanding is if your gear is stolen from your home it should be covered. If stolen "on the road", not so much. I had an instance several years back where 2 guitars were stolen from my apartment. No sign of forced entry. I figured it to be an inside job. They were hanging on my wall facing my door. My neighbors door was directly across from mine. He knew there were there. He was buddies with the apartment manager. Best I can figure is he got a master key, went in, stole em, locked up on his way out. Police report filed, insurance company notified. I got nothing from insurance because there was no forced entry and because they were items that occasionally left my home. This was from one of the biggest insurance companies in the country. The guitars were on my policy. Serial numbers and photos.

I informed Heritage that I was driving cross country with my guitars and they said as long as the doors and windows were locked I was covered. I wouldn't trust my instruments to a $200 renters policy because I've been warned about what is and isn't covered. I'm not a homeowner.

 

[11top]

I have a special rider attached to my homeowners policy with an inventory, prices, serial numbers, and photos of all of my guitars. The price per year is ridiculously inexpensive. I update the list whenever it changes and my agent makes the adjustments same day.

If it's not a "valued form", you'll still have to prove the value at the time of the loss, regardless if they are scheduled with limits currently.

 

[beas]

If it's not a "valued form", you'll still have to prove the value at the time of the loss, regardless if they are scheduled with limits currently.

Yes, indeed. That is my exact understanding, too.

 

[11top]

Yes, indeed. That is my exact understanding, too.

So, my point is.....make sure you have a VALUED form. It doesn't normally create additional premium; you just need to request it. The problem is many of the "direct writer" or "exclusive agency" companies won't offer it (or their agents won't even know what it is). If my insurance company didn't offer it, I'd find a new company.

 

[sloanthebone]

Very interesting thread and couldn't come at more convenient time as I just put my house up for sale and will be moving to Florida once it sells. I will be renting a house for a year before I buy a new one. I was wondering what to do about my music equipment. Good stuff here. Thanks!

 

[vchizzle]

So, my point is.....make sure you have a VALUED form. It doesn't normally create additional premium; you just need to request it. The problem is many of the "direct writer" or "exclusive agency" companies won't offer it (or their agents won't even know what it is). If my insurance company didn't offer it, I'd find a new company.

Just outta curiosity, what do you insure a normal stock guitar for? Used price, brand new?

 

[11top]

Just outta curiosity, what do you insure a normal stock guitar for? Used price, brand new?

A homeowners policy will insure your general contents on a replacement cost basis. So, if you have your original receipt (assuming a recent purchase) or get an appraisal for a new one from a dealer, the insurance company should accept that. Once they accept on a valued form, there will be no further questions asked about proving the limit at the time of loss.

 

[watelessness]

The inland marine is fine for the gear with which I don't gig but I needed a real policy for the the gear that goes to gigs, including open mic nights. ++Heritage

Listen to 11 top. He is the droid you're looking for.