Inventory...and insurance

Discussion in 'General Discussion' started by vchizzle, Apr 14, 2017.

  1. 11top

    11top Cousin Eddie's cousin

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    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.
     
  2. alantig

    alantig Santana-free since '63!

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

    vchizzle Birdman.

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    Will do. Thanks again!
     
  4. beas

    beas I Don't Re-Member

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    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.
     
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  5. LJD

    LJD New Member

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    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.
     
  6. 11top

    11top Cousin Eddie's cousin

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    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.
     
  7. beas

    beas I Don't Re-Member

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    Yes, indeed. That is my exact understanding, too.
     
  8. 11top

    11top Cousin Eddie's cousin

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    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.
     
  9. sloanthebone

    sloanthebone I love quilts!

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    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!
     
  10. vchizzle

    vchizzle Birdman.

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    Just outta curiosity, what do you insure a normal stock guitar for? Used price, brand new?
     
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  11. 11top

    11top Cousin Eddie's cousin

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    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.
     
    #31 11top, Apr 21, 2017
    Last edited: Apr 21, 2017
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  12. watelessness

    watelessness New Member

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    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.
     
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