Do you insure your gear? (not homeowner's, but dedicated gear insurance)

[ruger9]

Most of my gear, up until now, has been sub-$2000 per item. I recently started buying some bucket-list items, including a DGT. And for the first time, I am seriously considering purchasing insurance. A couple of questions (other than the poll question):

Does homeowners usually cover gear as long as it's in the home? (assuming you can produce some kind of proof-of-value?)

For me, insurance would be more for gigging, which we don't do a ton of, but hey, $5K is alot of scratch LOL. Just not sure when the cost of insurance "meets" the number of gigs we play... once a week? Once a month?

 

[Silvertree]

Yes, I have a policy on my guitars over and above my normal homeowners insurance. If you look for a policy be aware that there are different requirements for instruments that are for personal use and for instruments that you use to earn money.

 

[HANGAR18]

No, I determined that the cost of insuring ALL my stuff for for what it is actually worth is too expensive so I opted for the low cost version of protecting it all. Hardening the exterior of the home, a sizable investment in safes, hidden storage places and warning stickers at every common break-in point stating essentially that if you come through that locked door uninvited, you are going to get shot.

EDIT: I totally forgot to mention that dog.

 

[ruger9]

No, I determined that the cost of insuring ALL my stuff for for what it is actually worth is too expensive so I opted for the low cost version of protecting it all. Hardening the exterior of the home, a sizable investment in safes, hidden storage places and warning stickers at every common break-in point stating essentially that if you come through that locked door uninvited, you are going to get shot.

EDIT: I totally forgot to mention that dog.

"If you are found here tonight, you WILL be found here in the morning" LOL I'm with ya

 

[bodia]

@11top to the white courtesy phone

 

[guitarguy1964]

I have an Inland Marine policy through the agent that does my Home Owners. It is a separate policy not a rider. Different companies call it different things, it's basically a personal articles policy. Mine is pretty affordable but luckily I've never had a claim so I don't know how good that works in reality. I've had the policy for about 30 years.

 

[GADonis]

I don't have all of my guitars insured but I have the "nice ones" covered under a rider to my renter's insurance. I did this after having some gear stolen and it not being covered by my regular policy since I gigged with the gear which means it's used for "business" and wasn't covered.

 

[Daryl Jones]

At the request of our underwriter, I have detailed listings and photo/video of our contents which are insured for "replacement" value. Having had one experience with item theft (two very expensive sets of golf clubs) they were true to their words and fully covered everything. I can only assume that this would be the same for a similar experience with my instruments and gear. I just hope I never have to find out. I don't have a separate rider for them out of the dwelling though.

 

[Shreve]

Heritage Insurance | Musical Instruments & Equipment | Free Quote

musicins.com

Simple, fast and reasonable. Only guitars at this point on my policy, but I think they’ll do amps as well.

 

[László]

The guru on what is, or isn't covered, is 11Top, who owns an insurance agency. He has the answers. I hope he'll participate in this thread.

Steve knows his stuff backwards and forwards. He's brilliant at what is or isn't covered. I take his advice as gospel.

 

[Alan Jurgens]

I have guitars and amps covered through Heritage as well.

 

[11top]

@11top to the white courtesy phone

The guru on what is, or isn't covered, is 11Top, who owns an insurance agency. He has the answers. I hope he'll participate in this thread.

Steve knows his stuff backwards and forwards. He's brilliant at what is or isn't covered. I take his advice as gospel.

Thanks for the compliment guys.

This isn’t a simple yes or no answer:

Homeowners does indeed cover your personal belongings, including musical equipment, up to 70% of your dwelling limit (or 50% if you haven’t opted for replacement cost).

Coverage on personal property is worldwide, so off-premises is covered everywhere on this planet.

Here’s where is gets complicated:

1. Homeowners excludes “business personal property” which is usually described as earning $2,000 GROSS in a year. Think about that! Have you sold gear cumulative of $2,000? Do you earn $2,000 gigging? By contract, you just voided your coverage, and I wouldn’t put it past the “TV insurers” to enforce that contractual language.

2. Is “replacement coverage” adequate? As an extreme example, if you own a real ‘59 LP worth $250,000, will you be happy with a settlement of $6,000 for a new replacement reissue?

3. Because of #2 above, and I can’t stress this enough, when you buy a RIDER, you must get AGREED VALUE coverage. Demand it! It is the only way you agree with the insurer and are guaranteed the scheduled dollar amount BEFORE the claim occurs. Without it, you still have to prove the value AFTER your claim regardless of having a dollar amount listed on your schedule. If your agent says they can’t add agreed value on a musical equipment rider, tell them to use a “fine art rider,” which is the only form that is automatically agreed value. If they decline agreed value under any scenario, find a new agent (and preferably one who is a CPCU).

Hope this helps you out. I’m happy to answer questions. This is not a solicitation as I’m retired.

Steve Pfenninger, CPCU, CIC, CLU, ChFC

 

[11top]

I also would not worry about an additional “rider” or schedule IF 1) you have homeowners insurance with a high enough personal property limit to cover ALL your personal property (not just musical equipment), 2) replacement cost (not market value) is adequate to cover your loss, 3) you’re ok with your deductible, and 4) you don’t have to worry about the “business property exclusion.”

 

[JasonE]

I insure all of my gear with Heritage. I looked into doing it through my home owners insurance at one point. They said they could put a seperate rider on my policy to cover it, until they found out I was a gigging musician. I then had to find another option. Heritage was the best I found. I have been with them for a long time now. I have had one claim in my time with them. It was on a wireless unit for my guitar. They paid it out with only a few questions. I have also contacted them to ensure that they cover my instruments when shipping them. They do and have communicated that to me in every instance that I have asked about. Just about the only thing they don't cover is if you leave your gear in a trailer. If it is in your car and someone breaks in to get it, you are good. I have been very happy with them.

 

[11top]

I insure all of my gear with Heritage. I looked into doing it through my home owners insurance at one point. They said they could put a seperate rider on my policy to cover it, until they found out I was a gigging musician. I then had to find another option. Heritage was the best I found. I have been with them for a long time now. I have had one claim in my time with them. It was on a wireless unit for my guitar. They paid it out with only a few questions. I have also contacted them to ensure that they cover my instruments when shipping them. They do and have communicated that to me in every instance that I have asked about. Just about the only thing they don't cover is if you leave your gear in a trailer. If it is in your car and someone breaks in to get it, you are good. I have been very happy with them.

I think they still use Travelers* paper (thumbs up). It still should be “agreed amount.”

Also, I’d find a different HO carrier. I’m sick and tired of these companies that choose only the risks they want.

*Edit: Heritage now uses either Great American or Hartford (not Travelers).

 

[xxxadixxx]

Time to go read the fine print of my USAA coverage!

 

[DRBDJSM]

I use Heritage at the advice of George Gruhn. He has used them for decades for guitars worth more than my house. I decided to go with them when I started buying guitars that would HURT if one were stolen. So far they have been great (I have filed no claims) but when I buy and sell gear they just add it to my policy. They offer full replacement in the case of theft and cover damage. Coverage includes home, studio, road or any place I take my guitars and even includes my son taking a few of them to college. They asked for a list with serial numbers but not values (I think they figure that themselves). I have about 19 guitars and a few mandolins and amps. Many of my guitars are mid level ($2-5k) but I have a few more expensive ones including 3 that would be hard to replace. They said no problem. (this is my first post BTW) I have been a reader but not a poster.

 

[11top]

I use Heritage at the advice of George Gruhn. He has used them for decades for guitars worth more than my house. I decided to go with them when I started buying guitars that would HURT if one were stolen. So far they have been great (I have filed no claims) but when I buy and sell gear they just add it to my policy. They offer full replacement in the case of theft and cover damage. Coverage includes home, studio, road or any place I take my guitars and even includes my son taking a few of them to college. They asked for a list with serial numbers but not values (I think they figure that themselves). I have about 19 guitars and a few mandolins and amps. Many of my guitars are mid level ($2-5k) but I have a few more expensive ones including 3 that would be hard to replace. They said no problem. (this is my first post BTW) I have been a reader but not a poster.

Again, you don’t want replacement cost if the market value exceeds RC. In addition, replacement cost alone still requires the insured to prove the value at the time of the loss per the written contract. Scheduling is only a rating number. AGREED AMOUNT guarantees the scheduled amount is what you will receive in a total loss.

If Heritage didn’t want dollar amounts from you, then you don’t have agreed amount. Heritage will add it if requested. I have discussed this with their owner who is also a CPCU.

 

[JasonE]

I use Heritage at the advice of George Gruhn. He has used them for decades for guitars worth more than my house. I decided to go with them when I started buying guitars that would HURT if one were stolen. So far they have been great (I have filed no claims) but when I buy and sell gear they just add it to my policy. They offer full replacement in the case of theft and cover damage. Coverage includes home, studio, road or any place I take my guitars and even includes my son taking a few of them to college. They asked for a list with serial numbers but not values (I think they figure that themselves). I have about 19 guitars and a few mandolins and amps. Many of my guitars are mid level ($2-5k) but I have a few more expensive ones including 3 that would be hard to replace. They said no problem. (this is my first post BTW) I have been a reader but not a poster.

Again, you don’t want replacement cost if the market value exceeds RC. In addition, replacement cost alone still requires the insured to prove the value at the time of the loss per the written contract. Scheduling is only a rating number. AGREED AMOUNT guarantees the scheduled amount is what you will receive in a total loss.

If Heritage didn’t want dollar amounts from you, then you don’t have agreed amount. Heritage will add it if requested. I have discussed this with their owner who is also a CPCU.

I definitely give them amounts for everything I have insured with them. I gave them make, model, description, year, serial number and value. I keep that list updated and send them updates when I add and remove stuff. They have been very good to work with.

I had a PRS that had a finish issue. I contacted them to verify coverage during shipping since PRS wanted me to ship the guitar in for them to take a look at it. Heritage started a claim up for me even though I was not asking for that at the time. I told them it may be covered under warrantee. They said that was okay and if it was they would just cancel the claim. The guitar was refinished by PRS under warrantee and Heritage canceled the claim. I wish my other insurance companies took care of me like this. I seldomly file claims but when I have I have to jump through all of the hoops to even get a consideration for a pay out.

 

[11top]

I definitely give them amounts for everything I have insured with them. I gave them make, model, description, year, serial number and value. I keep that list updated and send them updates when I add and remove stuff. They have been very good to work with.

I had a PRS that had a finish issue. I contacted them to verify coverage during shipping since PRS wanted me to ship the guitar in for them to take a look at it. Heritage started a claim up for me even though I was not asking for that at the time. I told them it may be covered under warrantee. They said that was okay and if it was they would just cancel the claim. The guitar was refinished by PRS under warrantee and Heritage canceled the claim. I wish my other insurance companies took care of me like this. I seldomly file claims but when I have I have to jump through all of the hoops to even get a consideration for a pay out.

Just because you supply values and have a schedule does NOT mean you have AGREED AMOUNT. Heritage does offer it, but you should ask if you have it and ask where it’s stated in your policy. Coverage is based upon the language in your written contract; it’s either in your contract (generally at no additional premium) or it isn’t. Pretty simple.