Inventory...and insurance

vchizzle

Zomb!e Nine, DFZ
Joined
Apr 28, 2012
Messages
8,339
Location
WI
So I decided to do a gear inventory. Mainly for insurance purposes. Thinking I'm going to get Heritage Insurance policy. This is a grueling process for sure. Just making the list is bad enough, I haven't started the replacement cost part yet. :eek: My head hurts.
 
I need to do this sometime. Maybe we can talk about it after you get it all figured out.
 
I went with Heritage and it was pretty easy. I only had about 8 or 9 items tho...
 
I've debated on if I should insure everything or just the big stuff. Then I thought about if my pedalboard was stolen. That alone would cost a pile to replace.
 
Home owners insurance does cover your guitars and many offer musical instrument coverage Allstate did it in blocks of $5000
State Farm needs and Appraisal of replacement value ( I have had a tough time getting that done ) the best price I have found is $60 per guitar so its pretty costly quickly
From what I understand your homeowners does not cover you if your are a professional musician
I am hoping folks might have some better options feeling a bit naked coverage wise right now
 
Your homeowner's/renter's insurance should cover this - no?
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.
 
Best I understand things, if you use your gear in any sort of way that you get paid from, regular homeowners will NOT cover it.
 
I should clarify that the grueling part was just making the list, not anything to do with Heritage.

I shot them an email inquiry on how to insure all my normal stock gear that can be replaced vs. my PS which is a custom build that replacement cost would increase each year for me to have the guitar rebuilt. The other gear is more simple since there's a market and pricing out there.
 
"Paging Mr. 11Top...to the red courtesy phone..."

Really. Wasn't there a thread not too long ago where he dropped the knowledge?

This also reminds me to carve my name into a few guitars that I haven't already.
 
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.

Complete bullsh*t. Your homeowners insurance policy covers your personal property worldwide. Also, "forced entry" is NOT a requirement from an apartment. You got hosed. There may be reasons for denial, but not for exclusions you mentioned.

If you are scheduling your guitars, make sure that you are getting a VALUED form. You have to request it. There is normally no additional charge. If you do not get a valued form, you will have to prove the value of each instrument at the time of the loss. Heritage offers a good policy, and they use Travelers paper. They will offer "valued" but you must ask for it. Contact me Vaughn if you have any concerns.

If you want trusted advice, buy insurance from an agent who is a CPCU (like you'd choose an accountant who is a CPA).
 
Last edited:
Home owners insurance does cover your guitars and many offer musical instrument coverage Allstate did it in blocks of $5000
State Farm needs and Appraisal of replacement value ( I have had a tough time getting that done ) the best price I have found is $60 per guitar so its pretty costly quickly
From what I understand your homeowners does not cover you if your are a professional musician
I am hoping folks might have some better options feeling a bit naked coverage wise right now

Do yourselves a favor and Google "worst insurance companies." See which companies consistently make the top 5.

https://www.justice.org/sites/defau...J_Report_TenWorstInsuranceCompanies_FINAL.pdf

http://www.myinjuryattorney.com/law-blog/the-10-worst-insurance-companies/
 
Last edited:
I feel like the top 10 is every one I've heard of! I'm sure I'm forgetting a few though.

That's because they spend gazillion bucks on TV, rather than spending premium dollars to pay claims.

Look for an Independent agency company. There are some really good ones including a few domiciled in Wisky (e.g. Secura). There are several others I can recommend, but I don't want to turn this into a commercial.
 
Last edited:
That's because they spend gazillion bucks on TV, rather than spending premium dollars to pay claims.

Look for an Independent agency company. There are some really good ones including a few domiciled in Wisky (e.g. Secura). There are several others I can recommend, but I don't want to turn this into a commercial.
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.
 
Back
Top