Your house is on fire and you only have time to grab one guitar...

RickP

Established 1960, Still Not Dead
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Peter,
Under a standardized HO policy, the types of property limited in amount (cap) for theft are specified as money, silverware, gold, jewelry, etc. Musical equipment is not limited that way. However, beware of the “business use” exclusion. The latest ISO HO form defines business (as opposed to hobby) as grossing $2,000 or more in a year. Anybody on this forum ever sell a guitar for $2,000 or more? :eek:
Great point. I had to move all my gigging equipment to MusicPro several years back due to this. State Farm covers equipment in the home under a separate per item list on a rider, but anything lost in trailers or at gig locations is not covered.

In line with the thread, I suppose I’d grab anything not on either insurance list.
 

21Hemispheres12

Old Member
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Definitely my 24-08. I love all of my PRS but this one feels like it was specifically built for me.

DB013-D64-CB94-464-F-A3-B7-54-B482438008.jpg
 

veinbuster

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Peter,
Under a standardized HO policy, the types of property limited in amount (cap) for theft are specified as money, silverware, gold, jewelry, etc. Musical equipment is not limited that way. However, beware of the “business use” exclusion. The latest ISO HO form defines business (as opposed to hobby) as grossing $2,000 or more in a year. Anybody on this forum ever sell a guitar for $2,000 or more? :eek:
We have similar items with caps - art is our etc. My insurance company considers the guitars to be a ‘collection’, which they have a similar cap for. In past years my household umbrella covered them, but they added new language this year and this came up in clarifying that.

I’m waiting for their evaluation of my supporting documentation for a rider for a larger cap on collection. The documents included receipts for most things, photos of everything, spec sheets for items that have them. And yes, I have backups in 3 places. I wouldn’t be surprised if they insist on ensuring for agreed value as documented, in which case I will only get a rider for a subset of the lot - which becomes an interesting variation of the original question.
 

11top

Cousin Eddie's cousin
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We have similar items with caps - art is our etc. My insurance company considers the guitars to be a ‘collection’, which they have a similar cap for. In past years my household umbrella covered them, but they added new language this year and this came up in clarifying that.

I’m waiting for their evaluation of my supporting documentation for a rider for a larger cap on collection. The documents included receipts for most things, photos of everything, spec sheets for items that have them. And yes, I have backups in 3 places. I wouldn’t be surprised if they insist on ensuring for agreed value as documented, in which case I will only get a rider for a subset of the lot - which becomes an interesting variation of the original question.

Then your coverage forms are not the same as in the US. Our standard ISO forms (which the vast majority of carriers adopt) do not limit art by a dollar cap. However, art is a perfect example of the necessity of agreed value because market value is usually more important than replacement cost.
Plus, carriers don’t want you to have agreed amount; they’d rather you have to prove the value at claim time.
Finally, Insurance companies calling it a “collection” as a restriction makes no sense. Are you hearing this from your agent or have you seen this written verbiage in your contract (policy)?
Finally “umbrella” is a liability term; not property.
 

veinbuster

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Finally, Insurance companies calling it a “collection” as a restriction makes no sense. Are you hearing this from your agent or have you seen this written verbiage in your contract (policy)?
Collection was a new limitation in the contract we were sent for our renewal. It was added to jewelry and fine arts maximums we had in the past. I wanted to know what they would consider a collection: stamps, coins, beer mugs... Apparently there is a threshold at which things go from being ‘stuff you have’ to a ‘collection’.

Interestingly, 11 bikes is just stuff and my most expensive one (PS range) would be replaced based on the receipt detailing it.
 

11top

Cousin Eddie's cousin
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Collection was a new limitation in the contract we were sent for our renewal. It was added to jewelry and fine arts maximums we had in the past. I wanted to know what they would consider a collection: stamps, coins, beer mugs... Apparently there is a threshold at which things go from being ‘stuff you have’ to a ‘collection’.

Interestingly, 11 bikes is just stuff and my most expensive one (PS range) would be replaced based on the receipt detailing it.

Sounds like you need a new insurer. In 40+ years, I have never heard of a carrier limiting “collections.” Did they manuscript “collections” as a restriction or exclusion? If not, I’d demand to see the policy language where “collections” is excluded from your coverage C, personal property limit. Makes no sense. PM me so we don’t bore anybody further.
 

veinbuster

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Wait, the house is on fire and you want me to think about saving a guitar?

I think I'd be more about getting the hell out and saving my ass. YMMV.
This is, of course, the correct real life answer.
I wouldn’t go out of my way to grab anything escaping.
I’ve literally lost everything but the clothes I was wearing to a house fire and managed ok.
And, I can say from experience, 3rd degree burns suck big time.
 
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LSchefman

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This is, of course, the correct real life answer.
I would go out of my way to grab anything escaping.
I’ve literally lost everything but the clothes I was wearing to a house fire and managed ok.
And, I can say from experience, 3rd degree burns suck big time.

I can't even imagine what you must have gone through with the burns.
 

vchizzle

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This is, of course, the correct real life answer.
I wouldn’t go out of my way to grab anything escaping.
I’ve literally lost everything but the clothes I was wearing to a house fire and managed ok.
And, I can say from experience, 3rd degree burns suck big time.
Truth be told, I don’t remember if I grabbed my PRS. 20 some years ago I lived in the second story of an apartment building that started on fire in the lower level. Woke in the middle of the night to fire alarms. Didn’t know what was going on. Went to door, opened to tons of smoke and hall alarms flashing and blaring. Quickly shut the door, grabbed girlfriend and our pets. Crawled hands & knees down smoke filled hall feeling my way to the exit down the stairs. Got outside and coughed for what felt like forever. Scary stuff for sure. Luckily I didn’t lose anything besides some blankets that were covered with soot and ash from the fire fighters sweeping the building. I feel for you losing everything and can’t imagine the pain of the burns.
 
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