Discussion in 'Guitars in General' started by Tonechaser007, Apr 30, 2019.
Can't help but think of this:
Will be taking inventory this weekend for a policy. Thanks for the topic.
Nothing you were told verbally binds the insurer. I take verbal stuff like that as worthless.
Ask for a copy of the actual policy and read it re valuation and loss.
Your description of what you were told rings alarms, e.g., what he says "usually" happens... beware.
And recognize that in that scenario you do not have full coverage in many cases, compared to replacement. If you're OK with that, it's OK.
If you want reliable replacement coverage, stated value with an itemized schedule is a good way to go, but may not be for everyone.
I have my equipment scheduled on my policy. I pay a little more, but it is all named by year, piece, value..etc.
Yeah, another vote for Heritage. My homeowners wouldn't cover instruments/amps for their actual replacement value and since most of this stuff is old that's a big deal. They also didn't cover anything used professionally, shipped or stolen from my car. That fine print is pretty important...
Has anybody had to process a claim? How did it go?
Read post #9.
We went through the policy book together. The one part was his opinion because I asked a hypothetical question.
My house was broken into (1995) and they did they best Townshend impression with my '91 PRS Cu24. Insurance company offered me replacement value or repair for the broken neck. I went with repair because it is a relatively rare guitar...and it was my #1 (still is). I've been with the same company for decades with multiple policies and I really do think that makes a difference when processing a claim. I have some pretty high-dollar stuff and I've never been asked to get an appraisal or proof of ownership of any kind...they just add it to the policy over the phone
My homeowner's policy won't cover anything used professionally; i.e., guitars, amps, PA gear, etc. However, since I don't play drums in any band, those ARE covered. The gear used on gigs must have a separate rider.
OK, if you're comfortable with that. I learned long ago to be very careful dealing with insurance, spoken words & marketing talk often have little legal effect.
I sell insurance in the state of Iowa. Most companies around here cover items IN YOUR HOME. Some companies only go up to only a certain value, say $1000.
For my own gear I write a scheduled personal property policy (inland marine) which offers market value coverage (used price). I schedule all the items I use on gigs, and I have coverage as a “professional musician”. There’s also a non-professional option. My gear was recently appraised and I updated the schedule with year, make, Model, serial numbers and descriptions including mods.
When dealing with insurance companies or financial companies ALWAYS GET YOUR ANSWER IN WRITING AND SAVE IT!!! Verbal doesn’t hold up for claims or court. Many agents give off the cuff answers and hope it never comes back to bite them.
This thread made me give a call to my insurance company. We have renter's policy with USAA, and I have been told over the phone and verified in writing (reading our policy) that my instruments and gear are covered inside the house at out for any loss or theft up to the total value on our policy. We have a replacement policy with no depreciation and a reasonable deductible. I don't have any terribly expensive vintage guitars, and most are replaceable (new or used) fairly easily.
Many homeowners policies have exclusions for instruments used for gigging (playing for pay). Not really an issue for me anymore, but read the fine print on your policy.
Allstate paid for every Guitar and Amp at Replacement value
Glad I had receipts and he did not have to take extra insurance out for the guitars...….JT
My agent & I went over our policy very carefully and he pointed out where instruments are personal property - No rider & appraisal is necessary, like we need on our jewelry. If someone hypothetically breaks in and steals a $5000 guitar, a $700 laptop, and a $10 shovel, I get a check for $5710. I don't gig any gear that needs insurance to replace or repair. I fix it or replace it out of pocket or build a new one. That goes a long, long way towards me being able to dictate the terms and value on irreplaceable stuff to protect my interests.
My home burned down in one of the huge CA fires and insurance paid us our full amount on contents. Replacement gear came out of that.
I had no coverage for theft.
There are usually limits, though. What if you have $35,000 in guitars stolen? Besides wondering how you got them, are you covered for that much? Name of insurance co, if you don't mind saying.
Clearly, I need to review my policy carefully! Thanks to OP for this thread!
I have all my gear covered to $9k and my wife’s wedding ring for another $10-11k under my home insurance.