Discussion in 'Guitars in General' started by lukeness, Aug 14, 2006.
Can anyone recomend renter's insurance for your guitars and other things in the condo?
Yes, absolutely, I recommend that you have insurance for whatever is in the condo.
Seriously, you really ought to have renters insurance, period. Covers the premises, furnishings, personal property, personal injury, blah blah. You'll need to check with various carriers (all the big, household name insurance companies offer homeowner and renter policies) as to whether you'll need special riders for musical instruments or whether the personal property provisions will get you adequate coverage if you elect a high enough pp value. A lot may depend on what you have in the way of guitars & other gear (numbers, replacement costs, current stuff versus vintage collectibles with special values, etc). Certain things will often get excluded within the basic policies, so you'd have to go with the riders or separate policies.
There are folks who insure instruments in specific, but Id make sure I had general renters insurance coverage first anyway.
If you know a good independent agent, he/she would be the place to start.
I have my whole studio insured though this guy:
Joe Montarello (800) 560-8965 - Capitol Baur Insurance (though Liberty Mutual)
He specializes in recording studios and musicians.
Most home owner's/renters insurance won't cover musical instruments even with a rider. You also should make sure that you've got replacement value and worldwide coverage. So if you're at a gig in osh kosh and somebody walks off with your vintage tele you're covered for what it'll cost to get another vintage tele.
Hope that helps.
I called my insurance when I began playing again and bought the daughter a 114 yr old violin. They said all covered inclusive even at 9 guitars and several amps. I have pics and receipts at work and in a fireproof at home.
What is the rough cost of a rider policy? x% of value?
Joan Gallo @ The Heritage.
Very reasonable and good coverage.
+1 - Joan has been great to work with.
music pro insurance is the way. i had a bunch of gear stolen on the road and they took care of me w/o any hassle or bs. they can be slow for updates because they are a small office, but they handle claims efficiently and thats whats important
I just called The Heritage, they seem decent. I may go for it.
I have had a policy with musicpro, but when I bought it, I just wrote down the value of every piece of gear, and they took my word for it. No pictures, no one asked any questions or anything. I had five guitars on there for a total of $12k. I thought that was kind of wierd. It is update time, so I am trying to figure out which of them is the best way to go.
+1 to heritage ... altho i've never filed a claim and haven't heard from anyone who has, they're great to work with and everything seems above board. go for the "agreed upon value" if possible. that's supposed to mean there's no haggling over compensation if your instrument is stolen....
When determining value for your guitars and amps to put on your policy (the replaceable ones), do you go for MSRP or MAP or what?
Another thread with some recommendations. I should look into this too.
Another one here for Music Pro. I have $23k insured with them. I just had to list the equipment and values. Since my most expenseive item (my Koll) isn't quite $5,000 I didn't have to provide appraisals for anything. $100 for claims, luckly I havn't had any.
One thing to consider. If you're are a pro, many home owners insurance policies will not cover your gear. So if you're a pro musician you need to go with a pro policy. This is why I had to find Clarion/Music Pro.
My homeowner's insurance covers my gear.
With Heritage, they gave me MSRP for a recent Benedetto (after first saying they were checking with George Gruhn), accepted an appraised value for a vintage Fender, accepted my estimate for the value of a partscaster and accepted my stated value for a MIK Reverend (I listed what I paid for it + case, new). I'm not really much of a hustler with these sorts of things -- if something happens, I just want to be able to get replacement value without too much of a hassle. But Heritage seems reasonably liberal in the values they insure.
OK, this is one of the most discussed topics in guitar forumdum.
There’s even another thread right here on this same forum.
Some people previously posted incorrect information.
Best thing to do is to contact your insurance company but here are the basics.
No. 1 – If you don’t already have one, get a homeowner’s (or renter’s) policy. NOW! (For ease of use, I’m just going to call both “homeowner’s insurance” or “homeowner’s policy.”
No. 2 – A homeowner’s policy does cover your instruments. It covers every thing you own. There is no policy that says “well, we’ll cover your sofa, but not that Gibson or Fender over there.”
No. 3 – The policy covers your stuff, even when it’s not at the home.
No. 4 – A homeowner’s policy only covers for fire, loss or theft. That’s it! So, if your nephew spills his chocolate milk into your 1940s Martin. Too bad! You’re not covered for that.
No. 5 – That is why you need a Rider. (Though USAA, for one, doesn’t call it a Rider any more.)
No. 6 – You are covered for replacement value only. How to figure out what the replacement value is of an instrument that is not manufactured anymore is the tricky part. Or the value of a unique (or autographed) guitar. That is all very tricky.
Keep in mind, there is no such thing (in the insurance biz) as “sentimental value.” You can’t say “my grandmother gave me that Harmony guitar so, to me, it’s worth ten thousand dollars.” Sorry.
Hope that all helps.
Some/most homeowners policies will NOT cover an instrument, effects or a amp after it leaves the house...check your policy and/or call your broker or carrier.
For years I carried a homeowners rider policy by a carrier that was technically a "Inland Commercial Marine" policy, which basically means I had coverage for gear being transported in my car or the band's truck and coverage for loss and damage outside of the household. I also had coverage for my effects and amps too under this policy.
I used to have a $250.00 deductable. I dropped the policy once I stopped playing multiple nights gigs as the one nighters I do now are pretty tame..mainly weddings and country club jobs. I also dont take out my really high end stuff on a gig anyway. I'll just have to eat the loss if anything happens...
When I was in the insurance business for 10 years, homeowner's policies were covering instruments for a low figure per item, almost always less than what the instrument cost or was worth. Also if you received any money for playing at all with that instrument or if you derived money as a
musician, your policy was voided as you needed commercial ins. just as if you were a carpenter and someone stole your table saw out of your truck locked in your garage, tough luck. I really don't think much has changed in that regard.