OT: Instruments insurance.

[surfergirl]

With what's happening on Maui we started to think about insurance. We didn't realize how much we actually had util we started adding everything, right down to the picks. My Strat and Michael's P bass are about 12 years old, so would cost more to replace. I believe my Strat retailed for $700(my is blemished, $500), today it would cost $850. We are curious as to what everyone does. Do you carry separate insurance or have it added to your homeowners insurance?

[Scott Fraser]

I've always added my gear to my homeowners insurance, but there are some caveats there. An instrument stolen from your home is covered, but an instrument stolen from your car at a gig might not be covered. There are companies which specifically provide insurance for musicians, but I no longer have any specific names on those. Symphony musicians who travel with their instruments definitely have insurance for them.

[Larryz]

My homeowner's insurance coverage and my vehicle coverage are more than I need to replace my cars, guitars and other personal property in the event of a fire.  For theft, I would have to provide estimates/values depending on what was stolen.  My insurance agent told me long ago that I could have a collection of musical equipment and/or other collectible items as long as I was not doing it as a business. 

[surfergirl]

I think we're covered, but we're going to see our agent to go over our policy just to be safe. The house is still my grandparents, I hope for a long, long time. They insure the house and we have renters insurance. I'm concerned that renters insurance may not cover things the same way homeowners does. If there's a limit we'll add a rider to make up the difference.

[desertbluesman]

My home insurance covers $40,000 for personal items in the house. Of which I only have maybe 10 grand worth of stuff in the house.

 

[CEB]

I used to have gear insurance through the Musician’s Union. 

[Sharkman]

Your instruments are most likely covered by either homeowner's or renter's insurance, but if you do have to make a claim, proof of your instruments, such as photos or videos to verify that you really do have them, may be necessary.

[CEB]

Most likely you will need to schedule your inventory for the homeowners coverage and there may be limits to your coverage.  It depends on the carrier's product.  Insurance off premises could be very limited or non-existent.  The same limitations you would run into if trying to claim a loss on power tools that occur on a job or losses due to theft from your vehicle.  Your vehicle insurance may or may not provide any coverage.  There will probably be a dollar cap and a deductible.   

 

Valuation can be a struggle when it comes time to file a claim.  Just what is the value of a 1964 Strat.... For us old guys these were just old used guitars when we bought them.  Now they are vintage, just like us.

[surfergirl]

We're making a list, taking pictures, and serial numbers. We've had this policy for almost 4 years, so we probably need to increase our coverage regardless.  

[skipclone 1]

My understanding is, that  homeowners insurance would cover any possessions at a flat rate.
They would have to be insured separately if you have a rare or vintage instrument.

[Mark Schmieder]

Only if you're a gazillionaire, can you afford musical instrument insurance.  For many years, I had renters insurance (identical to homeowners insurance, in most cases) ONLY for the instruments, not knowing they weren't covered. Musical instruments are "luxury items" and insurance costs 10% of original purchase cost per year! Who can afford that?

 

On the other hand, if an instrument is stolen from your car, that might be covered under some auto insurance plans, or being a member of AAA at the right tier.

[Taylorgal1113]

I’ve had my guitars insured by Clarion for a few years now. I just renewed and with a few changes to my collection, I have about $24000. Worth of instruments, at replacement cost. There has been much discussion of this on another forum and the general consensus is that filing a claim under your homeowner’s policy may result in it being cancelled. My insurance for my instruments went up to $200 this year. I think this is pretty reasonable peace of mind. While losing one instrument would be sad, it would be devastating to lose everything in a home invasion or a fire.

[KuruPrionz]

I mostly gig with "beaters", Tele and Strat that I put together from parts - NOT Fenders. The Strat body is a Squier, the neck is a super wide "1 7/8" Warmoth fatback that I scalloped and I did sort of an ugly job on purpose. Plus the neck is left handed so it doesn't look like anybody else's Strat around here. The Tele used to have a Floyd Rose and the headstock got cracked. It's just a beat up, no name Tele but it sounds and plays great. 

 I've got a used Epiphone J-40 with a Shadow pickup in the sound hole for acoustic gigs. And, a Peavey Fury bass from the late 80's that is pretty beat up but a solid player. 

They aren't worth much money and are pretty distinctive looking due to wear and tear. I only play bass through the club's PA, I use a Peavey VIP 1 with a Scorpion speaker shoehorned in. 

Peavey makes good sounding gear if you dial it right but the resale value is low. 

More than one way to skin a cat. 

[Winston Psmith]

Homeowner's insurance is the short answer, in my case.

 

In terms of performance/recording, I also tend to have backups for anything I regularly depend on. You don't want to pass on a gig because your main, or ONLY Guitar needs work.

[surfergirl]

We don't have any expensive gear, but there are 3 of us so it adds up. The total is approximately $7000., our renters insurance covers us. My grandparents are going to sign the house over to me, then we can drop the renters and only have to pay the homeowners, which we are already paying.