guitars & insurance

[pebber]

who has an insurance running to cover his precious collection against damage or loss? at which company and rates ($.. per $ 1.000 insured)?

[JRE]

Re: guitars & insurance

Not me, but I would expect that a homeowners or renters insurance policy could be written to cover a collection.

Not unlike a rider for jewelry/wedding rings etc.

Good question...........

[horns666]

Re: guitars & insurance

Most house insurance won't cover ...collections of things as cds , guitars , gear...you do need to get a sepreate rider for that stuff...I checked into it plaenty of times..

I have at least a 30 thousand dollar metal collection...if that goes bye bye...it's gone...it won't be covered..

[Ozz666]

Re: guitars & insurance

I've actually been in the process of gathing/putting together the necessary information for my ins. co. to get everything covered. I'll let you know what it turns out to be....although I'm in the states.

[neilli]

Re: guitars & insurance

I'm in the UK, and pay 1% of the value of the guitars etc, as long as they're in the house. My insurance company require a full inventory with values of each item.

[Deneb]

Re: guitars & insurance

This is what my home owners company "Allstate" says about this. I asked this question a few months back.

I asked, "are my guitars and amplifiers, and things of that nature covered under my home owners policy?"

They asked the value, and when I told them, they said no.

I said "I've got 90,000$ personal property replacement coverage...my belongings are not worth that much...meaning I'm within range on my coverage."

They said that since it's SPECIALIZED equipment, that it needs to be scheduled.

I said "What makes it specialized? It's a personal belonging, it's just like my couch, or my TV?"

She had to call me back on it, but she called back to say,

"As long as it's in your home, or your locked garage, it's covered, regardless what it is. Musical instruments do not need to be scheduled."

I said, well can I purchase insurance on my guitars, so that when I play a show, if something happens, I'm covered?

They said that either 5 or 10% (I can't remember) personal property protection covers those belongings, EVEN when they are away from the home.

It is my contention that, if it's in YOUR house and YOU are paying insurance, it should be covered.

[shreddermon]

Re: guitars & insurance

...But many companies' homeowners policies specifically EXEMPT musical instruments from coverage. I'm sure that varies by company, but it's probably more often true than not.

I have a rider with Nationwide, but it's not cheap. To keep the cost down I put my most valuable guitars on the rider, but not all of them. Even then, the rider exempts coverage if the instruments are used "professionally".

[mudkicker]

Re: guitars & insurance

Deneb you are correct about Allstate up to a point. I used to work for Allstate. I helped an aget from Chicago add on a 1959 Les Paul to Billy Corrigans(sp) policy.
The average guitar player most likely would not exceed their peronal property replacement coverage in the event of a loss. But big collectors with high dollor guitars could exceed that amout with just one of their guitars. They do have to provide an inventory sheet showing the appraised value of each individual item. If I had a collection like Bret, Brett, or Trace I would have a rider covering my collection.

[guitarsjb]

Re: guitars & insurance

I want to insure my guitars and equipment also, but because I live in a hotel (I'm the manager) NO ONE will cover me. They say it's too risky. We live in an apartment here, it's not like it's one room. My boss is checking with his insurance company to see if I will be covered that way. It sucks.

[Big D]

Re: guitars & insurance

I am also insured by Allstate. My agent just told me a couple weeks ago that as long as I get copies of receipts and/or proof of value of my guitars in her "file", that I'd be covered under my home owners policy.

I hope she's right because with 14 guitars now, I'd hate to not have them covered....

[YetAnotherOne]

Re: guitars & insurance

You *really* have to watch homeowner's & renter's policies as most specific and very low limitations (usually in the low single-digit thousands of dollars) on things like computer equipment, jewelry, fine arts, musical instruments, etc. Generally that'll force you to obtain a separate and very expensive rider for anything over the minimal coverages in your general policy.

After speaking with many companies I finally settled on a new policy with Farmer's Insurance that has no limit on musical instruments. I couldn't believe it so I made my agent get confirmation in writing from their underwriters and, at least here in California, that's actually the case. The cost was negligible, around $2.50 per $1000 coverage annually. The best quote after that was around $8.00 / $1000 annually with other companies that would have required separate riders or "fine arts" policies quoting $20 - $50+ per $1000 coverage annually.

The only downside is that separate riders usually cover your gear against loss or damage anywhere on the planet regardless of the use you're making of it. The homeowner's & renter's policies I've had usually exclude commercial use and sometimes don't have great coverage if something happens to your gear at a location other than the insured address.

[j2379]

Re: guitars & insurance

[ QUOTE ]
I want to insure my guitars and equipment also, but because I live in a hotel (I'm the manager) NO ONE will cover me. They say it's too risky. We live in an apartment here, it's not like it's one room. My boss is checking with his insurance company to see if I will be covered that way. It sucks.

[/ QUOTE ]

see if you can get renters insurance, thats what i did. it was $250 for like $25000 in coverage. covers everything in the APT, tho for the guitars everything needs to have written apraisals. im not sure but it may work for you i dont know how it works in hotels but in APT complexs thats what they do in NY.

& yes home owners insurance doesnt cover most collectables unless you add it on

[guitarsjb]

Re: guitars & insurance

[ QUOTE ]
[ QUOTE ]
I want to insure my guitars and equipment also, but because I live in a hotel (I'm the manager) NO ONE will cover me. They say it's too risky. We live in an apartment here, it's not like it's one room. My boss is checking with his insurance company to see if I will be covered that way. It sucks.

[/ QUOTE ]

see if you can get renters insurance, thats what i did. it was $250 for like $25000 in coverage. covers everything in the APT, tho for the guitars everything needs to have written apraisals. im not sure but it may work for you i dont know how it works in hotels but in APT complexs thats what they do in NY.

& yes home owners insurance doesnt cover most collectables unless you add it on

[/ QUOTE ]

Yeah, we tried that. No one will do it. Or I should say their underwriters won't.

[pebber]

Re: guitars & insurance

[ QUOTE ]
It is my contention that, if it's in YOUR house and YOU are paying insurance, it should be covered.

[/ QUOTE ]

yes.. that is the reason why I asked.. I do have one dedicated which costs me about $500 for a total insurance amount of approx $30.000 but don't covers outhouse activities..?! so, I spoke with this insurance guy and he told me the low value guitars to have them included in the general property insurance and the high value ones seperately.. also, the actual problem is each time a guitar moves out or in, I have to make some sort of adaptation.. a lot of administrative work.

[Venomboy]

Re: guitars & insurance

My homeowners covers $10000 worth of musical equipments and also states it will cover up to $5000 per instrument for a $10000 cap. My agent told me I could buy a rider if I wanted more coverage.