Gear insurance for musicians?

[Inazone]

Someone over on the Hamer Fan Club board posted about gear insurance, and www.musicproinsurance.com was the first company mentioned. I used their online quote generator and could get every piece of gear I own covered for $200 per year. Just wondering if anyone has used MusicPro or any other similar company. I have renter's insurance, but I have serious doubts that it'd really cover my gear as I have enough guitars and amps to be considered "collectibles".

[buzzsaww]

Re: Gear insurance for musicians?

Renter's insurance probably won't cut it. Call your insurance guy/gal and discuss specific needs. I'll bet you they will cover what you need, though it does vary by state. I use American Family and my guy says no problem to let him know when I want a specific policy written.

[Mrs Tekky]

Re: Gear insurance for musicians?

When it comes to musical instruments, basic homeowner's or renter's insurance won't cover them. You need to get a rider. The rider can be adjusted for any person's needs. It usually includes a list of everything you wish to cover, pictures are always good too. Jewelery is the same way - so for your wife's diamond to be totally covered - you need a rider. Absolutely talk to your insurance agent. They can help you. By keeping it all with your agent, it saves you from have to make multiple claims for the same incident (for example - the house burns down - you have to contact your homeowner's insurance and the music insurance). Let me know if you need or want more info.

[YetAnotherOne]

Re: Gear insurance for musicians?

[ QUOTE ]
When it comes to musical instruments, basic homeowner's or renter's insurance won't cover them.

[/ QUOTE ]

Normally that's true but I recently re-insured with Farmer's and they now cover musical instruments to the policy limits with no restrictions on their homeowner's / renter's policies here in California (and I assume elsewhere). My agent thought I needed a rider but when he called corporate to find out what to do they told him that they'd just removed restrictions on musical instruments and that no rider was needed. My only concerns were fire & theft from my home so I didn't ask about gigging or traveling with gear but I'd imagine that those uses might require a different policy.

[Mrs Tekky]

Re: Gear insurance for musicians?

Go Farmer's Insurance! Most companies still have a limit though - like $1000 coverage on musical instruments. That is because of the worth of the instruments. Most people don't have huge amounts of instruments laying around. Always tell them the worth of your instruments and have proof of what you have. Remember that the total worth on your homeowners/renters insurance is the total of what you have - so if you lose everything you own and have $30,000 renter's insurance - that's the total amount that you may get to cover everything. If they determine that the reason for the destruction was not your fault. So if you do not give them an accurate picture of the worth of your guitar's, amps, etc and then try to get their full worth, you probably won't get it. Have proof of what you have and be honest. This is from someone that work in insurance for 6 years and has an Associates in General Insurance and a certification in Insurance Services. Each insurer is different, but you still have to provide them with the actual worth of your items. And watch whether your policy covers actual worth or replacement cost - that can screw you.

[Inazone]

Re: Gear insurance for musicians?

MusicPro coverage is based on replacement cost, and covers the gear whether it is at home, the studio, venue or in a vehicle. I haven't checked with any other companies that specialize in music equipment insurance yet. The issue with my current insurance company (Allstate) is that last time I checked, the coverage only applied as long as the gear was at home or in my vehicle. There is also the matter of the total amount covered. Although I got good deals by buying used gear, the replacement value is at $20K and not likely to decrease. Far more than the rest of my earthly possessions combined.