Insurance that covers your instrument?
Discuss or advise if u have something useful.
Homeowners does not cover gear.
Does anyone have?
-
Killjingle
- Diamond Member
- Posts: 1714
- Joined: Tuesday Dec 10, 2002
- Location: Elton
- Contact:
-
Little Devil Girl
- Gold Member
- Posts: 114
- Joined: Friday Dec 29, 2006
-
floodcitybrass
- Platinum Member
- Posts: 527
- Joined: Thursday Jan 30, 2003
Check your policy.
Your gear is personal property if it is kept in your house.
My mother recently experienced a flood from broken water heater and it covered all personal property including her 50 year old accordian.
If you rent, you will need to purchase renters insurance. If you are a home owner, simply read the policy. The deductible for a flood (vi accidental water line breakage) is usually $1000 to 3000. But 6" of water on your floor can easily do $50,000 in damage.
If your gear is stolen from your car, insurance typically does not cover it unless you add it to your policy.
Your gear is personal property if it is kept in your house.
My mother recently experienced a flood from broken water heater and it covered all personal property including her 50 year old accordian.
If you rent, you will need to purchase renters insurance. If you are a home owner, simply read the policy. The deductible for a flood (vi accidental water line breakage) is usually $1000 to 3000. But 6" of water on your floor can easily do $50,000 in damage.
If your gear is stolen from your car, insurance typically does not cover it unless you add it to your policy.
-
Killjingle
- Diamond Member
- Posts: 1714
- Joined: Tuesday Dec 10, 2002
- Location: Elton
- Contact:
-
metalchurch
- Diamond Member
- Posts: 3719
- Joined: Friday Feb 09, 2007
- Location: Somerset
Chad, possibly dude. I had renter's insurance, and I believe that my gear was also covered. We were only insured for $20,000 which is kind of low for 2 people's entire belongings.
I'm not sure if there is a 'cap' on how much you can insure if you rent?
I'm not even sure on all of the details really, but I'm certain that my gear was included.
Other that the only insurance I have is the people's elbow and a claw hammer.
I'm not sure if there is a 'cap' on how much you can insure if you rent?
I'm not even sure on all of the details really, but I'm certain that my gear was included.
Other that the only insurance I have is the people's elbow and a claw hammer.
I think this is one of those sticky situations, I know a guy that had his basement flooded and ruined his amp and guitar. Lets just say he really made out by getting a rather substantial estimate for an old kramer and a small practice amp. However he never used his equipment to make money.......... this is where you could get screwed. I had an insurance guy tell me if it was used to make a profit it wasn't covered under homeowners. If it was damaged in your house you may get it covered as your hobby, if it gets damaged or stolen on the road you may get the shaft. Definalty a good subject and worth everyone looking into.
Don't bitch to me about the economy while you're still buying Chinese products.
-
Killjingle
- Diamond Member
- Posts: 1714
- Joined: Tuesday Dec 10, 2002
- Location: Elton
- Contact:
Ins. on band gear...
We practice at my house. I have the band, 5 guys, and the PA gear, which is owned by me, at my place. I had to buy "extra" insurance. Even though my homeowners will/would cover it. It wouldn't cover the whole cost for "new"... It wouldn't cover for depreciation of the gear. So, I got a small policy to cover the rest. Which costs me next to nothing. I'd hate for my house to burn down or something. And everyone else lose there gear. And only be able to give them $100 to by new gear. I'd feel like a total piss ant!!!
Kickin' like a one legged chicken....
-
DirtySanchez
- Diamond Member
- Posts: 4186
- Joined: Tuesday Feb 14, 2006
- Location: On teh internetz
- Contact:
That's unheard of.Killjingle wrote:I think the insurance company is trying to fuck me around
My shit is covered by my homeowners.
Now if you're making so much that clubs are sending you tax forms at the end of the year, i don't know what's covered then.
"You are now either a clueless inbred brownshirt Teabagger, or a babykilling hippie Marxist on welfare."-Songsmith
-
Killjingle
- Diamond Member
- Posts: 1714
- Joined: Tuesday Dec 10, 2002
- Location: Elton
- Contact:
Gear Ins...
Yes.... It was very little to pay, for my own peace of mind... But I do have everything thru the same Ins Co... So that factors in as well... 
And now that I think about it. I think it would cover my personal gear. But not 100% of the rest, of the crews stuff.... That's why I had to get the small policy... But it is worth every penny to me. "Just in case".... 
And now that I think about it. I think it would cover my personal gear. But not 100% of the rest, of the crews stuff.... That's why I had to get the small policy... But it is worth every penny to me. "Just in case".... Kickin' like a one legged chicken....
I used to sell homeowners and auto insurance and musical instruments are always a sticky situation with insurance companies just like collectibles, antiques, professional sports equipment, artist equipment, etc.
1st - If you do not have a U.S. government flood insurnace policy and your house is in a flood, your homeowners insurnace DOES NOT cover floods anywhere. A water pipe break is a different story and not considered a flood and is covered by your homeowners insurnace as water damage. These are two completely different things in the eyes of insurance companies.
If you have musical equipment that is very valuable or collectible like a vintage guitar or amp, a grand piano, old violin, etc., you can list them separately on a rider on your homeowners policy for a stated value and pay the premiums per item accordingly. That way, it they are lost, stolen, or damaged, you will receive the stated value on a claim instead of a depreciated value. It is worth it if you have much invested. However, you may want to check on your deductible amounts and consider insuring the items separately with no deductible. There is no sense in having a $500 or $1,000 deductible if one item is affected that is worth $700.
Using equipment for a business (which is what most of us do) creates many different scenarios for insurance companies because we continually remove the items from our homes and create what is known in the insurance business as "risk" in that it can be lost, stolen, or damaged in transit, in storage, at a venue, during a performance, etc.
Many years ago, I purchased musical equipment insurance through a company that specialized in that and it paid off for me. We were doing a gig at a ski resort and during our performance, there was a power surge in the building and it fried a very expensive P.A. power amp I owned. I filed a claim and had to provide proof of what happened as well as have a qualified repair technician provide documentation that the amp was damaged due to a power surge and could not be repaired. I received a payment for the full covered amount less my deductible and I was able to purchase a new power amp. However, after I got paid, the insurance company increased my premiums.
One company that specializes in musical equipment, antique, collectible insurance is called Chubb Insurance Company.
Before you do anything or assume anything is covered or not and under what circumstances, I would highly recommend you contact your insurance company that you have your homeowners or renters insurance with as well as your auto insurnace.
1st - If you do not have a U.S. government flood insurnace policy and your house is in a flood, your homeowners insurnace DOES NOT cover floods anywhere. A water pipe break is a different story and not considered a flood and is covered by your homeowners insurnace as water damage. These are two completely different things in the eyes of insurance companies.
If you have musical equipment that is very valuable or collectible like a vintage guitar or amp, a grand piano, old violin, etc., you can list them separately on a rider on your homeowners policy for a stated value and pay the premiums per item accordingly. That way, it they are lost, stolen, or damaged, you will receive the stated value on a claim instead of a depreciated value. It is worth it if you have much invested. However, you may want to check on your deductible amounts and consider insuring the items separately with no deductible. There is no sense in having a $500 or $1,000 deductible if one item is affected that is worth $700.
Using equipment for a business (which is what most of us do) creates many different scenarios for insurance companies because we continually remove the items from our homes and create what is known in the insurance business as "risk" in that it can be lost, stolen, or damaged in transit, in storage, at a venue, during a performance, etc.
Many years ago, I purchased musical equipment insurance through a company that specialized in that and it paid off for me. We were doing a gig at a ski resort and during our performance, there was a power surge in the building and it fried a very expensive P.A. power amp I owned. I filed a claim and had to provide proof of what happened as well as have a qualified repair technician provide documentation that the amp was damaged due to a power surge and could not be repaired. I received a payment for the full covered amount less my deductible and I was able to purchase a new power amp. However, after I got paid, the insurance company increased my premiums.
One company that specializes in musical equipment, antique, collectible insurance is called Chubb Insurance Company.
Before you do anything or assume anything is covered or not and under what circumstances, I would highly recommend you contact your insurance company that you have your homeowners or renters insurance with as well as your auto insurnace.
Last edited by moxham123 on Tuesday Jul 15, 2008, edited 1 time in total.
