Musical instrument insurance

[jaibeau]

Anyone got the tips on this?

[Passinwind]

Start with the stickied thread in this very forum.

[soulman969]

Originally Posted by jaibeau

Anyone got the tips on this?

By all means read what has already been posted but in a nutshell your homeowners or renters policy will cover it as long as it's not used for professional purposes (play for pay). If that's the case then you'll need additional coverage for that. Contact your insurance agent.

[jaibeau]

I have Allstate. It's like you said, non pro use, problem...it's pro use and they know it. Plus, I have a 1% deductable $3000, not gonna happen. My agent is looking around for me, just thought I'd throw out a line here and see what I catch. So far music pro ins? Murz huber?

[One Bad Monkey]

I have a "Professional Article Policy" on my instruments through State Farm. I'm paying around $200 annually for a $50 deductible that covers EVERYTHING. The hardest part for me was that anything over a certain monetary value they wanted proof that I wasn't just making up the worth. Luckily for me I had just bought my Warwicks so sending them the invoice covered that.

It's a lot easier to get one than most people think.

[TNCreature]

Look Up

[funk_in4]

I realize that there is already a thread about this, found through the link provided above- I just don't have the time to research posts dating back to 2000 at the moment to see if this aspect was covered.
Speaking from experience, the easiest and least troublesome option for me was to insure my gear with a company affiliated with the Canadian AFM branch. Being a Canadian member of the AFM provides the opportunity to obtain world-wide coverage through a company here in Canada called HUB International. I've been with them for many years, have had to make a claim- all in all, it has been a hassle-free relationship. Cost is comparable or less than what a home insurer would charge to cover my gear "only if it is damaged or stolen from my home" (which amounts to $27.50/yr per $1,000.00 of coverage on stated replacement value), as my home insurer specifies in that type of coverage...and the deductible is about 90% lower than the deductible on my homeowner's policy. This is one of the best perks to belonging to the AFM, along with their killer pension plan. And FYI...I am not necessarily an advocate for the AFM...I am definitely an advocate for professional musicians.

[jaibeau]

Originally Posted by One Bad Monkey

I have a "Professional Article Policy" on my instruments through State Farm. I'm paying around $200 annually for a $50 deductible that covers EVERYTHING. The hardest part for me was that anything over a certain monetary value they wanted proof that I wasn't just making up the worth. Luckily for me I had just bought my Warwicks so sending them the invoice covered that.

It's a lot easier to get one than most people think.

Yea, Allstate doesn't have that. And the murz huber only cover intruments, not amps, PA, etc...

[jaibeau]

Originally Posted by funk_in4

I realize that there is already a thread about this, found through the link provided above- I just don't have the time to research posts dating back to 2000 at the moment to see if this aspect was covered.
Speaking from experience, the easiest and least troublesome option for me was to insure my gear with a company affiliated with the Canadian AFM branch. Being a Canadian member of the AFM provides the opportunity to obtain world-wide coverage through a company here in Canada called HUB International. I've been with them for many years, have had to make a claim- all in all, it has been a hassle-free relationship. Cost is comparable or less than what a home insurer would charge to cover my gear "only if it is damaged or stolen from my home" (which amounts to $27.50/yr per $1,000.00 of coverage on stated replacement value), as my home insurer specifies in that type of coverage...and the deductible is about 90% lower than the deductible on my homeowner's policy. This is one of the best perks to belonging to the AFM, along with their killer pension plan. And FYI...I am not necessarily an advocate for the AFM...I am definitely an advocate for professional musicians.

What's AFM

[One Bad Monkey]

Originally Posted by jaibeau

Yea, Allstate doesn't have that. And the murz huber only cover intruments, not amps, PA, etc...

So switch insurance carriers to one that DOES have that policy.

Originally Posted by jaibeau

What's AFM

American Federation of Musicians, or the Musicians Union.

[jaibeau]

Originally Posted by One Bad Monkey

So switch insurance carriers to one that DOES have that policy.

American Federation of Musicians, or the Musicians Union.

I have three cars, home and boat with Allstate, ain't gonna happen-

[One Bad Monkey]

Originally Posted by jaibeau

I have three cars, home and boat with Allstate, ain't gonna happen-

You can still get a policy from a different company; there's no exclusivity My home and two cars are not with State Farm; I check rates fairly regularly.

[jaibeau]

Originally Posted by One Bad Monkey

You can still get a policy from a different company; there's no exclusivity My home and two cars are not with State Farm; I check rates fairly regularly.

Ok, well I'll chk it tmrw, thx-

[TheBear]

I go through State Farm and had just found out a few months ago that my current policy only covers the "depreciated amount" of my musical instruments. From how it was explained to me, they would only pay me a certain depreciated amount for my gear based on how old it was, how much it cost (retail) and a percentage of it's value knocked off for each passing year. Any of us that know musical gear know that certain items don't have a depreciated value on the actual market.

Thanks to this realization, I'm looking into other policies of paying an annual 5% of overall value for total replacement value, or maybe joining the musician's union to take advantage of more comprehensive coverage.

[ggunn]

Originally Posted by TheBear

I go through State Farm and had just found out a few months ago that my current policy only covers the "depreciated amount" of my musical instruments. From how it was explained to me, they would only pay me a certain depreciated amount for my gear based on how old it was, how much it cost (retail) and a percentage of it's value knocked off for each passing year.

So, my early 60's Strat, my mid 70's Les Paul, my mid 60's Deluxe Reverb are worth... nothing?

[JTE]

Originally Posted by ggunn

So, my early 60's Strat, my mid 70's Les Paul, my mid 60's Deluxe Reverb are worth... nothing?

According to most homeowners' insurance policies, yes. Even if you THINK it's covered ("I don't make much money at it", "It's only a few times a year", etc.) it ain't covered if they think there is any hint of the gear being exposed to professional use. Do you play for your church and get a small check for your time? Then your gear is professional and your homeowners'/renters' policy won't cover it, but they'll gladly take your premium money.

Talk to your agent, be honest and up front about the use, and find a policy that's specifically geared to covering professional musical instruments, and pay close attention to the replacement valuation.

In the 30 years I was gigging, I had an "Inland Marine" rider added to my homeowner policy. My insurance company (Country Mutual) did not underwrite the policy, but they administered it along with all my other insurance. My wife was an underwriter at Country when I first got the policy. When she moved to State Farm (I'm in SF's home town), we checked into getting all our insurance from The Farm, but they would NOT give us real professional musical instrument coverage so we stayed at Country.

John
John

[TheBear]

Originally Posted by ggunn

So, my early 60's Strat, my mid 70's Les Paul, my mid 60's Deluxe Reverb are worth... nothing?

Not nothing, but you aren't likely to get the $15,000ish value of that 60's strat that you would get from a collector or on the open market. This was how my agent explained it to me anyways.

[whitespike]

How do you get an estimate on what your gear is worth? Not really sure ebay is a good indicator.

[Floyd Eye]

Companies like Heritage will write a policy, which you and they come to an agreement on what your gear is worth when you write the policy and that is what they pay out. Most of their policies have no deductibles. I am waiting on a quote from them right now. Also, I just got a quick quote from a company called Clarion. To insure 20k worth of gear the premium is about $175.

[One Bad Monkey]

Originally Posted by whitespike

How do you get an estimate on what your gear is worth? Not really sure ebay is a good indicator.

Depending on what's available in your area, some music stores offer appraisals. I know Elderly Instruments does it for a decent fee, but then again, you're not going to take a Squier VM bass in to get evaluated.