renters insurance?

Linas · #1 08-20-2011, 01:26 PM

I am moving into an apartment on the ground floor which is going to increase the chances of my place being broken into. I do want to make sure that my basses among other things are protected in case such an incident did happen. Does anyone have renters insurance? If so, how much do you pay, who is it with, and what else can you tell me about protecting your gear?

Unrepresented · #2 08-20-2011, 01:35 PM

I have mine through State Farm. Numbers will obviously vary with location and the amount insured, but mine's ~$140/year.

I also use State Farm for my auto so having a renter's policy gives me a discount on that. While I don't break even, I get a decent amount of additional peace of mind for only a small cost. I'm debating increasing the policy to have a zero deductible list on my gear in case it's damaged or stolen. I was quoted another ~$35/year to avoid having a $1000 deductible on it -- in other words, the difference between having a bass stolen and getting nothing, or having a bass stolen and getting it completely replaced.

dullsilver_mike · #3 08-20-2011, 01:36 PM

I think I paid a whopping $15 a month (and got a $10 discount to my auto insurance for buying a second plan from the same agency) for 20k worth of coverage. I used state farm and I might be slightly off on the numbers here, but it was pretty much non-existent for minimum coverage ($20k) by the time I got a multiple policy discount. It has to be the lowest cost to benefits ratio of any type of insurance policy out there and is definitely worth getting IMO.

Granted, I never had to file a claim, so I can't vouch for how good SF is on the customer service and claims end.

bassguppy · #4 08-20-2011, 01:39 PM

Quote:

Originally Posted by Linas

I am moving into an apartment on the ground floor which is going to increase the chances of my place being broken into. I do want to make sure that my basses among other things are protected in case such an incident did happen. Does anyone have renters insurance? If so, how much do you pay, who is it with, and what else can you tell me about protecting your gear?

Formerly had renters (now homowners) insurance w/$25,000 policy. You may need a rider to cover your music gear. Cost was cheap, less than $200 year with State Farm.

Pilgrim · #5 08-20-2011, 01:57 PM

Renters' insurance is CRITICALLY important. You NEED it.

But good point above - you may need a rider for musical instruments used outside the home.

tekdiver500ft · #6 08-20-2011, 02:25 PM

Do NOT go without renter's insurance. I'm with State Farm, and pay something like $600/year, but I have a crap ton of coverage, so it's actually quite inexpensive per $ of coverage. You will need a rider to cover musical instruments taken outside the home.

JimB52 · #7 08-20-2011, 02:28 PM

Renter's insurance is well worth the cost, but there are limits on losses to items like fine art, jewelry and musical instruments unless you cover them individually at an increased premium.

1958Bassman · #8 08-20-2011, 02:29 PM

Quote:

Originally Posted by Linas

I am moving into an apartment on the ground floor which is going to increase the chances of my place being broken into. I do want to make sure that my basses among other things are protected in case such an incident did happen. Does anyone have renters insurance? If so, how much do you pay, who is it with, and what else can you tell me about protecting your gear?

If you're a working musician, you'll need to insure your gear separately.

Get insurance with guaranteed replacement cost coverage, or they'll depreciate the value of anything you lose.

tekdiver500ft · #9 08-20-2011, 02:50 PM

Quote:

Originally Posted by 1958Bassman

If you're a working musician, you'll need to insure your gear separately.

Get insurance with guaranteed replacement cost coverage, or they'll depreciate the value of anything you lose.

Good point. If you are making money, then they consider it a business, so you'll need business insurance.