Rehearsal space insurance

[stratovani]

There's something I want to bring up at our next rehearsal, and that is insurance against fire, theft, or other calamities. We leave a lot of gear at our space, and I'll be bringing up most of my gear that I now keep at home once my wife and I move out of our present home. At the present time we're not covered for any kind of damage, and I'd hate to lose my gear, and I'm sure it's the same as the other guys in the band, stuff like PA, drums, keys, amps, and so on. Can someone advise me on insurance matters - type, policies, costs, and so on?

 

[Stumbo]

Here's a link to a recent thread on topic:
Gear Insurance

 

[okcrum]

There's something I want to bring up at our next rehearsal, and that is insurance against fire, theft, or other calamities. We leave a lot of gear at our space, and I'll be bringing up most of my gear that I now keep at home once my wife and I move out of our present home. At the present time we're not covered for any kind of damage, and I'd hate to lose my gear, and I'm sure it's the same as the other guys in the band, stuff like PA, drums, keys, amps, and so on. Can someone advise me on insurance matters - type, policies, costs, and so on?

You don't insure the space, you insure the instruments and gear regardless of location. Don't rely on homeowner's, renter's, car, or venue insurance riders to come through when you need them. Get dedicated MI insurance.

Here's a quote from the thread @Stumbo pointed to concerning insurance through the AFM. There are also independent companies if you don't want to join the union. There's also a sticky on insurance that 's a better place to start, since it filters most of the homeowner insurance noise:

From afm.org:
[Invalid or Expired Link Removed]

One can insure about $20,000 a year for about $225, full replacement value.

Wally

 

[buldog5151bass]

Depends a lot on what the space is - someone's house, commercial unit, etc.

 

[stratovani]

Depends a lot on what the space is - someone's house, commercial unit, etc.

It's on the second floor of a three-floor commercial building. There are some small offices around us, and a Dominos Pizza on the first floor. The offices are empty at night, so our fairly loud music doesn't bother anyone.

 

[Downunderwonder]

Be sure to mention the Domino's below. Food = fire risk. The place could fall down in an earthquake and some insurance companies will even decline on the basis of lack of disclosure.

 

[40Hz]

A few things:

1. When dealing with insurance professionals, don't try to be clever or do their jobs. Give them a list of what you want to insure and spell out what you're going to be doing with it. Let them ask you their usual 20 questions, and respond truthfully and accurately to each one. They will then tell you what documentation you need to provide, how much and what types of coverage you can get, what restrictions and limitations there are, and how much it will all cost you.

These folks get paid (indirectly by you) to do this. Let them do their jobs.

2. Get more than one quote.

3. If you ever do need to file, don't try to play games with these people and pad your claim. There's little if anything they haven't heard or seen before. They take fraud seriously. And 90% of the time, any jive move you try to pull on them will come back to haunt you.