Instrument Insurance Help

[tjmangum]

I have a rider on my State Farm policy for instruments and jewelry. Recently I updated my musical instrument list and values. Created a spread sheet with a picture of each one along with info and value. Took this to the local music store (I know the owner) and asked if he would look over the list and write me a cover sheet on his letterhead saying he has reviewed the values and they are reflective of the present market. Gave him a nice gift certificate.
I pay about $5 per thousand of value a year.

[JeffD]

I have Mercury Insurance. My agent said that my homeonwer's policy covers all my instruments for loss or theft up to $60,000, without the need to buy any riders on my policy. Unless you are a professional, there may not be a need to buy any additional insurance. If you are a professional musician, then you would need to buy a policy from Heritage or Anderson.

That is my understanding. Feel free to correct me if I am wrong.

Some policies consider you a professional if you ever took any money for playing. Even a free meal.

[Sue Rieter]

Some policies consider you a professional if you ever took any money for playing. Even a free meal.

Amica says this is not an issue. I'm reading the fine print. It's fine, and I'm old with bad eyes, so it's taking awhile.

[Mandobar]

Sue make sure that there is no depreciation on the coverage. As for appraisals, Jake would be able to give you a valuation, in writing for the vintage pieces, but reasonable replacement value on the Kentucky would be the current market price for a new one.

Keep an eye on the market so that you make sure to update your coverage every year.

[Denis Kearns]

I also have my car and house insured by USAA and talked with their representative yesterday. Although the website says everything must have an appraisal, he indicated that, for items under $15K, this is not initially necessary; HOWEVER, after a reported loss you need to supply the following: 1) An appraisal or bill of sale to establish value and 2) proof of ownership (such as a photo with you in it). It also seemed that they might have a little difficulty with instruments that are no longer in production, i.e., no easy replacement or in other words, all those wonderful Gibsons, Regals, Nationals, Harmonys, and (now) even Webers. I plan to get a Heritage policy. USAA has been excellent and very responsive to our family’s needs, but I think that Hertiage will afford me less potential hassle and more peace of mind.

[jherm]

they want an appraissal so you dont try and rip them off ..... also you should keep detailed pictures of all your instuments along with serial #'s ..the year it was made ,
just the usual stuff so if something does happen ...at least you will be compensated...... its the smart way to go.

[musicofanatic]

Thanks to all who posted their knowledge and experience here. What I took from this is that Heritage, Clarion and Andersen are the big three. I got quotes from all three and, not surprisingly, Heritage had the best coverage for my needs (professional, doing some travel) and the lowest premium. Just posting this in case anyone else is considering going through the same process and hoping I can save you the trouble!

[JeffD]

I have Mercury Insurance. My agent said that my homeonwer's policy covers all my instruments for loss or theft up to $60,000, without the need to buy any riders on my policy. Unless you are a professional, there may not be a need to buy any additional insurance. If you are a professional musician, then you would need to buy a policy from Heritage or Anderson..

Thing is the definition of "professional". This has gotten two friends of mine in trouble. And how they talk before you buy the insurance may be at odds with how they talk when you have to make a claim.

If you play a gig for money, a percentage of the house, or even pass the hat, you just might be a professional.
If you play a gig for reimbursed expenses, gas money, even for a charity, you just might be a professional.
If you get a free meal that the audience members had to pay for, you just might be a professional.

And when trying to make a claim for a lost, stolen, or broken instrument, I am usually not in the mood to play "have you ever".

[Richard500]

I don’t itemize household possessions, which could bite me sometime, but-
I discovered something interesting when the local power company was interested in eminent domaining my property. Having a mortgage, in this state the lien holder, that is, the bank, has sole authority to be the ‘owner’ in any legal proceedings. That is, a mortgage holder is not the owner! The ‘property’ seems to include anything on it. In this case, the bank was not interested in making a few bucks, and I was able to pay off the mortgage the same day, and therefore go to court. And, the conditions of our false ownership of a house include mandatory insurance coverage — to protect the bank.
Two years ago, a couple of really big oaks decided to crush part of my neighbor’s house: The profitable thing for the insurance company is not to fix the house, as it is old and modest, and not ‘worth’ the repairs, and the bank would rather own a valuable empty lot, so… my neighbors are still renting an apartment.