Gear Insurance

[veatch]

So, given the flood in Nashville and all got me and (i hope) a few others thinking on how well that Hamer "investment" is being protected.

I have a rider on my home owners insurance. Seems OK enough. Replacement value - for the vintage stuff i have quotes for regarding value. Should be OK, right?

Hmmmm... I'm thinking in case of a flood, i might have trouble. Floods are only insurable by NFIP? We're not in a flood plane, so i'm not even sure if we can get NFIP.

I remember Poe talking about the insurance he uses - specifically for music gear. I'm wondering if i need to step things up a bit and go that route.

So - Any thoughts on insurance? What do you use, and why?

Tanx.

[geoff_hartwell]

Check out Heritage. They'll treat you right.

http://www.musicins.com/

Geoff

[HSB0531]

As good as insurance can be, regarding a flood, it only pays you for damaged or destroyed gear. It won't prevent it from happening.

You could also invest in a Pelican cases. They're air tight, water tight, they're good in extreme temps. They even have multiple points for locks (with metal reinforcement).

You can drop them off a building or run them over.

Sure, they're heavier than a standard case, but hey!

[DavidE]

I use Heritage as well.

[Armitage]

This comes up often and people are still surprised to learn that even if you have a million bucks of home insurance with replacement value, your homeowner policy only covers collectibles, jewelery, art, stamps and musical instruments to a maximum, usually about 5 grand. About a Les Paul and a Marshall stack...

You MUST make special arrangements for more, if you have more them 5 grand worth of gear. It's a phone call to find out. And remember to ask the right questions. "Are my guitars covered" will get a yes... "Are my 6 grand worth of guitars covered" will usually get a NO. As will a "Is my gear covered when I play for money." If you play out, ever, you're a "pro" to them, and your gear is not covered by most homeowners insurance either, if they ask. If your gear is ripped off at a gig, and you say it was at a buddies place, that's fraud.

Also, flood insurance can mean different things in different States and countries. In some, flooding like rising water is not covered, just broken pipes and storm holes in roofs.

P.S. "I didn't know" never gets a check mailed out. They don't WANT to pay, and are happy to show you the fine print... later... and give you a sincere pat on the back, and heartfelt "I'm sorry speach..."

[edgar_allan_poe]

Heritage for me...Less than $400 a year gets me almost $45K worth of replacement insurance.

I have never had to file a claim, but Kiz has and he told me that it was a smooth transaction and he was more than happy with the result of the claim.

[currypowder]

+1 on Heritage.

[santellavision]

I just checked with Heritage to get a quote to compare with what I have now. Actually, State Farm (My insurance Co) is cheaper with better coverage for my special musical instruments Personal Articles policy. (So, ya'll might want to check that option too. Heritage wanted $280. vs. $210 for State Farm.

[DavidE]

I just checked with Heritage to get a quote to compare with what I have now. Actually, State Farm (My insurance Co) is cheaper with better coverage for my special musical instruments Personal Articles policy. (So, ya'll might want to check that option too. Heritage wanted $280. vs. $210 for State Farm.

Does your State Farm policy cover your gear if you use it to make money? Does it provide cargo coverage? Does it provide coverage for dimunition of value? Does it provide replacement cost coverage even if you don't replace? Does it have a $0 deductible? I'd like to see the terms of the policy and compare.

[edgar_allan_poe]

Does your State Farm policy cover your gear if you use it to make money? Does it provide cargo coverage? Does it provide coverage for dimunition of value? Does it provide replacement cost coverage even if you don't replace? Does it have a $0 deductible? I'd like to see the terms of the policy and compare.

Bingo

[atquinn]

I go through a ridiculous number of guitars a year, although the overall amount of money I have in guitars a given time stays fairly constant. How easy is it to update a policy from a place like Heritage each time you buy/sell a guitar?

-Austin

[edgar_allan_poe]

I go through a ridiculous number of guitars a year, although the overall amount of money I have in guitars a given time stays fairly constant. How easy is it to update a policy from a place like Heritage each time you buy/sell a guitar?

-Austin

Very simple. You just e-mail or call and tell them what to add with a detailed description and value and tell them what to take off. The policy is adjusted accordingly almost immediately.

[DavidE]

Yup, I just emailed Colleen at Heritage today to add a Mesa Transatlantic that's being shipped to me. 2 weeks ago I sent her an email adding a few and deleting a few. It's really THAT easy.

[veatch]

This comes up often and people are still surprised to learn that even if you have a million bucks of home insurance with replacement value, your homeowner policy only covers collectibles, jewelery, art, stamps and musical instruments to a maximum, usually about 5 grand. About a Les Paul and a Marshall stack...

You MUST make special arrangements for more, if you have more them 5 grand worth of gear.

Excellent point - at the very least, have a rider on your home owner's that lists the gear and the coverage. (which is what i do currently...)

I'll be looking into Heritage this week, and then reviewing it with my reg'lar insurance guy.

BTW - does Heritage cover on flood damage?

Thanks a lot, folks.

[Uncle Thor's Hamer]

BTW - does Heritage cover on flood damage?

I can't answer for Heritage specifically. But I looked into another company last year who offered "all hazard" insurance. Basically they cover any possible scenario of loss, damage, or theft. I think the only exception of note was gear stolen from an UNlocked vehicle. I think there were the usual exceptions for acts of nuclear war. But basically they cover any normal situation. Our State Farm policy doesn't cover a lot of situations such as playing for money (as already mentioned by someone else). Homeowner's has a high deductible, low total limit, and may not cover your stuff stolen or damaged in someone else's place or car.

For up to about $17K of insurance the cost was around $150 per year. This thread is a good reminder that I need to call them back and sign up.

[santellavision]

My State Farm coverage covers full cost of what I list the items as. Travel is included as is shipping when I sell an item. The Heritage guy sounded a bit hesitant at claims when insturments are in a car as well as using them professionally. That made me nervous.

My coverage now is really easy to change, I just call them to delete an item and drop off pics with a description, value when adding. They also add any items I have including audio gear. Note that Heritage does not cover computer or computer-related gear. (sounds like a reason to deny a claim as so much gear is computerized like a AxeFx processor or Digidesign Eleven.

The dude at Heritage was very nice, but my current coverage and rate is slightly cheaper. (It might be because I have multiple policies for over 20 years with SF) And there is no deductible for my policy.

[edgar_allan_poe]

Ernie, glad that State Farm worked out for you. I have no idea who you talked to at Heritage but they should be fired...LOL!! That company *specializes* in musical instrument insurance for professional musicians, and as such, every single thing he was unsure of is absolutely covered. The only thing that will not be covered is a piece that is stolen from an unlocked car and I doubt anyone would cover that.

I also doubt that the "computer related" coverage information that the agent gave you is correct. If it *is* correct then they wouldn't cover any keyboards as they are essentially the same thing as your AxeFX. I know for a fact that they *do* cover those things as my keyboard player has the same insurance i do and all of his digital equipment is covered. My guess is that they won't cover that piece if it fails but would cover it if it is stolen or damaged by a fire or flood or....

[Scott Peterson]

I've used Heritage for years and never been disappointed. I've had one claim, was handled very quickly and very professionally.

Highly recommended.