Instrument Insurance: fire & theft

[smilnJackB]

My mandos and guitars are my favorite possessions. They are more than that; they are like friends and companions. I know I should specifically insure them, but have not yet done so. How many of you mando folks have your instruments insured?
http://www.mandolincafe.net/iB_html/non-cgi/emoticons/rock.gif Jack
If you ain't having fun, you ain't playing.

[b.pat]

Just depends.
Most home owners will cover you up to a point. I think about $1000. After that you will need additional ins. This additional ins. is really cheap and well worth the piece of mind. I say Insure It
B.Pat http://www.mandolincafe.net/iB_html/non-cgi/emoticons/mandosmiley.gif

[Nick Triesch]

I can see getting extra insurance for your instruments but only on the ones that had adjustable truss rods, #dovetail neck joints and a tone bar brace system. #If i lost a Gilchrist for instance i would just write it off. #http://www.mandolincafe.net/iB_html/non-cgi/emoticons/biggrin.gif

[kuti]

Insure your instruments, for sure!

The musical arts policies exist just for this purpose and are not that pricey.

E-mail me off-line and I'll provide you with a reliable, reasonable, and knowledgeable insurer that many of us use.

[John Rosett]

if you insure them, read the fine print. i added a couple of instruments seperately to my homeowners insurance because they are worth more than $1000. they are not covered for professional use-like gigs and travel back and forth, teaching, etc. i imagine that you would have trouble geting money even if an instrument was stolen when out of your house.
john

[Peakbagr]

I was an underwriter for an insurance company for half my career. That means I was one of the folks who priced insurance on musical instruments and decided who we insured and who we didn't.
I'm still in the business right now, as a marketing rep for an insurance company. No profit for me whether you follow advice or not.

A few things to remember.
Homeowners or renters insurance generally has a limitation on musical instruments, and the things covered under a 1.Homeowners policy are either fire, vandalism, wind, hail etc. When you combine the narrower things that are covered with the value limit on Homeowners policies, you don't have very good coverage for valuable musical instruments.
2. Some Homeowners policies provide "all risk" coverage on the home's contents. All risk policies generally cover everything, there are exclusions and limitations as well as limits the policy will cover on such things as jewelry, furs, fine arts, silverware, cameras, firearms and musical instruments.
3. Most Homeowners policies also limit the amount of coverage that applies "off premises", meaning in your car, at a camp, at a jam, etc.

If you have good mandolins and guitars, and a number of them, you should ask your insurance agent for one of these options: A separate Musical Instruments policy, or a special rider on your Homeowners policy covering Musical Instruments.
These are often priced at between $1.50 and $2.50 per $1,000 of value per year.
That means a $100,000 schedule of instruments will probably cost you between $150 to $200 a year. While these riders have some limitations and exclusions, they are VERY broad. They generally coverage theft, fire, dropping, mysterious disappearance, away from your home or in-vehicle coverages...virtually anything that could normally happen to your instrument. The company will often ask for bills of sale or appraisals for high priced instruments. Unlike a Homeowners policy, these policies usually don't have a deductible, and in the event of a claim, they pay the amount of insurance on the schedule, and don't depreciate it as they would on the contents of most Homeowners policies.
There is a downside for professional musicians. Some of these riders will not pay a claim if the instrument is used professionally. The way around this is to pay a higher rate to take into account the greater exposure to loss your mandolins have in concert or bar settings.

[Bob DeVellis]

For many folks the cost and difficulty of getting good appraisals (especially on old, unusual instruments) is another barrier to getting a policy. Although some dealers will do one or two appraisals for free, they are usually reluctant to give written appraisals on, say, 10 instruments without a substantial fee. I don't blame them. But the cost can add up. I'm certainly not arguing against insurance, just pointing out one reason why many don't have it.

[f5loar]

Would not a specialist in covering musical instruments not need a current appraisal since they more than likely would go by current published guide books? Similar to insuring your old car. You may think your vintage car is worth double the blue book value since you put double into it but to insure it they will use the blue book value. There is a blue book value book on guitars and mandolins. I would also think that as time goes on every so often they would up your coverage to current market value thereby raising your rate.

[Bob DeVellis]

It's my understanding that appraisals are usually required. There are many, many instruments that Blue Books don't cover. In fact, it's the ones not covered that may be the hardest to replace if something happens, because of their scarcity. Those are also the instruments for which determining a fair market value is hardest because they so seldom change hands. What's an 1897 Howe-Orme Style 5 mandola worth? It isn't likely to show up in a Blue Book. Another issue is that Blue Book values are based on condition and originality, among other things. Once an instrument is gone, it might be hard to determine if it was a nice example or a cruddy example of a specific type. If the insurer were your local home/auto insurance company, they might come over and take a look when you signed up for the policy, but what are tha chances they'd have anyone knowledgable enough on hand to determine originality? I'm pretty sure that relying on a professional dealer's appraisal is the custom.

[Tbone]

I got a rider through state farm. I think its less than $20 per year, and it covers the cost to REPLACE the instrument, irregardless of its value. And, there are no exclusions - I could be playing a gig halfway around the world when it is stepped on, and its covered.

[Steven Stone]

Instrument insurance through specialists includes situations not covered under a homeowner's or car insurance policy, like:

1. Borrowed instruments (like the Gil that I'm currently playing, which has been loaned to me)

2. Instruments that you damage while they are not in your control (like the 40's D-28 you accidentally back into onstage and it falls over and breaks its headstock)

3. Instruments damaged during shipping (including instruments you are thinking of buying, or have just bought, or are returning after deciding not to buy)

[jaybee]

Do any of you insure with "Music Pro"? I have been insured there for a few years, modest cost...but I have never had to file a claim. How 'bout the rest of you?

[sbarnes]

funny, i was just thinking about insuring some (all, part, most) of my instruments when this thread appeared....
i do play professionally but most of the instruments i would want to insure (w/appraisal) are not ones that ever leave the house....
gruhns in nashville offers appraisals for $35 each...they will even attempt to do them online (w/pictures and descriptions)...i intend to take mine there....
my question - have any of you ever had to file a claim for musical instruments (lost, stolen, damaged) w/any insurer?

[Peakbagr]

Couple of additional points.
Those instruments that don't leave the house. Remember that Most Homeowners policies have a limit on how much they'll cover on musical instruments. The other thing to remember is that special policies or riders cover basically everything. It you drop it, if you dog knocks it off its stand, and lots of things you probably haven't thought about.
As to the $20 rider. How much is insured for that amount. Unless its a special musical instruments rider or policy, it will only cover about 1/2 of the perils you'd want to cover.

[Mandobar]

i have insurance just for my instruments. #most of my instruments are new, except for some older gibsons which i had appraised. #everything is insured for replacement value.

i think of it as piece of mind. (my car was stolen in 1996, the day after xmas. what a mess)