I would like to get my nice Rigel insured. How does one go about this? Any suggestions for policies?
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I would like to get my nice Rigel insured. How does one go about this? Any suggestions for policies?
I've used Clarion Insurance for about 10 years. They have been excellent to deal with as my listed instruments has changed quite a lot over that time. That being said, I have not filed a claim with them.
I added my mandolins and guitar to my homeowner's policy. Fairly reasonable rates too.
Heritage- $200/year minimum premium. Great to work with.
I added all my musical instruments to a Valuable Personal Property policy with my home owners insurance company. I have roughly $8,000 of coverage at a cost of about $25.00/yr. They are covered at home, and anywhere I go. Lost, broken, or stolen, they are covered. This type of policy is usually very cheap, and probably worth it.
Heritage here, for years. The coverage is very good, and the people are a delight to deal with.
Be careful on homeowner's or other insurance coverage; be sure to read very carefully what is covered and what is excluded.
I have had a good experience with Anderson Instrument Insurance. When I first got the policy, I contacted Heritage and Anderson and both were willing to negotiate their price to get the business.
Alan
I bought mandolin insurance. It didn't help. I got one anyway.
Those exclusions get you every time! Whether they get you a mandolin or a little time in the dog house depends on your significant other of course :))Quote:
Originally Posted by Astro
I got a valuable property rider from my insurance company, it's very reasonable for the peace of mind. Like The MandoKit said, make sure you understand the policy, if you gig out for any kind of monetary payment it might invalidate the coverage under your homeowner's policy.
At least you didn't get banjo insurance...Quote:
Originally Posted by Astro
Musician's Union offer instrument insurance coverage for working musicians?
since It may be voided as a part of renter/home owner policies if playing for income..
Clarion and Heritage are two great choices.
I strongly recommend insurance specifically for musicians. It may be cheaper if you go with your home owners policy but:
I discovered my homeowners would not pay for professional tools: A mandolin was deemed a professional tool if I ever got paid anything for playing it, including a free meal for being in the band.
Things Clarion and Heritage and the like can often do that homeowners may not be able to do
- give you what the mandolin is really worth, as opposed to what the homeowners may deem replacement value.
- allow you to "total" your damaged mandolin, and keep the pieces.
- cover your instrument if stolen from the car, or at a festival, or camping.
The best way to insure musical instruments is with an inland marine policy designed for that purpose. Heritage (and others) can sell you policies that cover instruments in ways that homeowner and other insurance won't - fewer exclusions and diminished value to name two of the big advantages. However, I don't think it will be cost effective insure just one instrument the value of your Rigel. In the long run, you'd be better off putting $150 a year into a savings account set aside to cover any potential loss. Then add it to your homeowner's policy. That won't give you the coverage of a policy like Heritage would sell, but it's not likely to cost more than a few dollars a year.
Agreed. Don't insure, save. My homeowner's policy wants about $20/month to add $5k of coverage for my camera equipment. Forget about it. I've bought it before, I can buy it again (eventually - I can't afford to own my own instruments, and I consider myself well-paid in my day job). It won't be fun if something bad happens, but dealing with an insurance company isn't fun, either, and at least I can guarantee myself that I'll buy it again. While an insurance policy is no guarantee of anything.
I have added all my guitars and mandolins to my homeowner's policy also. The only thing they ask for is a copy of my receipt showing the price that I paid for the instrument at the time of purchase. Over the years its been instruments in and out and I have never had any problems adding them to my homeowner's policy.Quote:
Originally Posted by Denny Gies