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Stuball48

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The "Horror" thread got me to thinking. I, feel, many of you have an insurance policy just for your guitars. If you don't mind sharing the general information about that, would you post a few comments?
I talked with my insurance agent just yesterday about this and she suggested I just come by within the next week and see what we can do.
The "Horror" story made up my mind.
 

gibsonjunkie

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I have a rider on my guitars on my homeowners policy. The best part is they are listed at "List" price for replacement. It costs me about $180 a year to cover all 21 guitars.
 

Stuball48

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I have a rider on my guitars on my homeowners policy. The best part is they are listed at "List" price for replacement. It costs me about $180 a year to cover all 21 guitars.

Pictures, year of guitar, description, dealer's appraisal, or luthier's appraisal? Guess my agent will provide what I need but concerned agent is clueless. Of course, company will have a payment plan for total value of guitars I am assuming.
 

awagner

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I highly recommend going with an insurance company that specializes in insuring musical instruments, like Clarion or Heritage. These dedicated policies are inexpensive, and provide far better coverage than typical homeowner’s policies.

Check their websites to see what they cover, then compare it to what your policy will cover.
 

fronobulax

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General advice

Homeowners insurance will cover instruments used non-professionally up to a dollar limit for all instruments in a single loss. The definitions of value and replacement cost are buried in the policy but your company or agent can tell you how they would determine value. If you are paying for replacement cost coverage there can be some leeway. Again, check with the company but in some cases replacement cost can be current market value even if that is more than what you paid. Key thing is there is a limit on the total loss.

If the basic limit is not enough or the instruments are used professionally or even if you just play out a lot the next step is a rider that specifies the particular instruments and the limit on coverage. How they are valued can be a negotiation. My insurance company does not want to pay $10,000 for a Harmony beater but since the rider's premium is based upon the valuation you can insure for what you think you need if the company thinks that is reasonable.

Next step is a company that specializes in musical instrument insurance. What instruments you have, how you use them and where the valuation comes from are all factors and they seem to differ between companies. I forget which company I didn't get a quote from but it was because they required documentation I did not easily have and an in hand appraisal from someone they trusted.

One last point - insurance is supposed to protect you from disastrous financial losses. Some people can choose not to insure a $5000 guitar because, while replacing it might hurt, doing so is not going to lead to starvation or homelessness. Some people choose not to insure because they know deep down that they cannot or won't replace an instrument. People who are downsizing or not playing as much because of physical issues or just have many guitars might fall into this category.

I am not an insurance agent nor do I play one on television. I do have a beer with one every couple of weeks however :)

If you really want to muddy the waters imagine that you cross the border and your instrument is confiscated because of CITES. Assume it is not your fault and when the Government realizes their mistake they return the guitar. But it was damaged. Will your insurance pay or assist you in getting compensation from the Government?
 

Brad Little

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I second the idea of using a music specialist for insurance. Homeowner riders don't usually cover professional use, and there is a broad definition of professional. For example, if you play in a benefit that charges admission, it's considered professional, even if you weren't paid. It may extend to open mikes with admission as well, not sure. I use Heritage, about $200 annually for $30,000 coverage. Covers everything except theft from an unlocked vehicle.
Brad
 

Stuball48

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Frono- your "General Advice" is right on and gives me ammunition to share with my agent. The agent will think I am far more knowledgeable about insurance on my guitars than I, actually, am. And I will be paraphrasing much of your "General Advice." You de man!
 

Cougar

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...I use Heritage, about $200 annually for $30,000 coverage....

I just looked up Heritage. $200/year is where their premiums start. But I've only got about half of the total guitar value that you have (and that's stretching it), so that's kind of a drawback. Still, for less than $20 a month.... That's not too bad....
 

Brad Little

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I just looked up Heritage. $200/year is where their premiums start. But I've only got about half of the total guitar value that you have (and that's stretching it), so that's kind of a drawback. Still, for less than $20 a month.... That's not too bad....
Yeah, I'm well under the $30,000 limit since I sold some amps and guitars, and I haven't gigged since my transplant, but keep the insurance just in case. I do think homeowner insurance might question the 3 guitars that I have listed at $5,000 each but Heritage has never questioned my assessments on any of my equipment. Like you, I consider it a small investment against any loss. They do cover loss due to damage, which is nice.
 

dreadnut

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They are just on my regular homeowner's policy now. Turns out my "full replacement value" homeowner's coverage is more advantageous than writing a special rider which would be based on appraised values.
 

richardp69

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Same here Dread. The contents coverage is o.k. to cover the bulk of my musical gear and for sure my most precious guitars. I was just thinking about that. The only thing I really have of value content wise are my guitars and to a far lesser extent my firearms. Old crappy furniture only used for dog and cat couches, no expensive artwork or jewelry, a couple pair of jeans, some ratty sweaters, bunches of t shirts and of course my 3 dogs and 2 cats that may not have any monetary value but are priceless to me. Actually, except for guitars, I'm kind of a minimalist.
 

fronobulax

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FWIW the general contents coverage with replacement on my homeowners policy specifically excludes any claims for musical instruments once the total musical instrument portion of the claim reaches $3000 (i.e, once we pay $3000 we don't care what it costs to replace it because that is your cost). Computer gear, software and data, firearms, jewelry, fine art and silverware are similarly limited.
 

awagner

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Clarion only requires a written appraisal for guitars valued over $5,000. I suggest you check out their website to get an idea about its coverage, which differs significantly (and advantageously) from typical homeowner’s policies.
 

Stuball48

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Check with my agent today. Gave agent the name, age, brand, and model of guitar along with what I valued them. Since none were valued over $10,000, "we can do this," she said. Then agent said I will need to take five close-up pictures of each guitar when/if you decide to do this. So I asked what type pictures will you take? Answer: one of front and neck, one of back and neck, one of left side, one of right side, and one Maker's tag inside guitar. To me, a little unusual to be that familiar with guitars so I made statement, "you seem to know quite a bit about guitars.". Turns out agent lived across road from me when she was a little girl and I, then, remembered her dad was a really good guitar player.
Value placed on guitars right at $21,000.
Yearly premium is $79 and dealing with little girl (now married and 37 that I did not recognize).
I am in and feeling comfortable with decision. Will take guitars for pictures when one more arrives in mid February.
 

adorshki

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Frono- your "General Advice" is right on and gives me ammunition to share with my agent. The agent will think I am far more knowledgeable about insurance on my guitars than I, actually, am. !
To me, a little unusual to be that familiar with guitars so I made statement, "you seem to know quite a bit about guitars.". Turns out agent lived across road from me when she was a little girl and I, then, remembered her dad was a really good guitar player.

Too funny! But glad it all worked out !
:smile:
 

Grassdog

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Speaking of Heritage and/or Clarion, does anyone here have experience with their claims process? The annual premiums sound very reasonable and there's peace of mind in having the insurance in place, but I worry (at that price point) how hard it would be to actually collect on a claim.
 

Cougar

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....I talked with my insurance agent just yesterday about this and she suggested I just come by within the next week and see what we can do....

I don't get why these agents always want you to "come by." What's wrong with email? Yearly they want to "go over your policy" and they want you to make an appointment and see them in person. Can't you review my policy without me and email your suggestions? I don't want to "come by"!
 

fronobulax

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I don't get why these agents always want you to "come by." What's wrong with email? Yearly they want to "go over your policy" and they want you to make an appointment and see them in person. Can't you review my policy without me and email your suggestions? I don't want to "come by"!

Ask them. People (like you) have preferred communication channels. I, for example, will expend a lot of effort to not use a phone for voice. I know people who use email reluctantly but respond to a text in minutes. If your agent is really interested in providing personalized service then they will communicate using your preferred channel or explain to you why that doesn't work.
 
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