Insuring Equipment and Instruments

[rv_bass]

Hi,
I've accumulated a few pieces of equipment (amps, cabs, etc.) and instruments now, so I thought it's probably a good idea to insure these things.  I was wondering how people often go about that.  Do you use home/renter's insurance?   Do you buy separate insurance for these specific items outside of a home/renter's policy?  How do you normally go about getting appraisals for vintage instruments or newer instruments of higher value that you may not have a receipt for?  Do you insure for replacement cost of a new item?  I'd be interested in any advice on this.
Thanks,
Rob

[hammer]

There are a few different threads on the site that speak to this issue including the following: http://club.alembic.com/Images/393/130335.html#POST182129.
 
A number of individuals spoke about homeowners insurance not covering replacement value as well as professional use. From everything I heard from others I went with Heritage which specializes in insuring musical instruments.  I haven't made a claim with them but based on the the feedback from others certainly feel a LOT safer with the 4 Alembics I own now that they are fully insured.  I did need to get some certificates of replacement value from Mica/Susan before coverage was secured but they were great about providing it to me.

[rv_bass]

Thank you very much, Hammer!  After reading the posts on the link you provided, I will certainly contact Heritage.
 
Rob

[lbpesq]

+1 on Heritage.  When our basement flooded a couple of year ago, I was able to save all my guitars and gear except one guitar which was damaged.  Heritage didn't ask many questions and paid off in full within 2 or 3 weeks as I recall.
 
Bill, tgo

[keith_h]

The home owners policies I have owned will cover my instruments under the existing limits as long as I am considered a hobbyist. This includes taking them to another location to use them. The definition of hobbyist on my current policy is I do not get paid a monetary fee or amount for playing. So going to someones house for a jam or to an open mic I'm covered. If there is money involved I'm not. Of course coverage depends upon who you insure through and what is allowed by your policy. There is a lot of variation from one to the other.  
 
If I were playing for money I would obtain a policy from a company that specializes in those types of policies.

[sonicus]

I vote for Heritage . I  also recommend insuring for full replacement cost per the Alembic price sheet  and if you have special features even more.

[bigredbass]

After the Great Flood here in Nashville, several years ago, LOTS of guys lost lots of stuff, whether they were touring professionals down to wannabes and working stiffs like me who have these things instead of a bass boat or golf memberships.  The absolute consensus among the walking wounded who weren't professionals covered by business insurance were to go with someone like Heritage, etc., as your usual suspects (Allstate, et al) were clueless and generally useless, even when claims were for less-than-a-grand everyday guitars and basses, which were covered supposedly under their homeowners/contents coverage.
 
J o e y

[peoplechipper]

I tried to get insurance years ago; it went like this...' okay, fine, should be no problem' 'oh, what about my tools, I have a lot of money in them'...'what kind of tools?'...'I'm a Goldsmith...'...'Bnnnnnghhhhh!!!...ya, I'd have to lie to get coverage, then get no coverage because I lied...I hate insurance, almost cheaper to just put that money into a replacement account that you never touch...I'm talking from Canada, US may be different...Tony

[edwin]

Heritage is great. I finally made a claim. My Sennheiser in ear transmitter got lost and they sent me a check pretty quickly with minimal depreciation. They were also very gracious when I discovered that it wasn't lost at all but Xander had thrown it in a pile of laundry in a closet. They gave me a generous grace period to return the cash. Later, when my MacBook Pro took a spill (it's my location recording computer), they covered the repair. The premiums are very reasonable. Here's hoping it's going to be at least another decade before I have to make another claim.

[5sicks]

I have a rider on my homeowner's that covers all tools and equipment whether used for income or not. Receipts and other types of documentation will determine the loss payout. I have never had a claim so I can't speak to the timely resolution or the haggling but my agent of 35 years assures me it would be quick and easy.My stuff is covered for full replacement if lost, damaged or stolen through any means including acts of God anywhere including venues and vehicles/trailers. I can customize my coverage. The cost is about $10/$!000/year. I keep changing the covered listed equipment to just what I am using at the time and if the stuff stays at home it's covered just by the regular homeowner's so I keep the costs down.