Insurance for basses?

[Denis]

My dad found a watercolor at a Salvation Army store last year for $2. Turns out it's by a rather well known American Artist who painted in Ireland. It actually appraised for $15k and he had to cough up for an extra insurance policy just for it.

This hit me the other day but this time it was in relation to my basses, amps, etc.

Do you guys have extra homeowner's insurance to cover all those cool basses, guitars, amps and cabinets you own?

[nofi]

no. our homeowner's policy covers everything in the house. you may want to film/photograph your stuff so there are no questions if something happens. recording serial numbers and descriptions of some things is a good idea as well.

i walked in on a burglary at our old house and the guys tore up the whole house looking for drugs or money. they left everything else alone including a fully stocked band room. they also took my loaded ruger .357 as well because one of the guys had it in his hand when i grabbed him. not one of my brighter moves.

[gweimer]

I have all the basses and my amps insured under my homeowner's policy.  I added an umbrella, so all the serial numbers and descriptions are specifically covered.

[Pilgrim]

I read some of the threads about this at TB and I'm under the impression that if you play professionally (for $) that homeowners' insurance doesn't necessarily cover your instruments if they're taken when outside the home.  There are a number of musical instrument insurance companies that are recommended in those threads, but most have a minimum premium of about $250 annually.

[nofi]

that sounds reasonable to me. like health insurance you will be glad if you need it.

[Rhythm N. Bliss]

Good question, Denis!

I highly recommend extra insurance. Unfortunately I have neither home nor homeowner's insurance at the mo. Alas
Yeah~ make sure you have your serial numbers recorded somewhere tooo  

[gweimer]

Whether your gear is covered under a homeowner's policy, even if you gig with them for money, is dependent on each individual company and policy.  My company covers me when I gig, but they have a cap of 10% of my assets as the limit.  Since I only take one amp and a couple basses to any given gig, I'm covered.  I think my added cost is about $12/mo.

[Dave W]

If you don't gig, your gear will be covered under under normal homeowners contents coverage, but there's a big catch: if you don't have scheduled coverage*, you could be out of luck if you have vintage gear. In most cases, the company will pay you the replacement cost of a new instrument, not the vintage value.  If your 52 Tele gets stolen, you'll get paid for a new 52 RI Tele or maybe even a new American Standard.

There's another possible catch: your policy may also have a limit on the total value of your gear even if you don't have vintage gear.

*Scheduled coverage means the items are listed on a schedule at an agreed upon value. The cost is usually reasonable. This is most often done on things like jewelry and furs, but it can be done on other valuables. You might have to have appraisals done on your existing gear.

If you do gig, then most companies will consider it business property and there will be limitations on coverage. Check your policy. [EDITED TO ADD: If it's business property, your coverage will probably be limited even if the loss happens at your house.] Some companies will let you buy more coverage on business property without having to buy a separate commercial policy.

Or you could just buy specialized coverage from Clarion or its competitors.

[lowend1]

I have all my collectibles - The guitars and amps, die cast cars, vinyl records, old magazines, my official Manowar assless chaps, etc, covered under a separate collectibles policy.

[Dave W]

... my official Manowar assless chaps, ...

Does the policy provide more coverage than the chaps?

[Grog]

I have a rider on my homeowners policy, each guitar is listed at a specific dollar amount by discription & serial number. I pay X $ amount per thousand insured. I haven't looked for a number of years, but I think personal property was insured at 10% of your total property value. Like Dave pointed out, they would probably replace a vintage bass or guitar with a current model, leaving you at a sustantial loss in most cases. Even with a set dollar amount, replacements never seem to pop up when you need one, you may have to wait for years. At least you would be able to buy something of equal value. Depressing thinking about it! 

[jumbodbassman]

rider for me also.  insurance covers what was paid or what i insured item for.  no replacement value with Allstate

[lowend1]

Does the policy provide more coverage than the chaps?

Yes - I am "in good hands".

[gearHed289]

I have all my stuff insured with https://www.musicproinsurance.com. It's around $250 per year for the roughly $24,000 with of stuff on the policy. Peace of mind, and one gig covers the annual premium. I had to make a claim once several years ago (the band I was in actually had the coverage) and they couldn't have been easier to work with. My flight case with my pedal board and cables etc. got ripped off after a gig in Milwaukee. Filed a police report, told them what the stuff was worth, and they cut a check, minus the $100 deductible. Plus it never hurts to have extra coverage in case of fire, flood, etc.

[Freuds_Cat]

I have all the basses and my amps insured under my homeowner's policy.  I added an umbrella, so all the serial numbers and descriptions are specifically covered.

I do the same as Gary