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MTBanjo - Posted - 11/12/2009: 15:52:55
Seems like this should have been covered already but a quick search didn't turn anything up. I was at a jam last summer and someone was walking from their campsite to the next, in the dark, and tripped over a fire-grate. Fell right on their nice new Weber mandolin. It EXPLODED.
When a guy was talking about it later, he said something like "the dummy didn't even have it insured". And I thought "what?!" Well, I've got an instrument that, while not worth a fortune is worth enough that for someone like me, if it was destroyed...well, it would be years before I could afford it's equal.
So. Anyone insure their instruments? I haven't talked to my insurer yet but I'd like to see if anyone has advice.
Zach
Edited by - MTBanjo on 11/12/2009 15:53:31
Bill Rogers - Posted - 11/12/2009: 16:18:42
Because I'm not a pro, they're covered under my blanket property coverage. I'd lose the deductible, but that would be a $500 loss on a $2000 plus instrument. What you need to get are replacement value appraisals so you don't eat the alleged depreciation.
Bill
Axeman79 - Posted - 11/12/2009: 16:20:37
Zach,
My instrument is covered under my home insurance policy since its primary place of storage is my home. You can add chattels to your policy very easily by letting your insurance company have the info on the items you want to insure, such as jewelry. take pictures of the stuff as well. Some policies will cover it and other will require a rider.
Axeman
If the minimum wasn't good enough...it wouldn't be the minimum.
Jim D - Posted - 11/12/2009: 16:22:02
I just did a Google on "Musical Instrument Insurance" and got over 1 Million hits. One of the most recurring names seems to be Clarion.Com. One site mentioned a $15 deductible rather than the $500 charge that's common to Homeowner's policies. There was no requirement that you be a "professional" musician.
It looks like, if you want it you can easily get it.
Jim
Linwood, N.C.
backtothefuture - Posted - 11/12/2009: 16:55:54
I think what Bill was saying when he said, "Because I'm not a pro, they're covered under my blanket property coverage......".....was that his instruments are covered under his homeowner's policy. If he were to use them for work (meaning if he were a pro), his homeowner's ins. would not cover them.
.
Dennis
 
1935tb-11 - Posted - 11/12/2009: 17:54:09
i just added riders on to my homeowners insurance
and i think it runs about 70 dollars a year extra for
10,000 dollars of coverage.
terry m
n.c.
Timendi causa est nescire
4 longs and 1 short=banjer ring
banjoy - Posted - 11/13/2009: 04:17:46
What a bummer.
It's covered under your homeowner's policy but your deductible will apply.
As someone else pointed out, you can buy a separate rider on your homeowner's policy and it's very inexpensive. Then you're fully covered on your musical instruments even when traveling.
Another large insurer, in addition to Clarion, is Heritage Insurance, which writes most of the policies on orchestras and all those Stradivarius violins out there:
http://www.musicins.com/
(I think that's the right link anyway, it's definitely called Heritage Insurance, which is a big sponsor too of the Violin Society of America).
Anyway, if you have not already done so, you should file a claim on homeowner's and see if they'll help out. Hopefully they will.
Good luck.
--F
Edited by - banjoy on 11/13/2009 04:18:29
5 String - Posted - 11/13/2009: 04:26:40
I have a Personal Articles Policy with State Farm. On it are both my Stelling banjo's, a Martin D-28 guitar, and an early 1970's Englehardt bass fiddle. I have a $0 deductible with guaranteed replacement cost coverage. The policy is currently costing me $82/year.
Robert
www.willowbranchbluegrass.com
MTBanjo - Posted - 11/13/2009: 07:20:30
Great, thanks everyone. Just to reiterate-this wasn't me who tripped and fell and shattered an instrument, it was a guy at a jam I was at. It was just when someone mentioned insurance, and I had never even thought of it, that, well...got me thinking.
I don't own my home. I used to have renters insurance but after a year of that I realized I could have bought all new stuff with what I had spent, and since it's not a requirement to have it...I dropped it. I'll check with my car insurance company and see what it costs. If it's about the same as renters insurance to cover the banjo, I'll just do that. Otherwise I'll look into some of those companies you've mentioned. Thanks!
Zach
Shimdog - Posted - 11/13/2009: 10:50:39
Has anyone performed comparison shopping between Clarion and Heritage? I use Heritage and they are very accomodating, but not sure how their pricing stacks up against the competition. I would appreciate any insight.
One thing to consider is whether the homeowners policy will insure against lost value if an instrument is damaged. A prewar instrument will not hold the same value if heavily repaired. I know Heritage covers such devaluation due to damage.
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"And those who were seen dancing were thought to be insane by those who could not hear the music." - Friedrich Nietzsche
cheshirekat - Posted - 11/19/2009: 01:54:51
I stuck both my banjos on my home insurance but also got em covered whilst in transit. Minimal extra cost, small excess and I recommend doing it. Had a car accident last month, with the ole banjo my my side. Banjo survived (top case!) but could you imagine NOT being insured and the love of your life got trashed ? Ouch !
Alex Z - Posted - 11/19/2009: 07:21:30
If the instruments are covered under the general personal property coverage of a homeowner's policy, they are insured only for the perils listed in the policy -- such as fire, theft, wind damage, etc. They will not be insured if you drop them and they break.
By listing the instruments in a separate rider, they can be insured against all perils (with a couple of exclusions such as war, etc.) As some have noted, the cost of the separate rider -- assuming the instruments are not used professionally -- is fairly cheap.
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