Insurance

Chasplaya
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Thu May 28, 2009 11:41 pm

Just had a bit of a chat with gingold and the cost of equipment and guitars came up which got me to wondering if anyone considered insuring there guitars as a separate policy or even making sure they are named in the house contents policy?

Some of us have quite expensive instruments. That apart with them aging they are really not replaceable, so what value do you put on them?


rcsnydley
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Fri May 29, 2009 9:20 am

Great thought Chas. When I was playing keyboards professionally I had all my equipment covered as a special clause in my home owners insurance. I took pictures of everything and kept receipts and whatnot.
The thing to do is to check with your insurance agent. If you are a renter you can and probably should have renters insurance. You can probably include you guitars/equipment with these policies.

Keep Playing
Ric


chacho
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Joined: Fri Apr 03, 2009 2:20 pm
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Fri May 29, 2009 9:31 pm

Chasplaya wrote:
Just had a bit of a chat with gingold and the cost of equipment and guitars came up which got me to wondering if anyone considered insuring there guitars as a separate policy or even making sure they are named in the house contents policy?

Some of us have quite expensive instruments. That apart with them aging they are really not replaceable, so what value do you put on them?
Excellent point Chasplaya. I just asked my wife and she's not sure if we have my guitars on the homeowners policy or not. I will definitely add them if they're not on already. As for value, I doubt a standard policy would cover full replacement costs--let alone factors such as sentimentality, age (vintage), and any add-on features such as pickups, etc. I would be devastated if I had one stolen. Although I know it's only a material item and not life or death, but when you spend so much time and energy with something it becomes a part of you.


BigBear
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Sat May 30, 2009 1:32 am

I'm a civil engineer and not an insurance agent but I do know that many common household items like jewelry, guns, A-V equipment and yes, guitars, do typically have maximum pay outs per loss.

It is highly recommended you talk to your agent and see if you need a special rider for your instruments or other household items. This means each item is individually "scheduled" and is not subject to a lump sum maximum.

These riders aren't cheap but they cost much less than replacing a valuable instrument. Also, check whether you have full replacement cost coverage or just current value (replacement minus depreciation) coverage.

I just checked and was shocked at what the replacement value of even my cheapest guitar was. I suspect you all would find the same thing unless you just bought a guitar. Pay particular attention to custom made guitars which can cross over into collectible status without even knowing it. You may be very underinsured and don't even know it!

Finally, write down all serial numbers and photo document all sides of each instrument to show it's condition. Make sure to photograph the inner label if possible.

Happy Playin'


Guitarmom
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Sat May 30, 2009 7:58 am

Great Minds think alike. We spoke to State Farm, and they requested that I present pictures... serial numbers... and an appraisal letter. I worked with my local guitar shop and received the appraisal on all of our instruments. We are getting the rider discussed in previous posts.

Joy,

Rev Kate


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