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December 2003
Posts: 1889
Location: Central Massachusetts | Just wondering and coming up empty after a quick search..
Do you guys with big guitar collections have special call routing into your homeowners insurance agent?
I know it will vary widely with the company, but at what price point would one want to notify the insurance company about your guitar(s)? Presumably at some level they would want to charge you for additional coverage.. what are people paying "above and beyond" to insure their guitars? |
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March 2005
Posts: 12759
Location: Boise, Idaho | We recently checked into this, but State Farm didn't charge any more for my guitar collection. I think we came up with a value of about $6000, which surprised me. I had told a friend that all my Ovations didn't cost as much as his Taylor, but then I added a few.
I don't remember if there was any kind of limit for musical instruments separate from our policy limits. I don't think so. Our personal property coverage just has to cover the replacement value of everything in the house if we have a fire or something. Some of the other guys probably have special circumstances. When this issue came up last, my wife started a list of my guitars with an approximate value, so she can try to sell them after she kills me for buying too many guitars. |
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Posts: 5575
Location: big island | First dibs on your UTE, Mark!! (I suppose I need to take that up with your boss...) |
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September 2003
Posts: 815
Location: Colorado | I personally am not paying for a "floater" policy or any additional coverage for my guitar at this point. I have $XXX,XXX of "contents coverage" written into our homeowner's policy and my guitar should be covered. People with much more substantial collections will most likely have additional coverage, but I'm not sure what those rates are like. Even those policies might limit the guitar's use--not sure on that one, just speculation.
My wife's wedding ring is another story. We pay 1% of the appraised value every six months. Essentially it will take us 50 years to pay enough premium to have paid for the ring again (in today's dollars). I know it's somewhat of a scam, but I'd rather be safe than sorry. Too much sentiment (and monetary value) in one small object for both of us to risk.
I'm interested to see what people like Dave (Tupperware) are paying for collections of instruments.
Oh, I want the 1537, then the 87 Collector's, then the... |
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December 2003
Posts: 13996
Location: Upper Left USA | "I'm interested to see what people like Dave (Tupperware) are paying for collections of instruments."
I think Dave uses his as Dependants on his taxes and charges his HMO for trips to the Factory. |
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March 2005
Posts: 12759
Location: Boise, Idaho | If you don't hear from me for awhile and a new member tries to sell the same guitars that I have listed, send someone to look for me.
I guess I should feel very fortunate. My wife told me her engagement ring didn't cost as much as one of my guitars. She bought it herself for our 10th anniversary and I never had any idea how much she paid for it. Both of our wedding rings together cost $100 and I thought that was too much. |
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December 2004
Posts: 1673
Location: SoCal | $xxx,xxx amount of 'content coverage' fell short due to dollar limitations in the various categories and 'off-site storage'.
Each instrument is itemized just like the jewelry.
We are currently reevaluating our coverage and checking out specialty companies. I'll report what we come up with. I'd like to hear what others have done. |
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September 2003
Posts: 815
Location: Colorado | Good point about category limitations Noah. I, too, want to hear what others have done. I sit down with our agent once a year to make sure we have everything the way we want it. |
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December 2004
Posts: 1673
Location: SoCal | Dave's OFC serial# registration is great, but one of the underwriter's reps frowned upon it saying that we might as well tell everyone what room each guitar is in :(
Things that increase the insurance companies' risk passes down to you in your premium and policy limits/exclusions. |
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September 2003
Posts: 815
Location: Colorado | The underwriter's rep makes it sound like your address, phone number, work schedule, and SSN are posted on Dave's site, too. I'd give him a pucker-factor of about 9.5. :eek: |
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Joined:
October 2006
Posts: 5575
Location: big island | Originally posted by Mark in Boise:
If you don't hear from me for awhile and a new member tries to sell the same guitars that I have listed, send someone to look for me. why does it have to be a "new member"? |
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March 2005
Posts: 12759
Location: Boise, Idaho | I suppose my wife could just get on this board posing as me and sell all my stuff. I assumed that an old member wouldn't be trying to sell my guitars. He or she would keep them.
Back OT: Jewelry, furs, precious stones, guns, silverware and a few other items typically have special limits for theft losses. They also have special (i.e. low) limits for personal property outside the home, which might be a concern if you are travelling with an expensive guitar. The standard policies I've seen don't have any special limits for musical instruments in the home.
Check with your agent. To paraphrase Al, I'm not an insurance agent, just an idiot who practices law for a living. |
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November 2003
Posts: 11039
Location: Earth·SolarSystem·LocalInterstellarCloud·Local Bub | Originally posted by Mark in Boise:
To paraphrase Al, I'm not an insurance agent, just an idiot who practices law for a living. ... which begs the question: Who's the bigger idiot? |
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March 2005
Posts: 12759
Location: Boise, Idaho | Many time I think I've got that market cornered. Like when I left that line for you to take. |
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April 2004
Posts: 13303
Location: Latitude 39.56819, Longitude -105.080066 | My state farm agent told me the same thing about my guitars that Mark's told him.
I also have a high end sound system in excess of 50K and was told no special coverage was needed as long as I had proof of ownership and value.
Screw the clothes and the furniture as long as my guitars and sound system is covered. |
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Joined:
December 2003
Posts: 1889
Location: Central Massachusetts | It's interesting to hear what different people are getting from their insurance companies. The reason I asked is a friend of mine was just reminded by his company that they only cover $5k worth of computer equipment, so he upped his coverage for a fairly inconsequential additional yearly fee. Just got me thinking about what might be considered an exception in my household. Fortunately/unfortunately, I think neither my guitar collection nor my computer collection would raise any eyebrows. |
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September 2003
Posts: 815
Location: Colorado | Proof of ownership and value are needed--we should put those things in a fire-proof safe. That's actually something I've been meaning to get. |
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Joined:
April 2004
Posts: 13303
Location: Latitude 39.56819, Longitude -105.080066 | I selfishly use the OFC gallery in conjuction with Dave's serial number listing as my proof of ownership.
Probably wouldn't hurt to also have an additional copy on CD (with pics) put in a fire proof safe as Todd mentioned. |
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October 2005
Posts: 5331
Location: Cicero, NY | Originally posted by stephent28:
Probably wouldn't hurt to also have an additional copy on CD (with pics) put in a fire proof safe as Todd mentioned. Off-site storage is another thought. Make a dvd of a walk through in your house, copy the disc and shoot a copy to your best friend, your in-law or one of your kids. |
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November 2003
Posts: 11039
Location: Earth·SolarSystem·LocalInterstellarCloud·Local Bub | Or me.
And Please, include full address and detailed directions. |
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September 2003
Posts: 815
Location: Colorado | Great ideas with the camcorders and digital cameras. |
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October 2005
Posts: 5331
Location: Cicero, NY | Unfortunately for some of you out there, I'll have to clarify - ONLY send it to someone you trust explicitly. Not someone who, hypothetically speaking, just got out of jail for drooling all over his favorite guitarist at a NAMM show. |
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Posts: 11039
Location: Earth·SolarSystem·LocalInterstellarCloud·Local Bub |  |
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April 2004
Posts: 13303
Location: Latitude 39.56819, Longitude -105.080066 | I would personally trust Jeff with ANYTHING I OWN.
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seriously
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....as long as I have it properly insured! |
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November 2003
Posts: 11039
Location: Earth·SolarSystem·LocalInterstellarCloud·Local Bub | Lemme mention here that, I offer full coverage HomeOwner's and Renter's policies for very reasonable rates... |
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Joined:
January 2002
Posts: 14127
Location: 6 String Ranch | When you get to where you need a separate policy, they specialize in instruments:
Heritage Insurance Services
826 Bustleton Pike, Suite 203
Feasterville, Pa 19053
1-800-289-8837
Talk to Joan Gallo
Tell her I sent you. Great to deal with and great coverage. |
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Joined:
October 2005
Posts: 5331
Location: Cicero, NY | Originally posted by cwk2:
When you get to where you need a separate policy,... They won't even give me the directions to that place. |
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March 2005
Posts: 1421
Location: Orange County, California | Originally posted by noah:
'off-site storage'. That's the nicest thing anyone in the OFC has ever called me....
:D :p :D :p |
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Joined:
December 2004
Posts: 1673
Location: SoCal | 
Talking about 'off-site storage'...
Let's run down to the San Diego 'storage facility' and rotate some guitars.
I'll call up and see if they have the current inventory polished up with fresh strings.
Might have to bring a crowbar to pry the BearClaw out of the caretaker's hands :D |
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Joined:
January 2006
Posts: 5881
Location: Colorado Rocky Mountains | My agent required that I make a special declaration of the contents of the collection, including the lighted signs and other collectibles, but no additional premium was required. Then again, I already carry relatively high limits against personal property loss. |
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March 2005
Posts: 12759
Location: Boise, Idaho | When I get to where I need a separate policy, it will because I need a separate house after the divorce. |
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March 2002
Posts: 873
Location: puerto vallarta, mexico | hey fred, you are the king of storage in my book. |
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December 2003
Posts: 13996
Location: Upper Left USA | Hmm, insurance...
I'm still trying to get my Daughter to lock the front door when she's out. |
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November 2003
Posts: 11039
Location: Earth·SolarSystem·LocalInterstellarCloud·Local Bub | Canadians don't lock their doors. |
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November 2003
Posts: 11039
Location: Earth·SolarSystem·LocalInterstellarCloud·Local Bub | ...or drawers |
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January 2004
Posts: 123
Location: Massachusetts | I don't understand. I have homeowners through Safety Insurance. My agent(not Safety) said that musical instruments aren't covered. If you use them to make money..they aren't covered.
They said I had to get an absurdly expensive business rider to cover my guitars.
I don't understand..have you asked State Farm if they cover guitars out of the house or if you gig with them or is it just if they get stolen or a fire in your house? |
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Joined:
July 2004
Posts: 474
Location: Anchorage, Alaska | I also have State Farm and was told they only cover them through your home owners policy "if the guitars ARE NOT used professionaly". If you are gigging, you will need a "rider" or something. |
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September 2003
Posts: 9301
Location: south east Michigan | AFG...
I've missed you!!! |
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September 2006
Posts: 10777
Location: Keepin' It Weird in Portland, OR | The fire alarm in my building went-off last weekend.
I'm looking at my Guitars!
I live on the 9th floor, and I have to walk down the stairs in an fire situation. My first thought is how many guitars can I carry down 9 flights of stairs, cuz you can't go back. This is a high-priced rooming-house, so I have no insurance. So I immediately got paranoid. I doubt I would get any compensation.
Turns-out that some-one burnt dinner... |
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Joined:
December 2003
Posts: 13996
Location: Upper Left USA | OMA,
Glad it was just a drill.
If I was on the 9th floor I would:
A) Have an evacuation kit/plan with the basic ID/Documents/Personal stuff staged and ready to go out the door. Coat and change of clothes as well.
B) Obtain seperate Renter's Insurance for my stuff because, like you said, there's no going back. |
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Joined:
September 2006
Posts: 713
Location: Alberta, Canada | Originally posted by Jeff W.:
...or drawers Whose drawers you been lookin' into? |
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Insurance policies...