Insuring Our Investment

Hi folks!

Over the years, I've accumulated $5000 to $6000 dollars worth of equipment, including two full drum sets, cymbals, seven snares, and cases. It is kept in my partially finished basement.

I have a homeowner's policy which covers the house for about $250,000. My concern is for possible water damage or theft of my equipment. I'm wondering if I should have a separate policy for the drums, how much would it cost, and if you can recommend an insurance company that specializes in that kind of insurance.

I understand that photos may need to be taken and an assessment of the equipment's worth may be necessary. The manager of my local drum department has offered to help with the assessment. Most of my equipment has been purchased at his shop anyway.

What are your thoughts?

John

Does your insurance cover the contents of your home?

In the UK we have to take out separate policies for contents and if any individual item has a large value it must be listed individually.

I'm pretty sure stuff like musical instruments aren't included though as they are not classified household or 'personal' belongings.

I would think you should be able to add personal belongings to your home owners insurance if not already covered. Call your insurance agent and ask?

Your insurance agent will need to write a rider for your policy. Photos and serial numbers are needed. By far my biggest issue is that I've been change gear regularly. I drop off photos, specs and serial numbers each time. I think that I have my own file cabinet in his office by now. The riders are very inexpensive by the way.

It may be different in the US, but in the UK building (home) insurance is different to contents although they can be different parts of the same, overall policy.

In my case, I have one insurance policy for both building and contents insurance. Within the contents part is a facility to list items which you want to be covered by 'all risks'. These are items that are then insured both in and outside the home for both accidental and other damage or loss. For example, I have our mobile phones, cameras, jewellery, bicylces as well as my music gear listed on this and is covered on a new for old basis.

Costwise, I have found this to be the cheapest way to do it with some quotes from other, specialist musical instrument, providers coming in at more than double what I pay now and often for less coverage.

Hope this helps.

I have about $20k worth (that's retail, not what I actually paid) of music equipment insured at the moment through what's called an "inland marine" rider or policy. It's pretty darn cheap considering.

See if your current homeowners insurer has one. If not, I'm using State Farm.

Yep homeowners insurance, alarm service and a 9mm.
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Hey John,

I have over $120K in musical instruments that I have insured separately from my homeowner's policy. I have zero trust in homeowner's coverage for instruments. I would be happy to provide you with the contact info for the company I use. They are reasonable in price, and they specialize in musical instruments. If your instruments (drums included) are lost, stolen or damaged, they cover it. In fact, if damage occurs, in addition to paying to repair the instrument, they also give you the difference in value, if the damage results in the instrument being worth less due to the repaired damage. With this company, you insure the instrument for whatever you want to claim as its worth. Your premium is based on the value that you state is the value of your instrument(s); you don't need to validate or 'prove' value. It's probably a good idea to provide serial numbers though.

I think I pay something like $600 per year. I have never had to make a claim, but the company I use came highly recommended from people on the Les Paul Forum (guitar forum). I've had my stuff insured with them for over 10 years, and I've been very pleased.

If you're asking for an opinion, yes I would recommend that you do it.

Again, if you are interested, PM me, and I'll send you the contact info. I'm not sure it's okay to post that kind of stuff here in the forum.