Members pbone Posted December 29, 2012 Members Share Posted December 29, 2012 I'm moving into a practice space and would like to insure my gear. Couple synths, guitar, and a PA. For those of you that have it, how much do you pay and for what kind of coverage? Link to comment Share on other sites More sharing options...
Members openwater Posted December 29, 2012 Members Share Posted December 29, 2012 I would assume renter's insurance should cover this, right? I might be way off. Link to comment Share on other sites More sharing options...
Members openwater Posted December 29, 2012 Members Share Posted December 29, 2012 I would assume renter's insurance should cover this, right? I might be way off. Link to comment Share on other sites More sharing options...
Members pbone Posted December 29, 2012 Author Members Share Posted December 29, 2012 Yeah I don't have the foggiest. I have no need to insure anything else of mine, just the gear. Link to comment Share on other sites More sharing options...
Members pbone Posted December 29, 2012 Author Members Share Posted December 29, 2012 Yeah I don't have the foggiest. I have no need to insure anything else of mine, just the gear. Link to comment Share on other sites More sharing options...
Members Crxsh Posted December 29, 2012 Members Share Posted December 29, 2012 I think I get $5k worth of coverage for about $7 a month. And I doubt your renters covers it. After talking with my agent, there were no provisions for music equipment under my homeowners policy.I'd just make a call to your agent. Link to comment Share on other sites More sharing options...
Members Crxsh Posted December 29, 2012 Members Share Posted December 29, 2012 I think I get $5k worth of coverage for about $7 a month. And I doubt your renters covers it. After talking with my agent, there were no provisions for music equipment under my homeowners policy.I'd just make a call to your agent. Link to comment Share on other sites More sharing options...
Members TomCTC Posted December 29, 2012 Members Share Posted December 29, 2012 $30 a year for me. Totally worth it. Link to comment Share on other sites More sharing options...
Members TomCTC Posted December 29, 2012 Members Share Posted December 29, 2012 $30 a year for me. Totally worth it. Link to comment Share on other sites More sharing options...
Members pbone Posted December 29, 2012 Author Members Share Posted December 29, 2012 Well I don't have any kind of insurance right now except health. No car and I live in an apartment. What's my best bet? Link to comment Share on other sites More sharing options...
Members pbone Posted December 29, 2012 Author Members Share Posted December 29, 2012 Well I don't have any kind of insurance right now except health. No car and I live in an apartment. What's my best bet? Link to comment Share on other sites More sharing options...
Members renula Posted December 29, 2012 Members Share Posted December 29, 2012 Subs in sacramento. Link to comment Share on other sites More sharing options...
Members renula Posted December 29, 2012 Members Share Posted December 29, 2012 Subs in sacramento. Link to comment Share on other sites More sharing options...
Members Reaganomics! Posted December 29, 2012 Members Share Posted December 29, 2012 Originally Posted by pbone Well I don't have any kind of insurance right now except health. No car and I live in an apartment. What's my best bet? if you have anything of value in your apartment you should be getting renters insurance anyways so start calling places asking about renters insurance, and then ask them if you can get gear in a practice space insured. Maybe you can get a package deal of some sort? Link to comment Share on other sites More sharing options...
Members Reaganomics! Posted December 29, 2012 Members Share Posted December 29, 2012 Originally Posted by pbone Well I don't have any kind of insurance right now except health. No car and I live in an apartment. What's my best bet? if you have anything of value in your apartment you should be getting renters insurance anyways so start calling places asking about renters insurance, and then ask them if you can get gear in a practice space insured. Maybe you can get a package deal of some sort? Link to comment Share on other sites More sharing options...
Members Tron Murphy Posted December 29, 2012 Members Share Posted December 29, 2012 Originally Posted by renula Subs in sacramento. Came here to say this. Link to comment Share on other sites More sharing options...
Members Tron Murphy Posted December 29, 2012 Members Share Posted December 29, 2012 Originally Posted by renula Subs in sacramento. Came here to say this. Link to comment Share on other sites More sharing options...
Members openwater Posted December 30, 2012 Members Share Posted December 30, 2012 Originally Posted by Reaganomics! if you have anything of value in your apartment you should be getting renters insurance anyways so start calling places asking about renters insurance, and then ask them if you can get gear in a practice space insured. Maybe you can get a package deal of some sort? Definitely do this. I know my renters insurance covered a storage unit I had hen it was broken in to. Link to comment Share on other sites More sharing options...
Members goaway Posted December 30, 2012 Members Share Posted December 30, 2012 i need to do this. since my gear is likely to become my livelihood in the future (hopefully rather) Link to comment Share on other sites More sharing options...
Members riff ie Posted December 30, 2012 Members Share Posted December 30, 2012 Originally Posted by openwater Definitely do this. I know my renters insurance covered a storage unit I had hen it was broken in to. in... Link to comment Share on other sites More sharing options...
Members evets618 Posted December 30, 2012 Members Share Posted December 30, 2012 It might be way more expensive if you use the gear professionally, as opposed to regular household belongings, so beware. Link to comment Share on other sites More sharing options...
Members Texas Noise Factory Posted December 30, 2012 Members Share Posted December 30, 2012 Originally Posted by evets618 It might be way more expensive if you use the gear professionally, as opposed to regular household belongings, so beware. This. I insured my stuff a while back, and actually ended up insuring stuff that stayed at home and "wasn't being used to make money as part of a business". I ended up insuring everything except for my live rig. It was pretty cheap, but that's how the insurance company wanted to play it. If you're making money using your stuff (At least with my experience) you're talking about quite a different expense. Link to comment Share on other sites More sharing options...
Members pbone Posted December 30, 2012 Author Members Share Posted December 30, 2012 Which is exactly how I will be using it, in a professional setting. Link to comment Share on other sites More sharing options...
Members Shadoof Posted December 30, 2012 Members Share Posted December 30, 2012 Well, I work in commercial insurance so I'm not too familiar with personal lines, but you probably need what we call an equipment floater, which is a type of Inland Marine insurance. Typically, property insurance needs to have a location scheduled on the declarations which restricts your coverage to losses that occur at said location. "Floaters" are policies that provide coverage anywhere - hence the name as the coverage "floats" from location to location. Again, I'm not familiar with a renter's insurance policy but you may not have coverage outside of a scheduled location. If you only need it covered at the practice space then a straight property policy would be fine but I would think if you are going through the trouble of insuring it then you should have it covered at gigs, in transit, etc. where it is much more likely to be stolen or damaged.You said you're using it in a professional setting so your best bet might be to set up an LLC for the band (probably a good idea anyway), transfer "ownership" of the equipment to the company, and cover it under an equipment floater. My best advice would be to read your policy, or any policy you are considering buying before you sign. A lot of people get weirded out by the "legalese" but as long as you can read at a high school level then you should be fine (hell, if I can do it...). I think that people who complain about policies and contracts being too confusing haven't really tried to read them. Also, go to an insurance agent. Direct writers (companies like Geico where you just call them up and buy a policy) are fine if you know what you need and want something cheap but in your case you are looking to protect something valuable to you. A good agent will not only get you quotes from multiple competing carriers but can also help you make sure you're getting the coverage you need and only what you need. Just throw around some industry terms like "equipment floater" and "declarations page" so you sound like you know what you're talking about to weed out the scumbags who might try to take advantage of you (pretty rare in my line of work but again I don't have a lot of experience with personal lines). Link to comment Share on other sites More sharing options...
Members One Man Banned Posted December 30, 2012 Members Share Posted December 30, 2012 Originally Posted by pbone I'm moving into a practice space and would like to insure my gear. Couple synths, guitar, and a PA. For those of you that have it, how much do you pay and for what kind of coverage? Mine is covered under my home owner's insurance. Depending on the rehearsal space some offer insurance to their tenants. There is a company that I recall does music equipment insurance called Kosich and Callahan that's pretty reasonable. A friend of mine had his gear insured through them for full replacement value. He had his gear stolen from his car and they paid out in a timely manner and they didn't try to cheat him on the replacement value. Link to comment Share on other sites More sharing options...
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