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Topic: Insurance Appraisal |
Steve Schmidt
From:
Ramsey, MN, USA
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Posted 5 Sep 2020 6:24 pm |
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| I had a friend call me and asked where he could get an appraisal on his two Emmons Push Pulls. Basically looking for a legit appraisal that his homeowners insurance would honor if something happened to either of them. I thought that's a great question. Any thoughts? |
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Mike Auman
From:
North Texas, USA
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Posted 5 Sep 2020 9:12 pm
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Gruhn Guitars in Nashville does on-line appraisals for $75, although they specialize in vintage fretted instruments rather than steels. Might be worth a call to inquire. https://guitars.com/appraisals
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Long-time guitar player, now wrestling with lap steel. |
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Bill Terry
From:
Bastrop, TX
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Posted 6 Sep 2020 8:19 am
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FWIW, I lost my home to a fire in 2011, including a couple of steel guitars (and some amps).. My homeowner's insurance did not cover any of my musical gear because I show income from musical endeavors on my tax return. That stuff was considered 'tools of the trade', thus not covered.
My agent suggested that in the future I could 'schedule' these the way you would jewelry or antiques, but I found a less expensive option (with better coverage) via Music Pro. I think Heritage and a couple of other similar companies offer this sort of 'musician' type coverage. It's basically, anytime, anywhere, 24-7. You specify the values, and are billed at 'x' dollars per thousand of coverage.
Even if your friend doesn't play out, I would still advise he check with his agent about coverage on instruments via homeowner's insurance. I found out the hard way... |
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Dennis Montgomery
From:
Western Washington
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Posted 6 Sep 2020 4:32 pm
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| Bill Terry wrote: |
Even if your friend doesn't play out, I would still advise he check with his agent about coverage on instruments via homeowner's insurance. I found out the hard way... |
Excellent advice! Don't think that just because you have renters/homeowners insurance that your instruments are covered - whether you use them to generate income or not - because they're likely not. I've had what's been variously called a musical instruments schedule, or musical instruments floater policy since I could first afford insurance in the early 80's. The 2 insurance companies I've had over the years, Nationwide & State Farm have both accepted purchase receipts to determine the coverage amount so I've never had to get an appraisal.
Two important things to be sure of:
One is that you have replacement coverage. If not, they'll depreciate the cost of the instrument over time and you'll receive a fraction of the purchase price if something bad happens. With replacement coverage, you'll get enough (or close to it) to replace the instrument.
Two is do they have restrictions over how and where you use your instruments? As Bill mentioned, if you use your instruments to generate income a regular renters/homeowners policy will likely not cover them...you'll need a business policy of some kind. Also, it's been many years since I had Nationwide but I seem to recall they had a clause that if my instruments were damaged or stolen away from my home that they were not covered. No big deal for me since I'm a home studio rat and don't play out, but if you regularly gig for fun, you could run into a problem.
A musical instruments floater will definitely help you sleep better at night! In my case it's not perfect since I've customized virtually every guitar I own in some way, but it's a good feeling to know that at least I'll be able to replace things with a current stock item...which I can always customize again 
_________________
Hear my latest album, "Celestial" featuring a combination of Mullen SD12 and Synthesizers:
https://www.youtube.com/watch?v=mhh6b_xXTx4&list=PLfXm8aXRTFz0x-Sxso0NWw493qAouK
Hear my album, "Armistice" featuring Fender 400 on every song:
https://www.youtube.com/playlist?list=PLfXm8aXRTFz2Pz_GXhvmjne7lPEtsplyW
Hear my Pedal Steel Only playlist featuring Mullen G2 SD12 on covers like Candyman, Wild Horses, Across the Universe & more...
https://www.youtube.com/playlist?list=PLfXm8aXRTFz2f0JOyiXpZyzNrvnJObliA |
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