Got robbed, but so lucky


#21

$254 annual premium for $20k coverage. Not too shabby.


#22

yeah i was about to suggest this as well. musical instrument insurance.


#23

Glad to hear that you’re safe.

One thing to note – I have heard horror stories about regular renter’s/homeowner’s insurance not covering gear if it’s used to generate income. Not sure that having someone buy a random track off bandcamp will disqualify you, but always good to really discuss the details with your agent.


#24

It’s likely harder to pawn / offload something more unique like a modular or desktop computer, vs something generic like an iPad.


#25

Yeah for sure. They left my laptop. They moved it and wrapped up the charger but didn’t take it.


#26

I once got robbed, and the only stuff they took was a small bag of weed and an old iPod. The latter was sentimental as it had a decade’s collection of music, but yeah, they left everything else including premium boutique synths and drum machines, thank god. The info upthread about it being harder to pawn makes sense, but I like to think that thieves just tend to have amusingly bad taste in lustworthy consumer items.


#27

Another thing to be aware of - If you live in flats with multiple mail boxes out the front, don’t ever check your mail on the way out. We had a case in my block where we think thieves were waiting, then they clocked the door number then pretended to be the postman before crowbarring the door off its hinges…


#28

Eh be careful with Renter’s insurance. It’s cheap, and if it covered a lot, it wouldn’t be cheap. Make sure and ask for the “Types of Peril” that the insurance covers. I’ve been through a fire, a burglary, and a flood, and renter’s insurance has found a way to deny claims every time. Review the types of peril and know that if the narrowly defined things in that list occur to you, you’re entitled to UP TO the amount of coverage in your policy for that peril, provided that you can PROVE the value or your stuff.


#29

really sorry to hear this!
as someone who works in the industry i have mixed feelings when i read…

i’d say this is flat wrong but it’s hard to argue with someone who’s been burned by this in real life

at first i was curious where you live and which insurance provider you have because it seems extremely odd for any north american company to deny fire/burglary claims…possible but i’ve not really heard a similar situation occuring with renters policies

and i’m definitely sad that it affected you adversely but, actually, NOT surprised by the denial of your flood claim (bc there are so many ways for property to flood…and only certain kinds of water damage covered by “normal” off the shelf policies)

Excellent advice that i wholeheartedly agree with!

Find out all the details before something bad happens and ask HOW to go about proving the value of your things. It’s sometimes as easy as taking pictures (especially for appliances/electronics) or making a list.

The key is to make sure to regularly update the coverage amount if/when you get new things and recognize that some of our gear needs separate coverage altogether (as suggested by others above). Few renters insurance providers will be able to determine the value of a rare synth or custom controller unless you explicitly tell them. Some will take your estimate at face value and others might require receipts or assessment by a third-party for the correct valuation.

True

So as tempting as it is…if you have things of serious value, avoid using price or speed/ease of the application process as a guide. Shop by coverage and have it thoroughly explained before buying. If the amount you need is too expensive at the moment, scale it back slightly and get the reduced amount. All insurance coverage is exceedingly flexible and can be changed easily whenever you decide to tweak it. Usually a simple email or phone call is all it takes (if you already know what you want).

If the seller tells you otherwise, refuses to explain (the price/purpose/meaning of things) or tries to pressure you or belittle you for your choices…let em know you aren’t comfortable with their services and choose another provider.

True, it may vary by country/state so…

Where I live if you are not touring/performing in public your equipment is viewed as a collection for a hobby rather than income producing tools of a trade


#30

Marine Insurance is what I used for my film gear. Now that I’m getting more serious about music again I might have my company “buy” my gear and put it on my insurance plan.


#31

Guess I better get my ass in gear and start performing in public :blush:


#32

Lol yeah

Take what i said there with a grain of salt

Laws on this vary widely and i know some companies will be skeptical that music is merely your hobby when you have gear worth thousands or an in home studio. So many factors involved in dealing with things like this but they have to honor the policy if it stipulates the terms you both agree to


#33

Marine insurance is great. It covers it basically wherever it is and in most situations.

Luckily I think the production company is going to reimburse me for the loss because they arranged the housing.


#34

Denials were tedious stuff along the lines of: they don’t recognize the value of something rare, they don’t understand the impact of smoke damage on the resale value of an instrument if it still “functions”, don’t place ANY value on anything you built from a kit, etc. In MOST of my cases they paid out a little - it was just disappointing and frustrating every time. They also never cover damage from moving unless you’ve paid a pretty high price in advance, didn’t cover a landlord’s leaky roof (unsurprising). I still keep it around for cases of CATASTROPHIC loss, but I don’t expect too much in those cases either, and keep about half my studio in an interior storage unit out of learned paranoia from shitty NYC landlords…


#35

Renters insurance has been absolutely worthless in every instance that I’ve ever tried to use it. I’m in New York City… We have all our gear insured through Anderson Insurance. We went through Local 802, the musicians union. All of our stuff is covered no matter what… in the studio, on a gig, in transit, everything. We’ve luckily only had to use it a couple of times, and there was no question about anything. We are professional musicians, we insure several hundred thousands of dollars worth of gear. It’s not cheap, but anything else is a waste of time and money.