I have had the exprience of having some of my equipment stolen from my garage which is attached to my house. Normal homeowners insurance does not cover "tools of the trade". Because I used the stuff professionally it was not covered. I believe that if you are a member of the musicians union you can buy insurance on your equipment. My insurance agent hasn't found me any yet.

Do any of you have insurance on your equipment?

I have a rider on my homeowners policy that covers my gear. I also have a small liability policy because I make my studio available to outside contracters. I don't want my family to suffer is some music client gets hurt during a recording session.
(Yeah - THAT'll happen!)

Tom, Uncle Dave is right, you should be able to get an endorsement to a homeowners, tenants, whatever policy to cover professional use gear.
Uncle Dave .... you never know when some rocker is going to smash his ax, and who knows where the shrapnel will end up ..... actually, the policy SHOULD also cover these folks as they are entering/exiting your property, where a mishap could occur ... and unfortunately, we've become a society ready to find someone to blame for anything bad that happens to us!
t.

I too have a rider on my home insurance policy which covers my 'professional use' gear. This covers the equipment during transport and at the gig as well. Also carry liability insurance because many clubs, churches, and halls require this. So far I've never had to make a claim, but it's better safe than sorry. - Scott

Would you guys mind telling us please what to expect to pay for this insurance.
Thanks again,Boo

Hey Boo,

My insurance is through Erie Insurance Exchange in Erie, PA. I insure a pair of psr-2000s, a pair of psr-740s, a pair of Peavey 600-watt stereo mixer/amps, a pair of 15-inch peavy speakers, a pair of 12-inch Yamaha speakers, two guitars, four keyboard stands, a half-dozen mics, and another $300 in misc. stuff. Total cost of the insurance is $89 a year with $100 deductable. Everything is insured for all hazards. When I talked to my agent about putting a rider on the homeowner policy he said this was not a good idea because if the damage were to incurred while on the job, it would be considered professional usage and the homeowner policy would not provide coverage. The same holds true for my cameras, which I also use professionally for shooting photos for my magazine and newspaper columns.

Hope this is of some help,

Gary

Like U.D. & Scott, I too have a rider on my house insurance. I think it's in the neighbourhood of $65 a year. Covers transport and while I'm at the gig. This is in addition to my regular house insurance which covers my gear while at home.
It's a good investment Tom, if only just for the peace of mind.

[This message has been edited by Leon (edited 03-24-2003).]

I have my house and car insurance with the same company "Citizens Insurance". I get a nice discount this way. The bad point is this company doesn't offer the rider. Changing companies is an option later but right now I have a couple of speeding tickets on my driving record.

Gary can Erie Insurance Exchange sell to a person in Michigan? Is your coverage a seperate policy or a rider on an existing policy?

Leon, your normal homeowners offers no protection for "tools of the trade". It is good that you are covered to, during and from the job but if your stuff gets stolen or destroyed in your house there is no protection there with a normal homeowners policy. Make sure your special rider covers your equipment stored at home, in your garage, or in your car parked in your driveway, as well as to during and from the job. At one time I was a licensed insurance agent so I am sure about this.

My stuff was taken out of my attached garage and was not covered because it was "tools of the trade".

Tom

Yes, Erie is a national company and as far as I know, they can sell to anyone. I live in Maryland and there are two agents wihin 30 miles of my home. Their rates were the best I've found, and I've used them for several years. I also have my home, cars and until recently two boats insured with them. I really shop insurance and the rates and coverage vary tremendously from one company to another. So far, no one has been able to beat Erie's rates or coverage. Tom, I'm sure they have a website, but I just haven't take the time to look it up.

Cheers,

Gary

http://www.erie-insurance.com/default_ie.asp
It shows the states where Erie is active.
DonM

Tom...I checked my policy and actually spoke with my agent, and my gear is covered. Obviously, the premium is above normal but they have assured me, and read me through the policy, and their interpretation, that I am in fact covered while it's in my home, but thank you for the heads up.
Every year I re-assess values and quantities, itemise each piece, ensure all serial numbers are recorded etc.
Good thread...and important too

My company said there is a $1000 automatic coverage. I didn't press him but I imagine that is for coverage in my house only.

They won't put a rider on my home insurance for full coverage either. I've been with this guy for a long time, but I'm thinking of making some calls and changing.
I hope this isn't the policy of insurance companies around here.

One internet company I emailed, sent me a form throught the snail mail. Their company is "Clarion." They want $389 a year. However after the $89 a year rider mentioned above, I may opt for that and change companies.
Boo