TobyTom Posted April 29, 2016 Share Posted April 29, 2016 I have posted pics here on my '31 L5 ('29 L5). I'm asking advice on insuring the instrument for loss, fire, theft etc. It is sort of a family heirloom so it can't truly be replaced. I am going to contact my home owner's insurance company but I thought I would pass it by you people first. Thanks. Link to comment Share on other sites More sharing options...
L5Larry Posted April 29, 2016 Share Posted April 29, 2016 Your homeowners insurance will most likely only insure the guitar as standard "contents" of your home, even with a rider and additional premium paid. This will generally exclude any "professional use" (paid or not), such as gigs, or even open mic night at the local tavern. If you would like to look into "specialty" insurance for it as a "vintage" or professional instrument, there are a couple of companies in the U.S. that offer those type policies. I (and others here) use Heritage Insurance Services and their "Musical Arts Trade Insurance Program", 1-800-289-8837, ask for Ellis. The annual cost is around 1% of the declared value, and for my peace of mind, worth every penny. They do have a minimum charge of somewhere between $200-$300. Link to comment Share on other sites More sharing options...
TobyTom Posted April 29, 2016 Author Share Posted April 29, 2016 Thanks. Link to comment Share on other sites More sharing options...
jedzep Posted April 29, 2016 Share Posted April 29, 2016 My three vintage guitars are each valued in the $2.5K range. My home insurance policy covers me for replacement but required appraisal, which a local antique dealer provided. $39/mo. is my cost, however if I lost them now I probably wouldn't be able to replace them with the same guitars for those numbers. Link to comment Share on other sites More sharing options...
OldCowboy Posted April 29, 2016 Share Posted April 29, 2016 Some companies will issue a 'fine arts policy' which can vary considerably in cost from provider to provider. Downside is that you can't plan to recoup full value, mainly due to vintage market fluctuations which make the original appraisal inaccurate pretty rapidly. Link to comment Share on other sites More sharing options...
Grog Posted April 30, 2016 Share Posted April 30, 2016 I just insure mine for a set amount. They have never asked me to have anything appraised. It's just a rider on my homeowner policy. Link to comment Share on other sites More sharing options...
TobyTom Posted May 1, 2016 Author Share Posted May 1, 2016 I got it insured for $5,000 as a separate policy costing $60 per year. I don't plan to take it out very much, so I think I'm covered. BTW, I put a new pick guard on it. Looks too pretty but the old one was shot. Link to comment Share on other sites More sharing options...
TobyTom Posted May 1, 2016 Author Share Posted May 1, 2016 Attaches is a pic. Had trouble posting previously. Link to comment Share on other sites More sharing options...
kidblast Posted May 2, 2016 Share Posted May 2, 2016 the peace of mind is worth the cost... Link to comment Share on other sites More sharing options...
jedzep Posted May 2, 2016 Share Posted May 2, 2016 The coverage on my home's contents pretty much exceeds the cost it would take to replace my stuff, with plenty left to deal with guitar re-purchases. You never get back what is lost in terms of your emotional connection, such as in your case. The old L5's aren't real high $$ value instruments, and even if your place burned to the ground the value of your payout would be played with in the formula of the total you would get back. If, say, someone fell on it and crushed it, you may get your 5G's, but there is a possibility that the ins company might haggle over the vintage value after the fact. You just never know. With insurance policies the list of exclusions is a bigger book than the list of benefits. Link to comment Share on other sites More sharing options...
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