Instrument Insurance

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Author Message hammer Advanced Member Username: hammer Post Number: 365 Registered: 9-2009 Posted on Tuesday, June 11, 2013 - 11:57 am:    Now that I have 4 Alembics in the family as well as a couple of vintage Gibsons, I've finally decided that the net value of my gear requires something beyond my general homeowners insurance. I know this was covered a while ago, but I was wondering if those with experience with various companies are still recommending Heritage. I recently got a quote from them and it was approximately $1.00 for every $1,000 of instrument one had on hand. stout71 Intermediate Member Username: stout71 Post Number: 147 Registered: 7-2011 Posted on Tuesday, June 11, 2013 - 1:39 pm:    I just got a policy with Heritage (underwritten by The Hartford) and it cost me $250 per year for about 25K of coverage at replacement value so your figure is in line with mine. I've heard nothing but good things about them. s_wood Advanced Member Username: s_wood Post Number: 368 Registered: 5-2002 Posted on Tuesday, June 11, 2013 - 3:56 pm:    I also insure my Alembics (and other gear) with Heritage. They are really fantastic. Their policies cover all kinds of loss or accidental damage, pretty much without exception. Sadly, I know from experience how they handle claims...which is very well, quickly and fairly. Check out this thread: http://alembic.com/club/messages/393/130335.html?1336851919 lbpesq Senior Member Username: lbpesq Post Number: 5469 Registered: 7-2004 Posted on Tuesday, June 11, 2013 - 4:25 pm:    I also use Heritage. As folks around here may remember, I recently had a flood in my basement studio which damaged one of my guitars. Heritage paid off extremely quickly and without any hassle once I emailed them a pic of the damaged instrument. They even paid extra for the damaged case (which I wasn't expecting)! Bill, tgo edwin Senior Member Username: edwin Post Number: 1564 Registered: 5-2002 Posted on Tuesday, June 11, 2013 - 7:55 pm:    I've been with Heritage now for well over 10 years. While I haven't had any claims, I do feel very secure. I will also say that my premiums seem to be less than the above quote, so I think being a long time customer with very little risk (despite a pretty decent gigging schedule) will help in the long run. Colleen is always very helpful. hammer Advanced Member Username: hammer Post Number: 366 Registered: 9-2009 Posted on Tuesday, June 11, 2013 - 8:45 pm:    Thanks everyone. The word of all of you is good enough for me. Heritage it is. cje Intermediate Member Username: cje Post Number: 131 Registered: 5-2009 Posted on Wednesday, June 12, 2013 - 11:41 am:    One of the first things I did when Diamond-Eyed Jack arrived was call Heritage! malthumb Senior Member Username: malthumb Post Number: 541 Registered: 5-2002 Posted on Thursday, June 13, 2013 - 3:24 am:    Another vote for Heritage. Think of it this way....with so many of us on Heritage, they are probably very familiar with the valuation of Alembic basses being a bit different from your typical Fender. s_wood Advanced Member Username: s_wood Post Number: 369 Registered: 5-2002 Posted on Thursday, June 13, 2013 - 1:00 pm:    Plus, Heritage lets the policy holder set the value of the insured instruments (within reason) Their philosophy is that since they charge base upon the insured value if you over-insure your stuff you are overpaying, and that's your problem. sonicus Senior Member Username: sonicus Post Number: 2951 Registered: 5-2009 Posted on Thursday, June 13, 2013 - 1:33 pm:    OK, All the good personal experiences here regarding Heritage have convinced me now as well . I spoke with Robert per phone and sent him my information . Thanks , you all helped me decide. stout71 Intermediate Member Username: stout71 Post Number: 148 Registered: 7-2011 Posted on Thursday, June 13, 2013 - 1:45 pm:    And if there was any doubt, always insure for replacement value rather than their other options, "agreed value" or "actual cash value." I insured everything at full retail as I'm sure everyone else here does. In the event of a loss, I'll likely get a replacement cheaper through a dealer, but insuring at retail covers things like manufacturer price increases, etc. I had to do some homework to make sure everything on my 1997 "pre-mass production" Warwick was covered. Everything on it that used to be standard fare is now custom shop stuff. I'm curious, for any of you who have had a loss covered by Heritage, did they just write you a check up front or did they reimburse later? lbpesq Senior Member Username: lbpesq Post Number: 5472 Registered: 7-2004 Posted on Thursday, June 13, 2013 - 2:16 pm:    When I made my claim earlier this year, they sent me a check within 10 days as I recall. Bill, tgo cje Intermediate Member Username: cje Post Number: 132 Registered: 5-2009 Posted on Saturday, June 15, 2013 - 3:34 pm:    And every few years, you might want to call Mica to get an updated replacement value, which you should then use to update your policy.