Insurance

SMC Productions

SMC Productions

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Well, I briefly looked in the archives, using the search function..didn't really see anything that touched on this subject in detail...

I'm getting to the point that my HomeOwners Coverage would NOT cover all my toys in my studio. Doing a quick talley, I probably have over 50 grand of stuff, maybe more, if I actually had to replace it with all new stuff, since some of it is 'vintage' (Studer, etc)

Anyway...cutting to the chase.....
Are there any Insurance Companies that specialize in Home Studios? I seem to remember finding a few in the past, but can't seem to track them down now.

Suggestions, links?

TNX in advance.
 
i was also wondering.

i have my studio in my parents basement. its not under any insurance. i've been asking them to find out if they could add it under there insurance and i would pay. im up to around 20k...

i would love to have my own insurance policy just for my studio stuff, especially in the basement. i also have some vintage stuff (mainly my drums). alot can go wrong down there. many times, i've had to run up and down the stairs with amps, cabinets, my drums, anything low on the racks, anything laying on the floor, becuase of heavy rains causing foundation leaks and making a small flood in my basement....

my dad wont fix it. ever. i'm interested if you find anything out.
 
Insurance companies rarely write policies to cover the full amount (value or replacement cost) of musical instruments. I had to take 3 apprasials to our agent to get 60% coverage. They have their "blue book" values and don't want to cover anything higher (they figure your electronics at about 1/3 of what you paid for them, after all, it's used and to them used electronics have little or no value.) Look into a personal property policy, that is the kind where you insure items, you will need detailed descriptions, model and serial numbers and more than one apprasial.
 
The best solution is to cantact the agent who handles your homeowners insurance and ask to look at the coverage limits and then ask to increase the limits on contents coverage. As long as the stuff is not being used as a professional studio with customers coming in and out and doesn't leave the home this should be fine. If the agent asks why you want the extra coverage tell him you've added a bunch of home audio and video gear (he will presume home theatre most likely).

But that is half of being really protected. Have a very good inventory of what is in your home, including dates purchased, serial numbers, condition, and ideally even photos. You'll need that to eventually prove what really is missing.
 
Innovations said:
The best solution is to cantact the agent who handles your homeowners insurance and ask to look at the coverage limits and then ask to increase the limits on contents coverage. As long as the stuff is not being used as a professional studio with customers coming in and out and doesn't leave the home this should be fine. If the agent asks why you want the extra coverage tell him you've added a bunch of home audio and video gear (he will presume home theatre most likely).

But that is half of being really protected. Have a very good inventory of what is in your home, including dates purchased, serial numbers, condition, and ideally even photos. You'll need that to eventually prove what really is missing.
Click to expand...

I have extended coverage already, but it's gotten 'way above' that, now...AND, my studio is in a seperate building approx 20 feet or so from my house, AND I *do* have clients coming and going.... :D
 
Try MusicPro Insurance:

They don't specialize in home studios - but they do specialize in musical equipment and sound gear.......

And you can get policies with them for full replacement costs.

http://www.musicproinsurance.com/instr_main.aspx

They also offer liability insurance for home studios if you are running a business within your home studio (which (by the way) is usually NOT covered under your homeowner's policy - check it to make certain that home businesses are covered - and to what extent).

http://www.musicproinsurance.com/studliab.aspx

Good luck,

Rod
 
Most insurance companies will offer additional coverage for itemization of specialized products such as music toys. I had a policy through Allstate when I was renting several years back. They asked for an itemized list of items, replacement value, and photos. I also gave them serial numbers on my own. Never had to use the policy, but it was nice knowing it was in effect. I will probably do the same for my homeowner's policy once I finish my studio/recording room project and all of my equipment is outside of the confines of my house.
As Innovations suggested, contact your insurance agent and explain what you want to do and why. Agents are usually more than happy to increase your premiums :D :D (just kidding....it shouldn't be too much additional in premiums...If I remember correctly, mine was something around $200 additional a year for $20,000 replacement cost).
 
I still would recommend going through the same agent/company that handles your homeowner's policy and if they won't cover it shop around for another company that will handle both coverages. The reason is you don't want in the event of a claim to have any problems with who covers it because they will both want to push it on the other.
 
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