Heritage insurance

[Roksbug]

I have read quite a few posts about Heritage Insurance being a very reliable company and is very responsive in paying claims.
I contacted Heritage and they said they will only provide coverage for musical instruments through a homeowners policy.
I’d there another Heritage that will provide this coverage or do those of you who have this policy have it through a home policy?

Thank you for any info you can provide.

[JKMartin]

I have a policy on my guitars through Heritage found at this link:

https://musicins.com/

[UncleJesse]

You contacted the wrong Heritage.

[Tempotantrum]

These policies are actually called "Inland Marine" policies underwritten through a larger company (typically The Hartford) but brokered by Heritage. Super easy to work with - dedicated to musicians and about $250 for (i think) up to $50K in coverage. I really like the peace of mind over and above my Homeowners insurance. Shipping coverage alone is worth the cost.

[000Guy]

Heritage musical instrument insurance is outstanding. The coverage is generous, but as is the case in most things, it's their people who make the difference. I've had one claim and it was handled swiftly and easily, no questions asked. And they insure instruments during shipping as you buy and sell. Having instruments with a total value of over $20,000, the $250 per year I pay for Heritage insurance is well worth the investment.

[Roksbug]

Thank you all for the clarification. I’m going to look into getting a policy.

[Deliberate1]

Originally Posted by 000Guy

Heritage musical instrument insurance is outstanding. The coverage is generous, but as is the case in most things, it's their people who make the difference. I've had one claim and it was handled swiftly and easily, no questions asked. And they insure instruments during shipping as you buy and sell. Having instruments with a total value of over $20,000, the $250 per year I pay for Heritage insurance is well worth the investment.

I am looking at supplemental coverage, or a rider to my homeowner's policy, which is what I have for some expensive camera gear.
Do you know how Heritage pays in the event of a loss? Is it the price you paid, or current or fair market value (to the extent it can be determined), or some other metric? I imagine determining the true value of the loss could get complicated, especially when dealing with a vintage instrument whose "value" is enhanced by its collectibility.
David

[Deliberate1]

Sorry - duplicate post.
David

[Stringmaster]

Originally Posted by Deliberate1

I am looking at supplemental coverage, or a rider to my homeowner's policy, which is what I have for some expensive camera gear.
Do you know how Heritage pays in the event of a loss? Is it the price you paid, or current or fair market value (to the extent it can be determined), or some other metric? I imagine determining the true value of the loss could get complicated, especially when dealing with a vintage instrument whose "value" is enhanced by its collectibility.
David

I provided a gear list with my estimate of the values on each item. I update when I buy or sell an instrument, and annually I update values on instruments that may have appreciated. They didn’t require formal appraisals in my case, but it’s possible they could. I’ve never filed a claim so can’t answer to that.
BTW, I had a rider on my homeowner’s policy for years, but found out that that coverage was limited to in-home loss only, and not for “professional” use—i.e. if you play out for profit. There was also a cap on the rider that was under the value of my collection. I switched to Heritage since the biggest risk of theft in my case is likely when I’m playing out, or when shipping instruments. I have all of my instruments, amps, PA gear, and higher priced accessories such as a Calton case insured. It gives me peace of mind!

[Deliberate1]

Originally Posted by Stringmaster

I provided a gear list with my estimate of the values on each item. I update when I buy or sell an instrument, and annually I update values on instruments that may have appreciated. They didn’t require formal appraisals in my case, but it’s possible they could. I’ve never filed a claim so can’t answer to that.
BTW, I had a rider on my homeowner’s policy for years, but found out that that coverage was limited to in-home loss only, and not for “professional” use—i.e. if you play out for profit. There was also a cap on the rider that was under the value of my collection. I switched to Heritage since the biggest risk of theft in my case is likely when I’m playing out, or when shipping instruments. I have all of my instruments, amps, PA gear, and higher priced accessories such as a Calton case insured. It gives me peace of mind!

Tx for the nitty gritty.
David

[UncleJesse]

Originally Posted by Deliberate1

I am looking at supplemental coverage, or a rider to my homeowner's policy, which is what I have for some expensive camera gear.
Do you know how Heritage pays in the event of a loss? Is it the price you paid, or current or fair market value (to the extent it can be determined), or some other metric? I imagine determining the true value of the loss could get complicated, especially when dealing with a vintage instrument whose "value" is enhanced by its collectibility.
David

I'll give you my experience on a claim. It wasn't a total loss so I'm unsure if they'd just pay out the full price or what. I had a D18 I insured for full replacement cost of 2450 last year. It was cracked in shipping at the tailblock. When I opened the claim they asked if my repairman could provide a quote for repair along with the loss of value of the instrument. My repair guy wasn't comfortable with value as he doesn't watch the market. After making the claim with Heritage the claim was immediately handed off to a case manager at Traveler's Insurance (who my policy was through at the time).

We discussed it and they wanted an appraisal to determine the loss of value. I sent detailed photos to Gruhn's for that. Gruhn's estimated the guitar to be worth $1900 in excellent condition with a loss of value of $500 because of damage. So it really didn't matter that I had it insured for $2450 in this case because that was more than what it was worth. So Traveller's cut me a check for the repair, appraisal, and $500.

As you can see there's a fine line on valuation. If you overvalue your instruments you could be paying too much in premiums. If you undervalue you could lose out.

[brad4d8]

Originally Posted by Stringmaster

....They didn’t require formal appraisals in my case, but it’s possible they could. I’ve never filed a claim so can’t answer to that.
BTW, I had a rider on my homeowner’s policy for years, but found out that that coverage was limited to in-home loss only, and not for “professional” use—i.e. if you play out for profit. ....

I think they require appraisals on instruments over $5000. Homeowners insurance generally have a broad view of professional. I.E., if you play at an open mic or benefit that charges admission, they consider it professional, even if you didn't get paid.

[UncleJesse]

Originally Posted by brad4d8

I think they require appraisals on instruments over $5000. Homeowners insurance generally have a broad view of professional. I.E., if you play at an open mic or benefit that charges admission, they consider it professional, even if you didn't get paid.

I've had Heritage for two plus years and have had many $5000+ instruments and have never been asked for appraisals. When I nearly bought a 1942 0-18 I asked if they needed an appraisal and they said no.

[crnazz]

Will Heritage cover a guitar that you've just sold and is now in route to the buyer?
My insurance rider, for my guitars, states that, once sold, it is no longer covered even though the buyer hasn't received it yet.

[TomB'sox]

Heritage is still in place, but no longer underwritten (is that the right word?) with Travelers, another company took over, but they have assured me that coverage via Heritage will remain unchanged.