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David V | How much does Homeowners Insurance usually pay? |
I had a bunch of musical equipment stolen.
The *retail* value of all that stuff is somewhere around $3,600.
The price you'd realistically pay in a store for new equipment is somewhere around $2,200.
Also, one of the guitars is not easily replaceable, due to the fact it's out of production, and was extremely rare while in production. I only paid $400 for it (used), but it will cost me much more than that to find a similar guitar. Would the adjuster take that into consideration?
Additional Details
Mopar - I have 25k in property coverage (ie enough) and a 500 dollar deductible. |
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Apple
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Ok, it's not your agent that should be guiding this, it's your adjuster. There are a number of factors at work here, many of which have been covered, but here are some other things to consider:
1) Who is your insurance company, and what does the policy say? Insurance companies are extremely different, as are the policies. Some policies cover musical instruments, some don't. Some have limited coverage, some do not. Same thing if the equipment is used in a business - some have extensive coverage, others do not.
2) Completely forget the "retail" price when talking to the adjuster. They want to know what it will take to replace the damaged items with new items, if available.
3) That being said, and referencing #1 above, an insurance company (again depending on the policy and company) may actually pay you the cost it takes to replace that special guitar; however, (on the flip side) if that guitar is an antique, or irreplaceable, the insurance company may not pay anything.
Here's what I would do -
Make a list of everything stolen/damaged. Include the details about every item (age, condition, etc). Then make a colum for price, indicating the replacement cost (where you can buy it from tomorrow) including where you are going to buy it from. Include documentation such as copies of web pages, catelogs, etc. Submit all of that to the adjuster.
If (or when) they do not pay for something, ask a direct question - such as "Why was my XYZ guitar not paid for at the price I listed?", and expect a direct answer, such as "We do not cover musical insstruments; or we found it available at a cheaper price, we depreciated it, etc." If you are unsatisfied with the answer, ask the adjuster to send you a letter, indicating the sections of the policy you should review indicating why an item wasn't paid for.
Previous comments about depreicatiation by other posters are correct, however some companies do not withhold depreciation.
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Lilly
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Zarney is largely right however some policies distinguish between professional musical instrumets and other personal property.
Also you have to see if you have replacement cost for contents or actual cash value.
I hope you can recover some of it, not easily hawked! |
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Zarnev
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One thing many people don't realize is that with most homeowner's policies there is a limit for musical instrument claims. The limit could be anywhere from $500 to $5000, depending on the policy. You'll need to check your policy to see if it has a limit.
The adjuster will not take the value of the guitar into consideration unless you had the guitar appraised and separately listed the guitar on the policy.
Otherwise, if you have a policy with replacement value you'll get the value to replace the equipment (the realistic value, appraisers know the difference between retail value and actual value). If you have a policy without replacement value you'll get the depreciated value, which with most guitars over 1 year old is about $50. |
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mbrcatz
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If you have replacement cost, they will pay initially, depreciated value less your deductible. AFTER you replace it, they'll pay you the difference between depreciated value, and replacement cost.
If the not easily replacable guitar is obsolete, you get like kind & quality, not an unlimited amount to purchase it from Sotheby's.
Also, if the musical equipment is used for business, there's a built in limit - much lower than $25K - for business equipment.
YOUR AGENT should be guiding you in this. |
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car253
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Insurance Adjustor is right. I will just add one thing. For the guitar that is out of production you can look on ebay or from a reliability source, like ads in a music magazine, to see what they are selling for and print it out and give it to the claims rep.
The claims rep. is the one that should be helping you. |
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Mopar Muscle Gal
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depends on how much homeowners coverage you have and any deductibles |
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