Recommendations for studio insurance?

[musicalweather]

Hi everyone,

I'm looking to insure the equipment in my studio (mostly computers and software). Any recommendations?

I currently have renters' insurance, which served me fairly well when I was burgled several years ago. But I have even more equipment now, and I'd like to have more comprehensive coverage.

Your suggestions are appreciated.

[Len911]

The software is probably more a matter of keeping receipts, keys, or various piracy protection info and dvds in a safety deposit box or something.

[andygabrys]

I agree with Len.

There isn't that much that you can't reinstall from downloads these days, if you have the time/

Its more to get up running again fast. So I would keep a completely usable image of your startup and sample drives either online backup (AT&T has a service that is cheap for the amount of storage, or Gobbler, or Dropbox etc.) or on a drive or two offsite (personal preference is RAID).

Good luck with renters insurance. State Farm in New Mexico doesn't cover studio gear if you make it known that you do that for a living.

There is some insurance available through the AFM - but then again you have to be a union member.

[Casey H]

Hi everyone,

I'm looking to insure the equipment in my studio (mostly computers and software). Any recommendations?

I currently have renters' insurance, which served me fairly well when I was burgled several years ago. But I have even more equipment now, and I'd like to have more comprehensive coverage.

Your suggestions are appreciated.

Not an expert at all but I'm pretty sure you can get riders added to your current renters policy that cover items that might possibly be excluded from the standard policy. I would call your agent or insurance company and ask.

Best of luck!
Casey

[mikeymike2000]

For software you should have at least one back up. Like Carbonite or something. You should also have a physical back up somewhere else like a safe deposit box that you update every few months.

Not an expert on insurance either but if your studio is in your home I would think that it would all be covered with your renters insurance policy. Call the company and ask. Just know that many insurance companies will most likely depreciate the products over the years when it comes time to re-inburse.

Being in Pasadena you should also have an earthquake rider. Some companies say that you really don't need it cause it is usually the water or fire damage that gets ya but if they deem the water or fire damage as a result of the earthquake there is a potential loop hole. So for the small amount per year it is, you may as well have the undeniable coverage.

Hope that is useful.

[mazz]

I use Music Pro Insurance. As an ASCAP member I get a bit of a discount. For a bit over 20k in gear, my premium is just under 200/year. I don't include my software or samples in that. I'm not sure if they cover it.

I haven't filed a claim, hope I don't have to , so I can't speak to that.

I wouldn't bet on homeowners insurance for professional music gear. Tried it, they don't understand it and don't want the risk.

Since my studio is not in my home, I went for the music oriented insurance. I was surprised at how affordable it was, particularly considering the alternative.

If you rely on your gear for your business, it's simply crazy not to have it. Plus its tax deductible.

Hth,

Mazz

[coachdebra]

I used State Farm when my office was in my home. I had both a renter's policy AND a business insurance policy - the biz insurance was somewhere between 25-40/month. It's going to change depending on your value and covers theft, fire as well as liability.

One thing that surprised me. When I lived in AZ, I was flooded (ironic, I know, flooded in the desert). My personal items were NOT covered by my renter's insurance, but my business items were covered by my business insurance.

I recommend you DON'T try to fold it into your renter's as personal items. Because if you need to file a claim, they can use that to reject it. If you're at all looking to earn money from this, then treat it like a business. In all ways.

Your coach,
Debra

[musicalweather]

Thanks, everybody.

I agree with you all -- the software is not really the main concern. The main insurance for that is having a backup, or, if worse comes to worse, the original install discs. There are a few sample libraries I've downloaded via internet that might be difficult to retrieve, but I believe I have the original download files... somewhere.

My renters insurance currently has a limit of $3000 on computer equipment; Music Pro looks like it offers $5000 in coverage for computers and software. When my apt. was burglarized several years ago, my renters insurance did cover everything, but I felt like I was pushing the limits of it. They never asked whether my equipment was for professional use, but I worried that they would. However, since a quite a few personal items were also stolen (in addition to the gear), they did not question me about whether this was a professional setup...

By the way, here are a few things I learned from having gone through that burglary:

Call the police if you've been burgled. The Pasadena police didn't exactly rush over here after my burglary, but they did what they were supposed to do (took fingerprints, interviewed me). The police report definitely helped with my claim for my insurance company.

Keep those receipts and especially serial numbers. The police take this information in their report and it's eventually sent out to pawn shops (who are required to peruse this information). None of my equipment was ever retrieved, but you never know. This information also gives your claim credibility.

Keep your equipment in different rooms (or better yet, under lock-and-key in different rooms). I was in a little one-bedroom apartment with all my gear in my living room. The thieves pretty much cleaned out that room, taking everything that wasn't nailed down. Oh, and I had carrying bags in the same room as my equipment, so they just loaded up the bags with my stuff and walked out. Luckily I had my mic collection in a different room, so they didn't get it.

Now I have security cables attached to my computers. I have a feeling this would be enough to deter thieves from taking the computers. They want to work fast and don't want a hassle. I'll note that the rack-mounted equipment (screwed into a rack) was not touched in the burglary-- it probably would have taken too long to get it out.

Check your building for any security weaknesses -- loose windows, broken doors. Those are an invitation to thieves. In my case, I had a warped back door (which I had repeatedly asked my landlord to repair, but it did not get repaired). The thieves were able to get it open without drawing attention, evidently. Of course, it helps to have a full security system with an alarm, but something as simple as having doors and windows fully secured can do a lot. The police told me that thieves don't like to break glass because it draws attention.

Be careful of who sees and knows about your studio. I hasten to add that there is no one I know that I suspect of being involved in the burglary of my apartment. However, the burglary occurred while I went out to exercise for 30 minutes, and I'm 99% sure that my place was being watched. (That day I did not exercise at the usual time, but delayed it until the afternoon). The police also asked me who knew about the equipment I had in my place. I guess there's not much you can do regarding this issue except to make sure your equipment is not visible from the outside. I keep my window curtains drawn for the most part. Get kinda gloomy in here.

So, this has gotten a bit off-topic. But it's all part of securing your studio.