OT Australian insurance company to cover home studio??

[Rowan C]

Hey there fellow Aussie Pro Toolers, I am running a Digi 001 setup with some other gear aswell. Just wondering how you are all insuring your gear, which companies are cheap, who's good to deal with, and whether you can take your gear off site and still have it covered? I was quoted almost $1000pa from one place and as a uni student I just can't afford that. I'm using my gear for business use and operating out of a room in my parent's house. I think any answers to this may help quite a few people so I'd love to hear your ideas!

Cheers,

Rowan C.

[The Caine]

Hey I'm an Aussie and I have all my gear, instruments and studio equipment insured through Marsh a division of QBE. They will cover your equipment if you take it to a gig, leave it in your car or tour the world. You pay a percentage of what your gear is worth. Not terribly cheap but it was the most comprehensive coverage I could find. I've had my gear stolen before and believe me I wish I'd worried about the insurance bucks a little less back then. Digging trenches for extra cash to get back my old Les Paul took a very long time. On the plus side I got a lot of job satisfaction....hmmmmmm. Anyways if you want any details just let me know. [img]images/icons/smile.gif[/img]

[Scoobster]

Hey Rowan I'm from the land of Oz as well, I do basically what SoS suggested and include it on my contents insurance specifically along with certain items of jewellery, guitars, triathlon bikes (what the... you have no idea how expensive those suckers can be) make sure you take photos and serial numbers. My mob is RAC home insurance. I couldn't tell you off the top of my head what the premium is (a couple of hundred I think???).

Cheers

[Rowan C]

Thanks guys. I think I'll have to make a few phone calls.

Cheers,

Rowan C.

[Haigbabe]

Originally posted by Rowan C:
Thanks guys. I think I'll have to make a few phone calls.

Cheers,

Rowan C.

<font size="2" face="Verdana, Arial">Hi Rowan.

If you are a Musicians Union member (or SOMA), Marsh will give you a good discount too.

Be careful about adding coverage to your Home and Contents. If the insurers investigate and find you have been making ANY money out of your gear, they will void the whole policy, well, some will and some will not give the cover you expected. Discuss this with your policy agent or Insurance Rep.

It's quite different to the US. There are very few insurers in Oz who will touch this stuff ever since HIA etc.

Best regards,

Haigbabe

[Scoobster]

Sorry Rowan didn't take notice that you are saying it's your business. If that is the case then you should do as Haigbabe suggested, which is very sound and sensible advice.

However in my case I'm not earning enough from it at the moment to justify calling it a business. Bearing in mind if you are calling it a business then you bring a whole heap of other issues to the fore ie. registered business name income tax and BAS forms ughhh!!!

So as mine IS NOT a business it justifiably comes under my house contents insurance just as my guitars and other items that I wished to individually insure do.

You just have to fill out a form that looks like a register of assets with values and supporting documentation, I also provided photos with mine.

Cheers

[silence_of_stone]

Hey Rowan,
Hope you dont mind a Yank offering advice, but I was born and raised by an insurance expert and some of it actually rubbed off on me. Insurance pretty much works the same in most countries, so this shouldnt be too far off the mark.
Now for folks that own their own homes and operate their studios from the home like myself, the answer is to simply add an addendum to the policy to cover extra items such as your musical gear, instruments etc. Estimate the cost of your gear to replacement value (what it will cost you to buy over again new in case of fire, disaster or theft). On my insurance bill it shows an extra $30,000 (US) to be covered just in case something happens to my gear. The cost monthly on my premium is very small for the extra coverage. I almost find myself wishing something would happen to my gear because the insurance would cover it and I would have brand new gear instead of the old beat up stuff. [img]images/icons/grin.gif[/img] Believe me, I didnt pay $30,000 for all of that... not at once anyway. But to replace it might be close.
If you are renting an apartment or a flat, renters insurance is recommended anyway. It really doesnt cost a lot monthly and in case something happens you will be glad you have it!
In your case, I would ask your parents if you could have them call the insurance company and have them add an extra amount to their policy. When the bill comes in it will have a little space that says "coverage for x amount of musical equipment". Usually homeowners insurance covers the structure, loss of life, and a certain amount for replacing belongings. This includes things in the home that are not yours as well,such as your buddies drumset, or your bassists cabinets, so if it burned up in a fire it would replace that as well. Chances are that your parents coverage (unless they have a massive jewelry collection or something) will be enough as is to cover any loss to your gear. But if it is not enough, then I would see if you could talk them into the addendum for your gear, then you could just pay them the difference. It usually will not amount to very much money. If you were to go to an insurance company to insure you gear alone, then it will be an arm and a leg - money better spent on more gear!
This is all under the assumption that your folks own the house and pay for homeowners insurance.
Remember, insurance is not for when something happens, it is IF something happens.
You got some cool parents to let you jam in the house btw! Thats how I wound up on my own - my folks hated the "noise". [img]images/icons/grin.gif[/img] I might have never moved out if it werent for my loud habits!

[silence_of_stone]

OH - one other thing... dont tell the insurance company that it is your business. You can still get away with it looking like personal belongings at this point. If you are insuring your business, be prepared to shell out some serious cash.
Good luck!
Kev