Ukulele Insurance?

Rllink said:

I don't think that receipts are going to be of much use. Sometimes we get deals. Ukuleles lose value or gain in value depending on what they are. Especially collectors hope that their purchases will be worth more over time than they paid. Just myself, I have a ukulele that was sold to me for $250 new, yet it sells on the internet for $450 and it retails for $650. If something happened to it I'm quite sure that I could not get that deal again, as that sale was a goodwill gesture by a retailer who messed up an order that I placed. I would certainly want to get at least the replacement value. That's why they need an appraisal.

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According to our insurance agent, the receipts help to establish ownership and gives a starting place for establishing replacement cost. According to the policy replacement is of an equal or greater value at the time of the loss. They reserve the right to have the item repaired if it is damaged, and the damage is valued at less than 15% of the total replacement value. So if you ding it or drop it and crack the back, they will want to have it repaired. If it was lost in a fire, it's the replacement value on the day of the fire.

It depends upon the value of the items that you want to have insured. Whether your home insurance policy will be enough to cover them. If they are high-value, the insurance company may want an appraisal to establish the value. I believe most insurance companies suggest an update appraisal very 5-10 years. That gives a closer value at the time of the loss and lets you know if the value has gone beyond the rider or amount in your policy.

Since I started this thread, I thought I should up date y'all on what's taken place. I finally got so fed up with my insurance agent that I changed agents. Same company, different agent. The new agent gave me easily followed instructions on what to do, photo copy receipts, or get online prices where no receipt is available. So, I made a list (almost identical to the one I gave to the first agent) and gave it to my new agent. The coverage was bound, and the policy was issued within a couple of weeks without so much as a question. And, it's surprisingly inexpensive as a rider to my homeowners policy. I now have $53K insurance on my Ukulele collection, and peace of mind. I simply shoot my agent a copy of the info on any newly acquired instrument, and it gets added to the policy. I should just "simply shoot" my first agent. :rofl: