HELP! - Home Studio Insurance

[Implicit]

So I've made quite a bit of purchases for my home studio business the past few months and I decided to see my insurance agent about bumping up my homeowners insurance to cover the new purcahse. In the process of talking about what needed to be covered I found out that for some insurance policies only cover certain types of home businesses. As it turns out, none of the policies my insurance company offers will cover a home recording studio business. So I’ve been recommended to an independent insurance agent and I got a quote from him to cover my gear, which is about $500 annually for $50k of coverage.

I wanted to know what you guys have done to insure your home recording studio investments and what insurance companies did you go with?

Thanks!

[cmchamp]

This may be a state by state issue. I have State Farm, and my $150k policy (renter's insurance) runs about $310. Now, I didn't claim it as a home business, and my agent understands that. I do know, that due to the other people in the 'sound' business(es), riders for our type of gear is much higer and so are premiums.

[Implicit]

I also have state farm and they basically told me that for this type of business they will only cover $2500 total. If you use an item even once for business then it is then considered a business item. So if your place were to burn down or you were to get robbed you could only get $2500 total or $250 if you lose it outside of your place. They wouldn't even let me take out a rider on my policy to cover the equipment. I would call your agent if I were you because chances are you have more than $2500 worth of gear....

[guitarjoe]

State farm XXXXX I have it also - Keep the equipment away from the floor s for water damage and if there is a fire you would make up the difference in replacement cost on your personal things ex you get the money to replace that ratty old couch with a new one, you could get another ratty couch and use the extra dough for equipment t- so keep that in mind when you tell them what your personal stuff is worth and lock your doors!!!

[Implicit]

Yes but they are stating that because I use the equipment for business use within the home that it is only covered for $2500 max under my homeowners insurance. That's the problem with the State Farm policy.