For anyone who has a child that plays an instrument, you know how difficult it can be to have them take care of their instrument or remember to bring it along. Musical instruments are fun to play but worrying to think about when it comes to insurance. Protecting your instruments can be challenging but leaving it uninsured can be a nightmare.
But does your homeowners insurance protect your instrument? Typically, your homeowners insurance will provide some coverage for your musical instrument given it fits the circumstances provided by your policy. If your instrument is damaged by a fire or a burst pipe, your homeowners insurance should cover the cost of any repairs; limits still apply when filing a claim, meaning only part of your instrument could be covered leaving you with the remaining cost.
Knowing what your policy does and does not cover will protect you in the long run. Many insurance policies do not fully cover instruments that are used professionally. If you’re a musician, insurance companies see your musical instrument as more likely to be damaged and in need of a claim putting them more at risk of a financial payout. Because of the heightened amount of traveling that happens with a professional musician, your instrument may be more at risk of damages.
When should you cover your instrument?
A basic rule to follow is that if you have an expensive instrument, it may be smart to have insurance to cover it. Whether you’re a student taking lessons for school, someone who wants to broaden their understanding of music, or a traveling musician whose instrument is their livelihood, musical instrument insurance is important.
Those of you who are constantly lugging their instrument to and from rehearsals or gigs are highly recommended having insurance for your instrument. If your instrument is at a higher risk of damage or theft – typically heightened by transporting your instrument daily – having insurance to protect you from loss is a good idea.
Speak with your agent to find out if your homeowners insurance will cover the amount necessary to repair or replace your musical instrument. As stated before, homeowners insurance will cover some costs of your instrument but up to your policy limits. Your instrument may need a separate policy to be taken out to cover it from damages.
Separate musical instrument policy
An option you might consider pursuing is the scheduled personal property insurance. This policy will allow you to create a specific insurance policy for your musical instrument. If your instrument is damaged and the costs are greater than the homeowners insurance limits, you might be out of luck. But if you’ve scheduled your item for its full value, your insurance will cover the cost to repair or replace the instrument.
Scheduling an item will require an appraisal process. Your insurance company will send someone to come find the value of your instrument and offer you a policy that covers that amount. Finding the right policy for your instrument is a matter of knowing your instrument’s worth. If the value they offer you is too low, you might consider purchasing a higher coverage policy from your homeowners insurance.
Your basic policy will provide coverage of your instrument up to a certain amount until the limit cuts you off. Scheduling your instrument with a separate policy will allow you to cover all grounds and properly protect yourself and your instrument from harm and financial loss.
Typical musical instrument insurance costs
Costs of a musical instrument insurance policy will vary from company to company and differ based on your situation. Knowing your situation and your instrument’s worth can help in the process of finding the right coverage.
The insurance premiums will depend on the amount of coverage you’re buying and that will differ from instrument to instrument. Covering a flute will be much less than protecting a piano. Your insurance policy will need to cover your instrument’s full worth and be able to replace it if completely destroyed or stolen.
Musical instrument premiums can range anywhere from $50 a year to $500 a year and some ranges even higher. Your insurance premium depends on you and what you need to protect so talk to your insurance agent today to find out your best option. Protecting yourself from damage and theft is important and your musical instrument is better protected. Find your insurance policy today.
