Musical instruments are the prized possessions of many individuals who love music and playing various instruments. It provides a perfect platform for creativity and in a lot of ways they are an investment and an instrument at the same time. So let us now understand what happens if the musical instrument is lost, damaged or stolen? If you do not have an instrument coverage policy in place, then the obvious fact is that you have lost something precious. On the other side of the coin, if there is an insurance coverage, the company will jump into the picture and quick fix things.
Homeowner’s coverage:
One may feel that they are covered by a homeowner’s policy. Well, to a certain extent yes. But there are numerous loopholes in a home coverage policy. The biggest drawback is that the coverage is restricted to your home. If one uses their instruments professionally, there need not be any coverage. The simple fact is that if there is a flood, there is no coverage. A lot of things may be excluded in the home insurance policy, and you may apply for the deductible.
Musical instrument coverage:
Apart from opting for an instrument coverage, studio coverage is also necessary. The reason is simple as what happens if someone comes to your studio and injures their ankle. The person in question can sue you for damages. So the studio insurance can save you from third party claims. As an individual, if you have millions of people who love to see you play musical instruments, it is important to find out what sort of coverage will suit you? The best policy should include the following:
• Extensive coverage - A certain number of policies have limited coverage. Instead, opt for a policy that offers extensive coverage.
• Agreed upon value - Like some instruments of artistic value, you cannot go and replace your instrument straight away. So make sure that the policy has a fair value which ensures that you receive a decided amount in the event of the instrument getting damaged or lost.
• Knowledge - One would like to have a policy from a company that specializes in insurance of musical instruments. It means that when you need to fix or replace an instrument, all the parties speak the same language.
• Diminishing value - If the instrument is damaged, the obvious fact is that it will not have the same value as before. The best companies in business will ask you to check for a difference.
• Deductible - The amount that you pay when a claim happens is known as deductible. A musical instrument can have a low deductible and hence you will have to pay more for it. The best plan would be to opt for a high premium plan.
With the online platform emerging, the best bet would be a comparison between various plans before you choose a policy.
Homeowner’s coverage:
One may feel that they are covered by a homeowner’s policy. Well, to a certain extent yes. But there are numerous loopholes in a home coverage policy. The biggest drawback is that the coverage is restricted to your home. If one uses their instruments professionally, there need not be any coverage. The simple fact is that if there is a flood, there is no coverage. A lot of things may be excluded in the home insurance policy, and you may apply for the deductible.
Musical instrument coverage:
Apart from opting for an instrument coverage, studio coverage is also necessary. The reason is simple as what happens if someone comes to your studio and injures their ankle. The person in question can sue you for damages. So the studio insurance can save you from third party claims. As an individual, if you have millions of people who love to see you play musical instruments, it is important to find out what sort of coverage will suit you? The best policy should include the following:
• Extensive coverage - A certain number of policies have limited coverage. Instead, opt for a policy that offers extensive coverage.
• Agreed upon value - Like some instruments of artistic value, you cannot go and replace your instrument straight away. So make sure that the policy has a fair value which ensures that you receive a decided amount in the event of the instrument getting damaged or lost.
• Knowledge - One would like to have a policy from a company that specializes in insurance of musical instruments. It means that when you need to fix or replace an instrument, all the parties speak the same language.
• Diminishing value - If the instrument is damaged, the obvious fact is that it will not have the same value as before. The best companies in business will ask you to check for a difference.
• Deductible - The amount that you pay when a claim happens is known as deductible. A musical instrument can have a low deductible and hence you will have to pay more for it. The best plan would be to opt for a high premium plan.
With the online platform emerging, the best bet would be a comparison between various plans before you choose a policy.
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