Things to Know About Insurance That Gives Instrument Coverage

Musical instruments that are crafted delicately cost a huge sum of money. Just like plush cars and expensive jewelry can be insured likewise musical instruments can also be insured.  When you opt for insurance for your musical instrument, it comes under the instrument coverage policy if your instrument gets stolen or gets damaged from any kind of accident. It is indeed a rational idea to insure musical instruments as it will give monetary support to replace the instrument. Insurance in fact gives coverage more than only covering the instrument; it gives coverage to accessories, the case and to the sheet music.

Do a comprehensive research

Getting a completely separate musical instrument coverage policy to get covered is not necessary. You can insure your musical instruments under renters or homeowners' insurance. But it is imperative to find out the coverage details before you jump on to pay for the policy. These types of policies have some limit for total property damage of home and might have a limit for every item. The coverage for every item might be lower than the cost of the musical instrument that you own.  Additionally, the renter’s or homeowner’s policy only covers fire damaged and theft not flood. There is another option for increasing the protection for a musical instrument under the home insurance is by getting a rider, through endorsement, scheduled or floater personal property. 

Things to consider

There are certain things that must be taken into consideration when it comes to deciding between musical instrument insurance through specialized policy or homeowner’s policy. Let’s take a look at the following:

a.    Location

If any damage or loss of your instrument occurs outside the home suppose you are traveling to another country or state for performance, you need the assurance from your chosen insurance company whether it is covered or not. Insurance policies for musical instruments vary on how the companies handle.

b.    Value

How much does your instrument cost? Some insurance companies offer maximum insured amount for every instrument which might narrow down the coverage options. Also, a specialized or a commercial musical instrument insurance plan will offer numerous ways to value your instrument based on whether you want your insurance provider to pay you for the claim based on the value of the instrument during the time of loss or the replacement value during the time of loss.  A homeowner’s policy might handle this in a different way than a specialized policy.

Musical instruments that are crafted delicately cost a huge sum of money. Just like plush cars and expensive jewelry can be insured likewise musical instruments can also be insured.  When you opt for insurance for your musical instrument, it comes under the instrument coverage policy if your instrument gets stolen or gets damaged from any kind of accident. It is indeed a rational idea to insure musical instruments as it will give monetary support to replace the instrument. Insurance in fact gives coverage more than only covering the instrument; it gives coverage to accessories, the case and to the sheet music.

Do a comprehensive research

Getting a completely separate musical instrument coverage policy to get covered is not necessary. You can insure your musical instruments under renters or homeowners' insurance. But it is imperative to find out the coverage details before you jump on to pay for the policy. These types of policies have some limit for total property damage of home and might have a limit for every item. The coverage for every item might be lower than the cost of the musical instrument that you own.  Additionally, the renter’s or homeowner’s policy only covers fire damaged and theft not flood. There is another option for increasing the protection for a musical instrument under the home insurance is by getting a rider, through endorsement, scheduled or floater personal property.

Things to consider

There are certain things that must be taken into consideration when it comes to deciding between musical instrument insurance through specialized policy or homeowner’s policy. Let’s take a look at the following:

a.    Location

If any damage or loss of your instrument occurs outside the home suppose you are traveling to another country or state for performance, you need the assurance from your chosen insurance company whether it is covered or not. Insurance policies for musical instruments vary on how the companies handle.

b.    Value

How much does your instrument cost? Some insurance companies offer maximum insured amount for every instrument which might narrow down the coverage options. Also, a specialized or a commercial musical instrument insurance plan will offer numerous ways to value your instrument based on whether you want your insurance provider to pay you for the claim based on the value of the instrument during the time of loss or the replacement value during the time of loss.  A homeowner’s policy might handle this in a different way than a specialized policy.

c.    Right company

There are some insurance companies that specialize in certain instruments. If your instrument is a highly valued or a rare piece, consider choosing an insurance provider who knows your instrument very well. Claim adjusters will understand your instrument better if there is any claim.

Added coverages

There are some coverage clauses in commercial insurance policies that might not be available in homeowner’s policy. These are designed for professional musicians who use their instruments for the purpose of earning. The coverage might include business interruption and coverage for borrowed instruments as well as rental reimbursement if the instrument of the insured gets damaged.

When you have an instrument that is rare, high-valued and of impeccable quality, make sure to talk to your insurance agent about the options available for insuring the instrument.

The bottom line

Having insurance for a musical instrument is indeed a judicious decision and must not be neglected at any cost. When you own a precious musical instrument, it is your utmost duty to opt for insurance to avert any unfortunate incident. So before your insure instrument, feel free to ask for a free quote from your chosen insurance provider.

There are some insurance companies that specialize in certain instruments. If your instrument is a highly valued or a rare piece, consider choosing an insurance provider who knows your instrument very well. Claim adjusters will understand your instrument better if there is any claim.

Added coverages

There are some coverage clauses in commercial insurance policies that might not be available in homeowner’s policy. These are designed for professional musicians who use their instruments for the purpose of earning. The coverage might include business interruption and coverage for borrowed instruments as well as rental reimbursement if the instrument of the insured gets damaged.

When you have an instrument that is rare, high-valued and of impeccable quality, make sure to talk to your insurance agent about the options available for insuring the instrument.

The bottom line

Having insurance for a musical instrument is indeed a judicious decision and must not be neglected at any cost. When you own a precious musical instrument, it is your utmost duty to opt for insurance to avert any unfortunate incident. So before your insure instrument, feel free to ask for a free quote from your chosen insurance provider.