Music Equipment Insurance for a musician is as imperative as car and home insurance for a car and homeowner, respectively. And, if you do not want to invest in buying a separate music instrument insurance because you have adequate home insurance that covers all your belongings, including your musical equipment, think for a while.
Although your home insurance says that it will cover your musical gears, did you read the terms and conditions properly? Once you thoroughly go through the policy papers or talk to your homeowner’s insurance provider, you will get to find about the limitations that necessitate buying a standalone musical insurance policy.
So, what are the limitations?
● Your home insurance policy covers your gears for sure, but only if something happens to those inside the premises of your home. Any damage or loss outside the home will go uncovered.
● Moreover, even if your gears are damaged or lost within the insured property, you are very less likely to get comprehensive coverage for your gears.
● Your home insurance plan will not provide you with worldwide coverage. What if you are a touring artist? Think about it!
● Regardless of the instruments you play, if it is for commercial interest, your home insurance plan will not cover you. If such a scenario happens, where you played for just one hour for a few dollars, and unfortunately, your guitar got damaged, oops, you will not be covered by your home insurance. The time and amount of money do not matter here. All that matters is, you played your gear for a commercial purpose.
● Besides, sometimes, you cannot avoid public liabilities. What if you accidentally hurt someone during your concert or recording or while giving music lessons to your students? What if all fingers are pointed at you? Who will pay for it? No, your home insurance will not. You have to do it Out-Of-Pocket. And, such expenses and rip your finances apart.
So, with all these limitations in place, do you think it would be wise to depend on your home insurance plan and go uncovered in the time of need?
Do your homework and find a reliable insurance service provider that offers dedicated and comprehensive Music Equipment Insurance and relax!
Claim settlement - Home insurance Vs. Musical instrument insurance
Claim settlement is another crucial aspect of any insurance policy. As far as a musical instrument-related claim is concerned, it takes experience in understanding musical instruments, their intricacies, and value in the market.
And, your home insurance service provider is least likely to be the right one to understand the value of musical instruments and how things work because they do have much experience in this domain.
For example, a musical instrument insurance provider is more likely to understand the bond a musician shares with his or her musical gears in a better way than a home insurance provider.
Therefore, buying an instrument-specific insurance policy makes a lot of sense, both financially and emotionally.
How can you go about finding comprehensive musical instrument insurance?
Well, with a market full of insurance providers claiming to be the most trusted and the best, it can be quite a tricky thing to find a reliable and customer-centric service provider.
However, it is not a Herculean task. If you research and compare your options properly and do a thorough price-value analysis, you will find a genuine and reputable insurance provider with years of experience in the industry.
Dear reader, your musical equipment means a lot to you, not because you have made a lot of investment buying them, but because you connect with them. A good musical instrument insurance provider understands this connection well!
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