Heritage Music Insurance: Some Commonly Asked Questions

Do you own a classic car or a piece of vintage jewellery received from your greatest grandmother? Probably, you know how to keep your prized possessions safe and secure. And, therefore, you have got the right amount of insurance coverage for your car or jewelry. Right? The same thought process is applicable if you own a heritage or vintage musical instrument.

Any person, who is passionate and dedicated to music, be he or she is a pro or a beginner, will perhaps understand the exact value of musical instruments, both monetary and emotion-wise. And if that gear is a vintage or a heritage instrument, then words and figures are likely to fall short when describing the value of the musical instrument.

Some instruments and accessories, besides having a personal or emotional value, also worth considerably huge in terms of monetary value. So, if you have one, then get standalone Heritage Music Insurance right away. It will ensure that, at least, your finances are safe in unfortunate events like theft, loss, or damage. When your finances are safe, you can always get new gear or a replacement.

What if you have listed your heritage instrument under your home insurance?

Although both renters and home insurance do insure musical instruments, you might not be satisfied with the extent of coverage (because it is limited). Also, there are many other limitations that do not make a home or renters insurance policy the right choice for your musical instruments, especially if it is a vintage one.

What limitations make home/renters insurance not suitable for your musical instruments?

If damage or loss to your musical instruments happens outside your insured property, i.e., your home, your home insurance plan is least likely to provide you with the expected coverage. So, location matters. However, if you have a dedicated cover for your musical instruments, your gears are safe both inside and outside of your home.

What should be the approximate cost of a musical instrument insurance plan?

Some insurance providers offer a maximum sum insured per musical instrument. It is likely to limit your extent of coverage. Moreover, specialized or professional musical instrument insurance plans are likely to offer many different ways of valuing your gears. It may depend on some critical factors. It includes:

●    If you would like to get compensated for a claim depending on the value of your musical instrument at the time of damage or loss
●    If you want to get paid based on the agreed-upon value fixed at the time of policy purchases, or
●    If you wish to get reimbursed as per the replacement value of your musical instrument plan at the time of damage, theft, or loss

A home or renter’s insurance plan or policy add-on might work in the same way as an instrument-specific insurance plan. It may lead to inadequate coverage. Therefore, a dedicated Heritage Music Insurance is always the most preferred option for people having musical instruments, including both vintage and non-vintage ones.

What is all about claim adjustment?

Many insurance policies, including your home and renter’s insurance plan, are least likely to cover vintage, highly-prized, or precious musical instruments. Therefore, it is wise to select an insurance provider who understands various physical and psychological aspects associated with musical instruments. So, in case, you file a claim, it would be easy for the claim adjuster to understand your gear well and provide you with the right claim settlement amount.

So, these are some of the useful things about the musical instrument insurance policy that every musical gear owner should consider and implement in real life to avoid getting into a financial and emotional mess.