Insuring Musical Instruments

19 Dec Insuring Musical Instruments

Yes, insuring music instruments is something you should consider! Did you receive an instrument as a present during the holidays? Many homes include instruments as part of their contents. Finely crafted musical instruments can cost a significant amount of money. Fine violins or pianos can cost as much as a classic car. Instruments may also be electronic (including newer versions of string instruments) and, in that case, they may be accompanied by amplifiers. If someone in the home pursues music as a career, then there may be lots of related equipment such as public address mixers, soundboards, monitors, speakers, stands, cords, cables and other property.

In many instances, a home will not have an instrument or musical equipment with sky-high value. The instruments may have a less substantial value and a loss may be something that falls under most homeowner policy deductibles.

It is very important that you assess the value of the instruments. You may need to either add-on coverage to a homeowner policy or purchase a separate policy depending on the value.

If there is any business-related use of an instrument, coverage is often excluded for the property; even add-on coverage may not apply to business use. In this case, a separate policy becomes even more crucial when the property is used for a career in music, or is transported to different locations.

Homeowners coverage is based on the assumption that most property remains in the home; so extra coverage is often necessary for certain types of property that is frequently used away from your house. Coverage is usually based on both the use of the property and its total replacement value.

If you have an instrument, let’s talk about protecting it. Whether it’s an expensive one you use for work or an amateur instrument, talk to your AWS agent about your options for insuring your instrument.