Musical instruments just like any other property like cars, houses, and high-end jewelry can also be insured. Many finely crafted musical instruments cost significant money. By getting an insurance policy, owners can cover their instruments in cases of theft and disasters. Most times insurance policies do not just cover the instruments alone but also might cover the case, accessories, and even sheet music.
Not everyone who owns an instrument needs musical instrument insurance. Most people who have either house owners or renters insurance policy as well already have personal property coverage, which will also cover their instruments. Musical instruments can be insured under house owner or renters insurance, though it’s important to find out coverage details. These policies have a limit for the home’s total property damage and may have a limit per item. An item coverage may be lower than the cost of your instrument. In addition, the house owner or renter’s policy only covers damage from “named perils” such as fire and theft but does not cover cases of a flood.
Another option to augment the protection of your musical instruments under your home property insurance is to get a rider, sometimes called an endorsement, floater, or scheduled personal property. This policy provides supplementary coverage for specific valuables. A rider may have a lower deductible than the house owner policy. Such riders usually are “all-risk” providing much broader protection than “named perils.” These insurance policies usually have a limit for the home total property and may have a limit per item that is why it is very important to find out coverage details and other considerations which include;
VALUE:
This depends on the worth of your instrument. Some companies have a maximum insured amount per instrument, which may narrow down coverage options. Also, a commercial, or specialized, musical instrument policy will provide a number of ways to value the instrument, depending on whether you want to get paid for a claim based on the instrument’s value at the time of the loss, an agreed-upon value determined when purchasing the policy or its replacement value at the time of the loss. A house owner policy or rider may handle this differently than a specialized or commercial policy.
DEDUCTIBLE:
Take into account the cost of each policy and the coverage details. If the policy’s deductible is higher than the value of the instrument, then the insurance is of no use
LOCATION:
If there's a case of loss or theft of your musical instrument outside of your house, while traveling or performing at a concert outside of your home, you need to be sure if the instrument is covered or not. Because different insurance companies have a way they handle their insurance policies.
Commercial insurance policies have other coverage policies that may not be available in a homeowners policy or rider. These insurance policies are mainly aimed at professional musicians who need their instruments for work. This coverage might include business interruption (restituting the insured if his or her instrument is lost or damaged when needed for a paid performance), coverage for rented instruments, and rental reimbursement if the insured instrument is defective or faulty
Discounts On Music Instruments Insurance
Members of a brass band or an orchestra may get a discount on musical instrument insurance if they buy coverage as a group. Although small groups might not be eligible. But however, insuring musical instruments and purchasing coverage as a group cuts down the price of the insurance policy.
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