Theft of musical instruments? How Home Insurance Could Help You – Rolling Stone



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Your little grand piano and your vintage violin make your heart sing. But everything could go wrong if something terrible happened to the instruments and they weren’t properly insured.

Home insurance usually covers musical instruments, but only up to a certain dollar amount. If your instruments are particularly valuable, you may need to purchase an add-on to your home insurance policy or even a separate policy in order to have full coverage.

Related: Best Home Insurance Companies of 2021

Home insurance limits for musical instruments

Your musical instruments are covered by standard home insurance. But this may exclude the instrument from being hedged if you are playing it for any amount or level of compensation, such as compensation of more than $2,500 per year.

Home insurance usually kicks in if your musical instrument is damaged by fire, vandalism, or other issues covered by a standard policy. It will also cover theft.

Your home insurance policy has a total coverage limit for personal property (check your policy or ask your insurance agent). For example, if you have $150,000 in personal property insurance and a vintage instrument worth $50,000, that would leave you with only $100,000 to replace all of your furniture, clothing, electronics, and everything else in disaster such as fire. This is why you must insure the instrument separately.

Keep in mind that a standard home insurance policy does not cover damage caused by floods or earthquakes. So, for example, if your vintage violin is crushed by a falling picture during an earthquake, the damage will not be covered unless you hold a separate earthquake policy.

To determine if you might need coverage for your musical instrument beyond your home insurance policy:

  • Take inventory of your musical instruments.
  • Assign a value to each instrument. If the instrument is particularly valuable, get a professional appraisal.
  • Consider additional coverage if your owner’s personal property insurance isn’t enough to cover the instrument and the rest of your belongings.

Related: Best Home Insurance Companies of 2021

How to Get Extra Coverage for Musical Instruments

There are several ways to purchase additional coverage for your musical instruments: add-on home insurance coverage and separate instrument coverage.

Additional cover

The coverage added to your home insurance policy is known as an endorsement, endorsement, float, or scheduled personal property. Supplemental coverage may have a lower deductible than your home insurance policy. Also, it will likely cover a wider range of incidents involving your instrument than a standard home insurance policy, such as accidental damage coverage.

You may encounter a hedge limit even when you “plan” the instrument, say $20,000. And you may not be able to program the instrument if it is used for paid playing.

Autonomous coverage

A special cover for musical instruments is also available. In some cases, one policy will cover multiple musical instruments up to the maximum dollar amount.

A professional assessment of an instrument’s value will generally determine the amount of margin needed. The insurance premium for a musical instrument can be as low as $250 per year, according to Trusted Choice, an organization for independent insurance agents.

Most self-contained musical instrument insurance policies cover an instrument no matter where it is, whether it is stored in your home in the United States or accompanying you on a trip to Italy.

Similar to supplemental coverage, a musical instrument policy normally covers circumstances not included in standard owners coverage. For example, if you drop your violin and it cracks, a musical instrument insurance policy might pay for the damage (minus the deductible), while a standard home insurance policy would not pay for accidental damage. .

Here are some scenarios that a musical instrument policy can cover:

  • Damage caused by changes in temperature or humidity
  • Flight
  • fire damage
  • Water damage
  • Flood damage
  • earthquake damage
  • Vandalism
  • Damage during transport
  • Poor quality work during a repair

Here are some scenarios that a musical instrument policy may not cover:

  • Gradual deterioration
  • Mold damage
  • Damage caused by insects, worms, rodents or vermin

In addition to the extent of cover, another benefit of a separate musical instrument policy is that it normally provides what is known as “agreed value” cover. Under this cover, you and your insurer have agreed on a value for an item. If a covered instrument were damaged or stolen, for example, the insurer would pay the “agreed value” amount (less any deductible).

This is especially important for high value instruments that are appreciating, so that they can be insured for their full value and there are no surprises if you have to make a claim.

Shop for musical instrument cover

If you’re looking for musical instrument insurance, get quotes from at least three insurers and make sure those insurers are well rated by a rating agency like AM Best.

Information you’ll want to have on hand when applying for musical instrument insurance includes:

  • How much does the instrument cost
  • Where the instrument is stored
  • How often the instrument is played
  • How often you travel with the instrument

Related: Best Home Insurance Companies of 2021

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