Musical Instrument Insurance

Musical Instrument Insurance

Homeowners and renters insurance both cover musical instruments as a part of their personal property protection, but that coverage can be limited. While you may be able to make some increases to that coverage, people who own expensive or rare instruments — including musicians, collectors, or even hobbyists — should consider buying separate musical instrument insur

Should I buy musical instrument insurance?

Consider purchasing separate coverage for your musical instrument if your homeowners or renters policy won’t insure the instrument for its full value.

Not everyone who owns an instrument needs musical instrument insurance. Most people who have either homeowners insurance or a renters insurance policy already have personal property coverage, which will cover their instruments.

Musical instrument insurance coverage

Like most other insurance policies, musical instrument insurance can be customized. Policyholders can typically choose the amount of coverage they need, and their deductible, and the policies are relatively comprehensive. Insurance for a musical instrument can cover the instrument itself, accessories and other related equipment — even sheet music.

Should I file a claim for my musical instrument?

Just because a musical instrument is covered by homeowners or renters insurance doesn’t mean you should file a claim if it is damaged or lost. When a policyholder files an insurance claim, they’re required to pay their deductible. Additionally, repeat claims could increase future insurance rates.

The answer depends on the nature of the insured loss. Policyholders need to recognize an important distinction between filing a claim for an instrument that’s destroyed in a fire, for example, versus one that’s stolen.

Even though the deductible for each loss would be the same amount, a musical instrument lost in a fire would probably be included in a large claim to repair their home and replace personal property. In this case, the cost of the deductible would offset what could be tens of thousands of dollars in damages.

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