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Are Musical Instruments Covered by Homeowners Insurance?

Standard homeowners insurance policies often cover musical instruments used for a personal hobby, but it might not include coverage if you play your instrument in any professional capacity. Situations including fire damage, vandalism and theft are often covered by a typical homeowners insurance policy.

You should check your policy to find out the total coverage limit for personal property. If you have $150,000 in coverage to replace all of your personal items in the event of a covered disaster, but your instrument is worth $50,000 alone, that only leaves $100,000 to replace the rest of your belongings. If you have a particularly valuable instrument, it would be a good idea to insure it separately.

Here are some ways to determine if you need extra coverage for your musical instruments:

  • Take an inventory of your instruments.
  • Figure out the value of your instruments. Get a professional appraisal if you believe any of them are particularly valuable.
  • If the personal property limit on your homeowners insurance policy isn’t enough to cover your instruments in addition to the rest of your belongings, consider getting extra coverage.

There are two options for getting extra coverage for your instruments. One option is to increase the personal property limit or add a rider to your current homeowners insurance policy. The other option is to get a separate policy for your instruments. Add-on coverage will most likely cover a larger range of disasters that involve your instruments than a standard homeowners policy does.

However, if you perform professionally, your instruments may not be covered by a homeowners insurance policy. In this case, you would need to purchase a separate musical instrument policy. Standalone instrument policies often cover you instruments whether they are at your home, a studio, or a paid gig.

Musical instrument policies typically cover the following circumstances:

  • Theft
  • Water damage
  • Damage due to natural disasters
  • Vandalism
  • Repair damage

Musical instrument policies usually do not cover:

  • Typical wear and tear
  • Mold damage
  • Damage from animal pests

Musical instrument insurance policies usually provide agreed value coverage, which takes into account appreciation that can occur over time.

If you have any questions regarding musical instrument insurance, please contact us and we’ll help you find a policy that meets your needs, whether you use your musical instruments for only personal enjoyment or you play professionally.

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