Musical Instrument Insurance
Find the coverage you need to protect your instrument against damage, theft, and more.
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
If you’d rather be strumming away on your guitar or playing a tune on your piano than thinking about your insurance needs, you’re certainly not alone. Protecting your investment in an expensive musical instrument is probably wise to consider, especially if you travel with it. Musical instrument insurance can provide peace of mind should something happen to your property.
Fortunately, an independent insurance agent can make finding the right musical instrument insurance for you easy. They'll make sure you get set up with the right amount of coverage for your needs at the best possible price. But for starters, here's a breakdown of musical instrument insurance and why you might need it.
Do I Need Musical Instrument Insurance?
Many people are undecided about whether they really need to insure their musical instruments, even though they often cost thousands of dollars. Consider just a few of the most common ways musicians experience loss or damage to their instruments each year:
- Overexposure to humidity
- Suffering water damage during storage or from burst pipes and flooding
- Being dropped, for example, by a baggage handler at the airport
- Getting damaged or lost during transportation
- Getting lost or stolen while you’re traveling or on vacation
- Getting destroyed in a house fire or other disaster
These are just a few things that could damage your instrument, resulting in you needing to pay for expensive repairs or full replacement. Without the proper coverage, these expenses could be difficult to deal with out of pocket.
Who Needs Musical Instrument Insurance?
If you or someone in your household owns an expensive instrument, you might need musical instrument insurance. If you have a child who's in a band or taking private music lessons for school, musical instrument insurance can protect your investment. Further, if your child accidentally left the instrument on the bus, never to be seen again, the proper insurance could cover the replacement of it.
Musical instrument insurance makes sense for people who are in a band, orchestra, or local symphony. Having your instrument protected against loss, damage, or theft can help you avoid hefty financial losses. If you transport your instrument to events and/or musical venues, it's critical to evaluate the risks you could face in transit.
The amount of coverage you need is based on your instrument’s appraised value. An appraiser will consider factors such as age, condition, and instrument quality. If you have the appropriate policy and a covered incident happens that damages or destroys your instrument, you won’t have to pay out of pocket to repair or replace the instrument at full value.
Does Homeowners Insurance Cover Musical Instruments?
A homeowners insurance policy typically provides some coverage for your non-professional musical instruments up to a certain limit, although to ensure full coverage, you may need a separate rider. Double-check the coverage limits in your specific policy with the help of an independent insurance agent to be sure. If your instrument gets damaged by a house fire, your homeowners coverage will likely kick in, subject to any policy limits for personal belongings.
Consider the following when deciding if you need additional coverage for your instrument:
- A homeowners policy often carries high deductibles, while certain musical instrument insurance policies offer no-deductible options.
- A homeowners policy won’t usually provide full coverage for professional instruments you use for paid performances.
- A homeowners policy probably won’t cover your instrument if a flood or an earthquake damages it.
Because of the possible restrictions and limitations placed on musical instruments in a homeowners policy, you may want to consider a separate endorsement or musical instrument insurance policy that better meets your needs.
How Much Does Musical Instrument Insurance Cost?
The cost of musical instrument insurance depends on a number of factors, including the type and value of the instrument you're insuring. A few of the most expensive musical instruments include pianos, violas, and violins. Due to their value, they’re often insured under policies separate from a homeowners policy.
Again, you'll need to get your instrument professionally appraised before applying for musical instrument insurance. Insurance cost will usually correlate with both how much coverage you need and how expensive your instrument is. An independent insurance agent can help you find the right musical instrument insurance at the best possible rate.
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Questions to Ask When Buying Musical Instrument Coverage
To fully assess your level of risk and insurance needs, consider your use of the instrument, including any circumstances when it may be out of your sight or otherwise at risk of getting damaged. Prepare a list of questions to ask your independent insurance agent when you apply for coverage, such as:
- Will the instrument be covered if it gets damaged while on loan to a friend?
- Will it be covered if you rent it out?
- Will it be covered if you accidentally leave it in a taxi or Uber?
- Will it be covered if you transport it out of the state or country?
In most instances, coverage for these types of mishaps depends on the specifics of your homeowners insurance or musical instrument insurance policy. Your independent insurance agent can help review the details of any policy you currently have or want to apply for with you.
The Benefits of Working with an Independent Insurance Agent
Independent insurance agents have access to multiple insurance companies, ultimately finding you the best musical instrument coverage, accessibility, and competitive pricing while working for you. They'll help make sure you get set up with the type of policy you need and with the right blend of coverage and cost.