Musical instruments can be used as a hobby, for educational purposes, or used professionally as a source of income. And, they can be expensive and valuable – especially when you own several.
Are musical instruments covered by a standard homeowner or renter’s policy? The answer is “maybe”. It depends on your particular homeowner’s or renter’s policy, the value of your instruments and whether they’re used personally or professionally. Even if they are covered by the homeowner or renter’s policy, the coverage will be the same that applies to your other home furnishings within the same coverage territory, and the same limitations, exclusions and deductible.
Many homeowner insurance companies can add a “floater” or “endorsement” to your home or renter’s policy to specifically insure your instruments and related items for a very reasonable cost. The advantages of having specific insurance on your instruments include:
- They will be specifically listed and identified in your policy, including serial numbers (when available) and the dollar value
- Most musical instrument floaters provide world wide coverage
- There is no deductible. Most homeowner policies now have deductibles of $500 and up
- Coverage can be much broader. There are still exclusions but nowhere near the number of exclusions found in the policy for other contents of your home. The exclusions are things like damage resulting from wear & tear, neglect, mechanical or electrical breakdown, rust, insects, moths or vermin, war, etc.
- By example, a trumpet player can add his/her instruments, mutes, mouth pieces, gig bags – whatever instrument-related
The cost to add this protection will be based on the value of items you want to insure and whether you use them personally or professionally. For items of unusually high value that are used professionally, the homeowner insurance company may prefer they be insured on a commercial policy.
For more information, contact Insurance Planning Service / The Lighthouse Insurance Group at 800-220-5582 or visit us at www.ipsagency.com.