Something like a grand piano or a cello can be worth so much that it can stick out on your homeowner's policy like a sore thumb. Your homeowner's policy will provide some coverage, but given the value of a full-sized piano, it may not be enough to completely insure them. Due to this, musicians often purchase add-on coverage to their homeowner's policy for their instruments. This post covers how homeowner's insurance ties into musical instruments, how much insurance should be bought for them, and the types of protections that these policies offer.

How Much Insurance Do You Need for Instruments?

Let's take a look at what only having a homeowner's insurance policy with no add-ons can cover. Your homeowner's policy includes protection from fires, crime, and other forms of damage. Specific disasters like earthquakes and floods are usually not included unless add-ons for them are bought. For your homeowner's policy, let's say that you carry $150,000 in coverage limits -meaning that the insurer will pay out around this amount after you pay the deductible. It's not unusual for grand pianos to cost up to $60,000. If that is the case, then after covering the piano, you would only have around $90,000 to $100,000 to cover your remaining assets like furniture and appliances. If this is your case, then you may need additional insurance for your instruments. 

Here's how you can tell how much coverage you will need to get your instruments:

  • Take inventory - Make a note of all your musical instruments.
  • Find their value - If you're unsure of the value of your instruments, bring them in for professional appraisal.
  • Take your other belongings into consideration - Ask yourself how does your instrument's value compares to your other belongings. If your instrument ends up taking the majority of the insurance payout, it may be time to add more coverage.

Finding More Coverage For Your Instruments 

Now that you have a general idea of how much you'll need to insure your musical instruments, let's talk about finding that additional coverage because there are a couple of ways to go about it. 

Add-on Insurance 

Add-on coverage goes by a couple of different names -rider, endorsement, or floater. These add-ons can be applied to your instruments with their own deductible that is usually lower than your standard homeowner's one. The premiums will be added to your homeowner's policy. This policy may also cover a wider range of perils. Instruments that you use to perform for hire may be more challenging to insure.

Standalone Insurance 

You also have the option to take out an insurance policy specifically for your instruments. You can use one such policy to cover multiple instruments if need be. Having your instruments appraised can help you find an appropriate coverage limit more easily. Premiums for standalone instrument coverage can be around $250 annually. Another great thing about standalone instrument insurance is that it covers your instruments when they leave your home. At the same time, there is more that it provides insurance for, such as accidentally dropping your instrument, which your homeowner's policy will not cover. 

Here are some circumstances where a standalone insurance policy for your instruments provides coverage where homeowner's doesn't:

  • Damage caused by earthquakes - Normally, homeowner's insurance would need a specialized earthquake damage policy.
  • Damage caused by the temperature - Some materials of musical instruments don't fare well in certain climates. Damage caused by these climates is covered.
  • Flood damage - Homeowners insurance usually requires separate flood insurance for any damage from water originating from outside the home. Regardless of where the water came from, flood damage insurance will cover it.
  • Botched repair jobs - If you were to take your violin or piano to the shop for a tune-up or repair and they end up damaging it, you would be covered for any additional repairs.
  • Damage during travel - As previously mentioned, the best thing about a standalone policy for your instruments is that it covers them when they leave your home. This means that if your instrument is damaged during transport to a gig, this policy will cover it.

At the same time, here is what standalone insurance doesn't cover when it comes to your instruments:

  • Natural deterioration - The effects of aging are hardly ever insurable in any policy. At that point, it may be time to get a new one and have that insured.
  • Mold - Hygienic perils are also covered by insurance. It's your responsibility as the owner to keep your belongings clean.
  • Damage caused by small animals - This includes bugs, rodents, and other pests.

Agreed Value Insurance 

Note that this is part of a standalone instrument insurance policy. Agreed value coverage means that you and your insurance provider agree on the value of the instruments in question. If a claim is filed and the deductible paid, then the provider pays out the agreed-on value. This is particularly smart insurance to have if your instrument is worth a lot. 

How to Shop for Instrument Insurance 

The best way to approach this is like with any insurance policy -gather quotes from several insurance providers, both local and national. Pay attention to customer reviews and how they price their policies, as every company has its own way of doing it. From there, you can find the insurer that works best for you. 

You'll need the following information in order to get a quote for your instrument:

  • The instrument's cost
  • Where it is stored
  • How often it's played
  • How often it's transported
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