Although homeowners and renters insurance both cover musical instruments as a part of a policyholder’s personal property protection, coverage can be limited. While you can increase the coverage somewhat, musicians, collectors, and even some hobbyists should consider whether they need to purchase protection outside of their homeowners and renters policies.
You should consider purchasing additional coverage for your musical instrument and equipment if the value of what you own is greater than what’s covered by your homeowners or renters insurance — otherwise, your existing coverage could be enough.
Not everyone who owns an instrument needs musical instrument insurance. Most people who have either homeowners or renters insurance policies already have personal property coverage, which will cover their instruments.
However, those insurance policies may only cover up to $2,000 in damages to instruments. Depending on the musician or collector, $2,000 in coverage might not be nearly enough to repair or replace their instruments. Anyone with a single instrument or collection of instruments worth more than $2,000 should consider extending their coverage with an Insurious offered policy.
If the homeowners and renters insurance carrier does not offer an endorsement, or the value of their music-related belongings surpasses an endorsement expansion, they might need a separate policy. This is why Isnurious offer independent musical instrument and equipment insurance policies.
“If you owned an electric guitar, amplifier and state-of-the-art pedalboard, you might need to purchase additional musical instrument insurance, as the total value of your setup would likely exceed your policy’s fractional coverage.”
Musical instrument insurance coverage
Musical instrument insurance can be customized like most other insurance policies. Policyholders can typically choose the amount of coverage they need, 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.
Insurious offers insurance protection for both musician and sound engineers, helping protect their business and enable it to quickly recover from any catastrophes. With its policies underwritten by Athos Insurance, Insurious offers USA national music equipment coverage but also the option to extend it with Worldwide inclusion at a small extra cost ( limitation applies ), making it the perfect solution for the traveling musician or engineer.
If you are a musician or sound engineer and would like to learn more about how to insure your equipment consider contact Insurious team via live chat or by phone. You can also use the quick quote form on the Insurious website.> View Article