Perhaps you own a musical instrument of which you are very proud. These musical instruments, from pianos to wind, string or brass items, might cost a significant amount of money. A loss could mean you might have a hard time replacing that item on your own. If you have homeowners insurance, then your policy might be able to cover the cost of the damage. There might be limits to your coverage, however, so always check your policy to see how it works.
How Homeowners Insurance Covers Musical Instruments
Most home insurance policies include possessions insurance. This is the coverage that applies to your belongings. You might be able to insure numerous items like furniture, clothing, electronics and other items including musical instruments. If a damaged or lost item qualifies for a claim, then your insurer can reimburse you for it.
However, coverage for a musical instrument might be more limited than you would expect. While your possessions coverage limit might indicate that you have more than enough coverage for it, a variety of other terms and conditions might apply.
Why Exclusions Might Exist
When buying possessions coverage, ask how your policy will insure a musical instrument. A variety of conditions might limit coverage under your standard policy.
- If you are a professional musician, then homeowners insurance might not cover you. The policy might consider this as a piece of business equipment.
- Many policies place per item limits on certain belongings. For example, though you might have $50,000 in total coverage, your policy might only pay you $500 for damaged instruments. If you lose a $2,000 piece, then you will still face a significant deficit.
- Homeowners insurance will not cover all types of household damage. For example, most policies won’t cover flood damage. Therefore, if an instrument gets damaged in an uninsured hazard, then you won’t have coverage.
- Deductibles will apply to possessions damage. So, if a claim for a damaged instrument equals a lower value that your deductible, then your policy won’t pay.
How to Fix a Lack of Coverage
Even when your standard policy limits coverage for musical instruments, you frequently can expand your coverage.
- Some people buy specific musical instrument insurance separate from their homeowners policy. For example, professional players often buy commercial musical instrument coverage.
- Different policies allow customers to insure items using a coverage endorsement or rider. You add this rider to your existing possessions coverage, and it will cover the instrument for its specific value. It might also cover you for an expanded set of risks than your basic policy.
Never hesitate to ask your agent about the coverage you might need for your instrument. They can tell you how best to structure your homeowners policy and possessions insurance.
Also Read: What Millennials Need to Know about Buying Their First Home Insurance Policy