How to Insure Musical Instruments

You finally splurged on that baby grand piano you've always wanted, or your child has outgrown his trumpet and his teacher recommends a new, more expensive model. You need to make sure your insurance company covers these valuable instruments against loss. Here's how to find a company to insure your musical instruments and how to actually insure them.

Difficulty:

Moderately Easy

Instructions

1. Consider coverage if your instrument(s) is your livelihood. After all, a professional musician can't perform without his guitar or her flute. Make sure the policy provides coverage worldwide.

2. Check your homeowners policy to determine whether it will cover expensive instruments. Most homeowners policies don't cover all things that can happen to your musical instruments. These policies aren't designed to protect professional quality or rare equipment.

3. Select an all risk policy that covers your instrument in almost all circumstances. The coverage may also include reimbursement for renting an instrument while yours is repaired in much the same way that auto insurance covers the cost of a rental car.

4. Have your instrument appraised if it is unique or expensive. The cost of this vital step will be more than covered if your instrument is damaged or stolen. Keep a copy of the appraisal in a safe place along with a picture and any other documentation you need in case you have to file a claim.

5. Insure instruments for replacement value rather than for what you paid several years ago. Like everything else, the cost of a good piano or drum set is rising.

6. Buy from a company that specializes in musical instrument insurance. Check at a local musical instrument retailer for names and phone numbers of insurers.

Tips & Warnings

• Some policies also cover cases used to carry your instruments from home to studio to performing venue.

• Normal wear and tear and damage caused by mold, water or dry rot may not be covered.

• Always check the terms of the policy before signing.