Musical Instrument Insurance

Homeowners and renters insurance both cover musical instruments as a part of their personal property protection, but that coverage can be limited. While you may be able to make some increases to that coverage, people who own expensive or rare instruments — such as musicians, collectors or even hobbyists — should consider buying separate musical instrument insurance.

Should I buy musical instrument insurance?

Not everyone who owns an instrument needs to buy separate musical instrument insurance. Often ar homeowners insurance or renters insurance policy will already have personal property coverage to cover instruments.

However, those insurance policies may only cover up to $2,000 in damages, and depending on the instrument, $2,000 might not be enough. If you have one or more instruments worth more than $2,000, you should consider adding an endorsement to your current coverage.

If your insurer does not offer an endorsement, or if the value of your music-related belongings surpasses an endorsement expansion, you might need a separate policy.

Musical instrument insurance coverage

Like most other insurance policies, musical instrument insurance can be customized. Policyholders can typically choose the amount of coverage they need, and 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.

In most cases, musical instrument insurance companies cover nearly every type of instrument and music-related equipment, which they divide into categories. For example, Clarion Associates Inc., which is a New York-based insurance company that specializes in covering musical instruments, insures the following:

General categories of musical instruments insured

It's worth noting that laptops are not covered by musical instrument insurance policies, even though many DJs and producers use them. However, a turntable or other equipment would likely qualify for an instrument insurance policy.

Cost of musical instrument insurance

The cost of musical instrument insurance is based on a list of determinants, including the declared value of the instrument, where the instrument is stored, how often it's played, whether or not it's used professionally, how easily it can get damaged and other factors.

The value of the instrument itself is obviously one of the main determinants. So, for example, top-selling flutes and guitars might cost roughly $300 to $500 per year to insure, while many pianos may end up costing well over $3,000.

Some instruments are more durable than others, but that doesn’t necessarily translate to cheaper policies — a metal horn might be a little harder to break than a violin, but it could still be valued much higher and cost more to insure.

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Discounts for musical instrument insurance

Members of an orchestra or symphony might be eligible to get a discount if they purchase musical instrument coverage as a group. Carriers often have partnerships with large groups like orchestras, though this is less common for groups that have fewer members, like a chamber orchestra.

Any member of an orchestra who's responsible for insuring their own instruments should check to see if they are eligible for a discount through a specific carrier. Ensembles that don’t already have a relationship with an insurance company should inquire about insuring their instruments and equipment as a group.

How to get quotes for musical instrument insurance

It can be relatively more complicated to get a quote for musical instrument insurance than for other insurance policies. While you can get an instant quote online for things like renters or homeowners insurance, almost all musical instrument insurers require musicians or collectors to complete and submit detailed information about their instrument before they are able to give them a quote.

For a company to underwrite an instrument or music equipment, the owner typically needs to declare the value of the instrument, along with details regarding its use, storage and maintenance. Carriers will also ask owners how often they travel with the instrument.

Some musical instrument insurance companies include

Should I file a claim for my musical instrument?

Just because a musical instrument is covered by homeowners or renters insurance doesn’t mean you should file a claim if it is damaged or lost. When a policyholder files an insurance claim, they're required to pay their deductible. Additionally, repeat claims could increase future insurance rates.

The answer depends on the nature of the insured loss. Filing a claim for an instrument that's destroyed in a fire, for example, may be more economical than filing for one that's been stolen.

Even though the deductible for each loss would be the same amount, a musical instrument lost in a fire would probably be included in a larger claim to repair your home and replace personal property. In this case, the cost of the deductible would be offset by what could be tens of thousands of dollars in damages that will be coming to you.

If you own a guitar and someone broke into yourcar or home and stole only it, the cost to replace it out-of-pocket might not be much more than a homeowners or renters insurance deductible. In this case, it could be better to pay for the loss yourself and avoid expensive future hikes to your premium.