Do I need insurance for musical instruments?
Your musical instruments may be covered by personal property coverage on a homeowners, renters, or condo policy, up to your policy's limit and minus your deductible. Some insurers may require you to schedule your musical instrument separately, also known as adding a rider to your policy, in order to adequately insure the instrument.
How are musical instruments covered by insurance?
Musical instruments fall under personal property coverage, designed to protect your belongings against covered perils. If your musical instrument is damaged from a covered peril, your homeowners, condo, or renters policy may pay to repair or replace your instrument, up to the limits of your policy and minus your home or renters insurance deductible.
Your insurance policy may have a "sub-limit" for specific categories of personal property like musical instruments. Sub-limits often apply to items that are especially valuable or at a higher risk for a loss. In those instances, your policy may only pay up to a certain dollar amount in the event of a loss. Contact your insurance company to learn whether your musical instrument is subject to a sub-limit within your personal property coverage.
Example:Your insurer has a $2,000 sub-limit on musical instruments. Your residence is robbed, and your vintage guitar is stolen. While the value of your guitar is $4,500, your insurer may only pay you $2,000, minus your deductible, because your insurance policy has a sub-limit for musical instruments.
How can I make sure my musical instrument is fully insured?
You may be able to "schedule" your musical instrument, on your home or condo insurance policy to make sure the item is adequately covered. This is also referred to as "adding a rider," which means you're calling out a specific item on your policy and paying an additional premium to ensure coverage beyond your policy's stated sublimit for the item.