You are a musician and it is in our thought that you have a vintage guitar or just purchased the latest high end guitar at the nearest music store. Whatever musical instrument you have, it is important that you get the right insurance for it. There are many questions popping out when it comes to insurance for musicians, particularly insurance for your instruments and the e and o insurance. Below are some questions that we have addressed to give some clarification on the matter.
Is my Homeowners or renters insurance policy going to cover my instruments?
If your instruments don’t play an important role in your profession as a musician, where as you are just playing your instruments within the comfort of your home, then the homeowners or renters insurance policy is enough. However you may want to get a specific insurance policy for your instruments especially if it costs more than a thousand dollars on a special little policy as a part of your homeowners insurance. You want to make sure that policy is at least replacement cost coverage. And if it is a vintage instrument, you want to insure it with what is called agreed value.
But if your instrument plays a major role in your profession, where as you go out on tours, play on stage, and provide entertainment elsewhere with your instrument, the homeowners or renters insurance policy is not enough. Talk to insurance agents who specialize on insurance for musical instruments. These folks specialize in insuring your vintage or valuable musical instruments.
Insurance policies to consider:
1. Professional use. So if you go out, you make money, you teach lessons, you play in a band, symphony or some kind of an orchestra, all of these activities are considered professional use. In case of damage or stolen in the events that you are outside of your home, your instrument/s are covered in such situations.
2. Lower deductible. If your instrument is stolen or incurred some kind of damage to your instrument, you are going to be on the hook for the first thousand dollars and the insurance company will cover whatever is left. Working with specialized insurance companies will cover a much lower deductible. Some companies even offer a zero dollar deductible. Suggestion is sticking to at least a $250 deductible.
Watch the video below for more information on specialized insurance for musical instruments