Musical Instrument Coverage Basics If your home is constantly full of the sound of live music, chances are you think more about how to soundproof your walls than your insurance coverage. However, musical instruments can reach into the thousands of dollars, which makes it so important to make sure that they are covered with the right insurance policy. There are many situations that can damage or destroy your instruments, including:
- Destroyed by a house fire
- Damage or lost during transportation
- Water damage while in storage
- Overexposure to humidity
In some cases, your existing homeowners insurance policy will provide coverage for your musical instruments. However, it may not provide enough protection. Typical home insurance policies have limits on the amount of personal property that they will protect, which is typically around $2,000. If you have any instruments that are worth more than your home insurance covers, they will not be protected from any peril. The best way to protect your instruments is to invest in specialty musical instrument coverage. These policies will provide coverage for when your instrument is at home, as well as if you are travelling with it. As an added bonus, they typically come with lower deductibles than homeowner’s insurance policies. Specific musical instrument insurance policies will provide coverage that is not provided by any other insurance policies, such as if you drop your instrument or it cracks. While home insurance policies will not provide coverage if your instrument is damaged in a flood or earthquake, a musical instrument policy will, to be sure that you can start making music as soon as possible. For all of your musical instrument insurance needs, contact the insurance professionals at Bob Wolfgram Agency in Waukesha, Wisconsin. We will work with you to ensure that you have the right amount of protection, all at the right price.
