A lot of things, like classic cars and fine art collections, require special insurance coverage to make sure they’re fully protected in case they’re lost or damaged. Musical instruments are one of the many things that have limits on how much coverage is available through a standard homeowners insurance policy.
If you have valuable instruments (or a large collection of them), you should purchase additional insurance coverage to ensure your instruments are fully protected.
Do I need insurance for musical instruments?
Maybe, depending on their value. Unless you have a significant collection, most of the more affordable instruments on the market (typically anything under $2,000) should easily be covered by your homeowners insurance — make sure to check the specifics of your policy to see how much coverage it offers. But pricier instruments or large collections of instruments will need additional coverage to make sure they’re fully protected.
Some homeowners insurance companies, like Progressive and Lemonade, offer additional coverage for musical instruments and other valuables. There are also a number of insurance companies like Clarion, Anderson, and Heritage that offer coverage specifically designed for musical instruments.
Comparing quotes between multiple companies is the best way to make sure you’re getting the right amount of coverage at the lowest possible price.
How are musical instruments covered by insurance?
If you have a less-expensive musical instrument, it will likely be covered under the personal property section of your homeowners or renters insurance policy. You shouldn’t need to purchase extra coverage for the cheap electric guitar you bought for your 12-year-old’s birthday or the old, beat up piano that was left behind by the people who owned your house before you.
But if you have a valuable instrument that costs several thousand dollars or more, you’ll need to purchase scheduled personal property coverage to protect yourself financially. Scheduled personal property coverage is a type of insurance that covers valuable items, like jewelry, fine art collections, and musical instruments that are too expensive to be covered under a basic homeowners or renters insurance policy.
How can I make sure my musical instruments are fully insured?
There are some basic steps you can take to make sure your musical instruments are fully insured, including:
Fill out a scheduled property form. This form explains which instruments you want to insure and how much coverage you want for each individual instrument.
Have your instruments appraised. Your insurance company is going to ask for an appraisal to verify the value of your instruments before insuring them.
Send the appraisal to your insurance company. Once you have the appraisal, send it to your insurance company so they have proof of the value of your instruments for your scheduled personal property policy.
Once you have your instruments insured, make sure to have them reappraised every so often and adjust your coverage levels accordingly to make sure you are always fully covered.
What if the value of my instrument increases over time?
Like many valuable items, your musical instrument may increase or decrease in value over time. The best way to make sure your instrument is always appropriately insured is to have it appraised regularly.
If it has been kept in mint condition, you’ll likely need to increase the amount of insurance on your instrument. If it has been damaged or is otherwise not in the same condition as when you first purchased it, you may not need as much coverage — meaning you might be over insured. Getting your musical instruments appraised every few years is an excellent way to make sure you have adequate coverage.
If I make money using my musical instruments, can I get musical instrument coverage?
No, personal property isn’t covered if it’s used for business purposes. That means you’ll likely need commercial or business coverage for musical instruments that you use to make a living.
This is true even if you aren’t a famous musician. From an insurance point of view, making $20 a night playing at a local bar is no different than playing sold-out stadiums across the country, so make sure you‘re honest with your insurance company about how you use them when you purchase insurance for musical instruments.
Frequently asked questions
Can you get insurance on a musical instrument?
Yes, you can get scheduled personal property coverage to insure a musical instrument. This type of coverage will be on top of your current homeowners or renters insurance policy and will have an additional cost.
What are the rates for insuring musical instruments based on?
Insurance rates for musical instruments are based on a number of factors, like the type of instrument, where and how it’s stored, how often you play it, if you make money using it, and its appraised value.
Are pianos covered under homeowners insurance?
Most home insurance policies offer a small amount of coverage for expensive items like jewelry, fine art, and pianos or other musical instruments. Depending on the value of your piano, it likely isn’t completely covered by your homeowners insurance and will require you to have scheduled personal property coverage.
