A Beginner’s Guide to Musical Instrument Insurance

If you’re a working musician, you can’t afford to lose your instrument. Unfortunately, instrument theft does occur. Instruments can also be damaged. When this happens, raising the funds to buy a replacement in time for your next gig can be difficult.

That’s why all musicians should consider insuring their instruments. Similar to apartment insurance, the right instrument coverage can help you ensure that you’re prepared in case of disaster.  The following information addresses key questions you may have on the topic, helping you better understand how this type of insurance works and why it might be ideal for your needs.

How is an Instrument Insurance Policy Different from a Renters Insurance Policy

A renters insurance (or homeowners insurance) policy may protect an instrument to a degree. Depending on the cost of the instrument, it may be necessary to add extra protection for valuables to such a plan. For an amateur musician, this might be sufficient.

However, if you’re a professional artist, your instrument is considered business property. Thus, it may need additional coverage beyond what your typical renters insurance plan offers. For example, musicians are often on the road, traveling from one gig to another. You might need a plan that offers protection in these circumstances.

Does the Policy Cover Damage and Repair?

It depends on each individual policy. If your plan does cover damage and repair, the repair shop will send an estimate to your insurance provider. Many plans also reimburse you if the instrument’s value diminishes as a result of the damage and repairs.

How do Providers Generate Quotes?

After you fill out an application, the insurance company will assess the instrument’s value, as well as other factors like risk. This makes sense; if you’re merely a collector – rather than a performer – your instrument is less likely to be damaged.

Keep in mind, depending on the nature of your instrument, additional components like bows and a carrying case may contribute to the overall value. For high-value instruments, the provider might require an in-person appraisal.

What Does It Cost?

Costs vary depending on the specifics of the policy, the value of the instrument, and any additional risk factors. In general, premiums cost $150 a year for many instruments of average value.

For instruments worth more than $5000, prices may be higher. This is especially likely if you’re a performer who often ships your instrument from one venue to the next. However, most premiums add up to less than one dollar a day when spread over the course of a year. That’s not a lot of money to spend if you’re protecting something you rely on to make a living.

Again, if you’re only an amateur, a renters insurance policy may be all you need to protect your instrument. However, professionals should consider policies designed for their specific needs.

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