Alright you have worked hard, saved a bunch of money. Now you are ready to buy your dream instrument, that $6,000 custom Les Paul guitar. Or maybe it is your new amp set up. You crank it up and you can over power all the stereos within a 10 block radius.
Or maybe, you like collecting instruments. In that collection could pianos, horns, stringed instruments, you name it. Whoever you are whether you make a money playing gigs, you’re a classical nut or you just like collecting. They all share a common denominator. It can all be gone in less than a half hour.
What!?!?! You might say, but think about it is not all that out of the question. How many people lost all of their belongings in New Orleans when Katrina hit, including their instruments? What about fires? Or thieves? And let’s not for get accidents.
Whether it is in your house, a car, traveling or at gig. There are not really too many completely safe place for instruments and equipment. Thankfully there is something out there can help. Insurance.
You may say, I don’t play gigs and I am not a professional musican, my gear is pretty much always within my house. My homeowners insurance should cover my instruments. While many times this is true, homeowner insurance many times covers musical instruments, it is certainly not always the case.
Even if your homeowner’s insurance covers musical instruments, it is good know what the maximum is. Many policies will only cover up to $1000 for you instruments. For many of us it stops there. A $1000 should cover our instruments, but for other of us a $1000 doesn’t go very far.
If this is your situation, it might be good to check into instrument insurance. I now what your thinking, sounds expensive, but depending on the price of your instruments and what you want to do, insurance can cost as a hundred dollars per year. Making it a viable option even for those who have less than $1000 worth of equipment.
There are many good companies that specialize in instrument insurance, which can customize a plan for your particular circumstances.
Things To Pay Attention To
Now, some things you need to pay attention to when looking for insurance for your equipment are:
1. Am I a musician by profession? If so will the insurance cover the cost of my rental while my instrument is being repaired or replaced?
2. If I am a musician by profession, is my recording equipment and computer insured?
3. Is my instrument covered under all circumstances? (Home, Car, Plane, Worldwide)
4. Has my instrument been appraised? Especially if it is unique or expensive is have the instrument appraised is essential.
5. Is my instrument insured for what it will cost to replace it? (Instruments are constantly increasing in price, you want it insured for what it will cost to replace it, not what it cost 5 years ago.)
6. Am I insured for liability if some trips over my equipment at a gig? (Yah, you need to worry about that.)
7. Can I get a discount on my insurance if I have a home alarm system. Many companies will give a substantial discount.
Not all of these apply to all of us, but if they do apply, we may not want to be caught with out this type of coverage. There are many companies that specialize in instrument insurance and the majority of them can be found on the Internet. If you are interested Google musical instrument insurance and you will find many options to choose from.