Does Homeowners Insurance Cover Musical Instruments and What You Need to Know

Homeowners insurance typically covers musical instruments, but only if they're listed as part of your home's contents.

The average cost of replacing a piano is around $3,000, which is a significant expense for many homeowners. You can expect to pay around $100 to $300 per year for coverage on a piano.

Some insurance policies may have specific limits on coverage for musical instruments, so it's essential to review your policy carefully.

Homeowners insurance can be a bit confusing, especially when it comes to musical instruments.

Most personal property, including furniture, clothing, and appliances, is covered under a standard homeowners policy. However, musical instruments are not automatically covered, unless they are specifically mentioned in the policy.

Some policies may cover musical instruments, but it's usually only for less expensive ones, like a $100 electric guitar. If you have a valuable instrument worth several thousand dollars, you'll need to purchase scheduled personal property coverage.

The types of musical instruments that are typically covered include acoustic and electric guitars, pianos, double reed instruments, and more. Here's a list of some examples of instruments that may be covered:

Keep in mind that some policies may also cover accessories like metronomes, music stands, and tuners.

If you have a significant collection of musical instruments, you may need additional coverage beyond what's offered by your standard homeowners insurance policy.

Most homeowners insurance policies will cover instruments worth under $2,000, but pricier instruments or large collections require extra protection.

To ensure your instruments are fully insured, fill out a scheduled property form and have them appraised to verify their value.

Your insurance company will ask for this appraisal to determine the coverage levels for your policy.

You should have your instruments reappraised periodically and adjust your coverage levels accordingly to maintain adequate protection.

Some insurance companies offer additional coverage for musical instruments and other valuables, such as Progressive and Lemonade.

Other companies, like Clarion, Anderson, and Heritage, specialize in coverage for musical instruments.

Comparing quotes between multiple companies is the best way to find the right amount of coverage at the lowest price.

Here are some examples of items that may be protected under a personal articles policy:

If you're wondering whether your homeowners insurance covers your musical instruments, it's essential to understand the basics of insurance and how it applies to your instruments.

A standalone insurance policy specifically designed for musical instruments is called musical instrument insurance. This policy can cover a variety of instruments, including acoustic and electric guitars, pianos, and even sheet music.

Musical instrument insurance policies can be purchased from companies like Clarion, Anderson, and Heritage, which offer coverage specifically designed for musical instruments. These policies can provide financial compensation if your instrument suffers a loss from a covered peril like theft or fire.

If you have a significant collection of instruments or own expensive instruments, you'll want to consider additional coverage beyond what your homeowners insurance offers. Most homeowners insurance companies, like Progressive and Lemonade, offer additional coverage for musical instruments and other valuables.

The cost of musical instrument insurance can vary depending on the type of instrument and the level of coverage you need. For example, MusicPro insurance requires a $100 deductible for each claim filed, so it's essential to factor this into your budget.

Here are some examples of instruments that are commonly covered by musical instrument insurance policies:

Some policies may also cover accessories like metronomes, music stands, and tuners, so be sure to review your policy carefully to understand what's included.

Filing a claim for your musical instrument can be a relatively straightforward process, but it does require some documentation. You'll need to submit photos of the damage, proof of purchase, appraisals, repair estimates, and a police report if applicable.

To initiate the claims process, contact the police if there was criminal activity involved, such as a home burglary. This will help your insurance company process your claim more efficiently.

The specific documentation required may vary depending on your insurance provider, but generally, it includes photos of the damage, proof of purchase, appraisals, repair estimates, and a police report if applicable. A deductible may also apply, for example, MusicPro insurance requires you to pay $100 for each claim you file.

Here's a breakdown of the typical documentation required for a musical instrument insurance claim:

Keep in mind that your insurance company will review your claim and may request additional documentation. If your claim is approved, you'll pay your deductible (if applicable) and receive a settlement check.

Filing a claim for your musical instrument can be a straightforward process, but it's essential to follow the right steps. You'll need to contact the police if there was criminal activity involved, such as a home burglary.

First, gather the necessary documentation, which typically includes photos of the damage, proof of purchase, appraisals, repair estimates, and a police report if applicable. This information will help your insurance company process your claim.

You'll need to review your policy to see what type of coverage you have, as it may be a standalone music instrument insurance policy or a scheduled property floater. This will determine whether you're covered for the full replacement cost or actual cash value (ACV).

ACV takes into account depreciation factors like age and wear and tear, so the insured value may be lower than you expect. For example, if your instrument is 10 years old, its ACV may be significantly lower than its original purchase price.

If your claim is approved, you'll need to pay your deductible, which can range from a fixed amount, such as $100 with MusicPro insurance, to a percentage of the total cost.

Insurance costs can vary significantly depending on the value of your instrument and the carrier you choose. Aegis General Insurance Agency charges $0.73 per $100 in coverage per month.

For a piano, which costs $2,000 to $10,000 on average, you can expect to pay around $15 to $73 per month to schedule it on your home insurance policy. This is a significant expense, especially for a high-value instrument.

The cost of standalone music insurance policies can also be substantial. As an example, Anderson Group prices some standalone music insurance policies based on the instrument being insured.

Here are some examples of minimum annual premiums for different instruments:

These costs are based on a significant amount of coverage, with pianos having a minimum coverage of $38,461 and string basses having a minimum coverage of $21,171.