Musical instruments can be costly. Whether you own a musical instrument which you or a family member play. Or if you are collector of musical instruments. In fact, this article shows just how expensive collectors’ items can be – with a guitar owned by The Edge selling for $437,500 recently. And whilst we know this is an extreme example, it does raise the important issue of how you go about protecting your valuable items such as musical instruments.
Musical instrument insurance
If you own a musical instrument, then you will need to ensure that you have it insured.
In some cases, it may be possible to insure your musical instrument under your home insurance policy. But you will need to keep a few things in mind:
Check the policy limits.
Home insurance policies will typically specify sums insured limits. For example, a contents insurance policy will set a limit of the amount of cover for all your possessions e.g., £50,000. Or a single item limit which limits how much you can claim for one item. This may be set at £2,500 on a standard policy as an example.
So, you’ll need to check your musical instrument doesn’t exceed any of the set limits. If it does, you put yourself at risk of being underinsured.
Notify your insurer
If you own a musical instrument which has a high value then you’ll likely need to inform your insurer so that it can be itemised on your insurance policy.
If you do not notify your insurer that you have these types of items, you may face difficulties when it comes to claiming on your insurance as you did not provide your insurer with full details relating to the contents of your home.
Consider a high net worth insurance policy
A high net worth policy may be a better fit when it comes to insuring your musical instrument. High net worth insurance policies will typically provide a higher level of cover with higher sums insured limits to adequately protect valuable items than standard home contents insurance policies. They can therefore offer valuable cover for those whose insurance needs exceed those provided by standard policies.
As usual, remember that all insurance policies will vary, and it is important to read the detail or work with a broker before taking out a policy to ensure that your musical instruments will be covered.
What insurance cover is available for musical instruments?
You will want to ensure that your instrument is insured against key risks. Most home insurance contents policies, or high net worth insurance policies will insure your possessions against
- Fire
- Flood
- Theft
You may also want to consider extended cover for your musical instrument such as:
- Accidental damage
- Accidental loss
- Cover for taking your possessions or collectibles outside the home (e.g., theft, loss or damage which occurs outside the home)
- Cover for taking your possessions abroad
But do your research and speak to your insurance broker or insurer if you have any questions about the policy conditions and coverage.
If you are a musician and play professionally or work in the music industry, then you may need to look for specific insurance to cover your profession. Worth chatting to your insurer or insurance broker about cover that will be right for you.
How to value a musical instrument
Knowing the value of your musical instrument will make it easier to ensure that you have the right level of insurance. Some insurers may also ask to see a valuation when taking out your policy. Or ask for a valuation if you do come to claim.
There are several ways to get a musical instrument valued. Which you choose will depend on the item itself.
- An auction house may be able to value fine or rare musical instruments
- Specialist musical instrument valuers – do your research before deciding on your valuer
Getting the most accurate valuation will be key to getting the right insurance cover.
At Anthony Jones we work with a wide range of insurers to enable us to help you find the right cover for your needs. We can also work to help you understand how to minimise risk when it comes to your collectible or high value items. Get in touch with us today for more information on how we can help you get the right insurance cover for your possessions on 0208 8290 9086 or email us at personal@anthonyjones.com.
