If you or a family member own one or more musical instruments, you might be wondering if your home insurance covers the instrument when damages occur as the result of a peril covered by your policy. In order to determine that you need to ask yourself following questions:
- Is the instrument played professionally or just for fun? Unless you have a special rider that states otherwise, the property covered under your home insurance policy must be used for personal purposes only. If you or your family member is a musician who earns an income by producing music either in or out of home then it’s possible that your musical instruments are not covered by the home insurance policy.
- What if a flood causes the damages? Damages caused by flood are never covered under a home insurance policy. Instead, you would need a flood insurance policy.
- How much is your musical equipment worth? The contents coverage of your home insurance policy is only effective up to certain limits. If the overall value of all the contents in your home exceeds the limit then you won't receive enough benefits to replace everything you lost. Musical instruments can add a substantial additional amount to the overall value of your contents so make sure that your limits adequately reflect the inclusion of your instruments.
- Do you need an appraisal? For some expensive musical equipment such as a grand piano or Stradivarius violin you may need to get an appraisal for the value of the shipment and cover it through a special endorsement in your home insurance policy.
If you aren't sure how your musical equipment fits within the scope of your current Regina home insurance policy or you’re looking for new coverage and want to make sure that your musical equipment is covered, give us a call at Heritage Insurance today. We can help you determine whether your equipment qualifies for personal or business use and whether you need a special endorsement and appraisal in order to have your equipment covered.