Standalone Flute Insurance or Homeowners’ Insurance - What’s your take?

When your heart beats music, you definitely know the worth of your musical instruments, no matter what it is and no matter if you are an amateur hobbyist or a professional flutist. It takes a lot of precision and artistry to craft musical instruments perfectly. No wonder these pieces are so expensive. And, your emotional attachment to your gear adds more value to it. The good thing is - just like you insure your other assets like automobiles, home, and jewelry, you can also cover your musical instruments. By getting a Flute Insurance, you can cover your musical gears from unwanted and unforeseen conditions and ensure peace of mind for years to come.

Oh! You already have your homeowner’s insurance cover, and you are wondering whether or not it will cover your musical instruments. Is this what you are concerned about? 

Well, if you have renters’ or homeowners’ insurance plan, you might not need standalone coverage for your musical instrument. However, the catch is your renters’ or homeowners’ insurance plan is more likely to offer a limited cover to your musical gears from certain ‘named perils’ listed on your policy document.

If you are an amateur musician or if you own not-so-expensive instruments, then cover for ‘named perils’ included in your homeowners’ plan might be enough for you. However, if you are a professional musician, you should get yourself a separate Flute Insurance. Here are some crucial things to consider when you’re deciding between protecting your musical gears through your homeowners' coverage or a standalone insurance plan. Let’s read on!

Location is a vital factor

Suppose you are traveling for a musical concert to another state, or any other part of the world, and you lost or damaged your instruments while traveling (outside your home). Will your homeowners’ plan cover the loss or damage occurred? The terms and conditions of insurance providers might vary on how they’ll work on this. However, a standalone plan from a reliable service provider will cover your instruments no matter where you go.

Value of your instrument

How much is your musical gear worth? Some homeowners’ insurance providers offer a maximum amount for each instrument you own. This may decrease the extent of coverage. However, a commercial or separate musical gear cover will offer various options to value your musical instruments. Take a look -

●    If you want the claim reimbursement depending on the value of the instrument at the time of the accident (loss or damage)

●    If you want the claim reimbursement on the agreed-upon or pre-decided value of the instrument at the time of purchasing the insurance plan

●    Or, if you want the claim reimbursement as the replacement value of the instrument at the time of the accident (loss or damage)

Your homeowners’ insurance may not provide you with all such options.

What’s your deductible?

Consider the deductible for your homeowners’ plan and a rider for additional cover for your musical instruments (if any). Then compare the same with a standalone plan’s deductible.

Moreover, you should also consider the price of each plan and the extent of coverage offered by them. If the deductible of a given policy is more than the actual value of the instrument, it's better not to go for it. So, be careful with this.

The bottom line

If you own a musical instrument, no matter if it is a rare piece, very expensive or a high-quality amateur instrument, it is highly advisable to get in touch with your insurance provider to discuss the options available to you.  A reliable and customer-friendly insurance service provider will be more than happy to help you with your queries and insurance needs.