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Tuesday, 4 December 2012

Instrumental insurance


Whether you dabble in a bit of amateur music playing from time to time, or whether playing music is your profession and greatest passion, you know that musical instruments are costly pieces. Accordingly, you want to ensure that these investments are protected. While basic homeowners insurance policies may cover some damage to such pieces, they are not all-encompassing: they do not cover all types of damage, nor do they cover very costly instruments in full. For this reason, it's important for you to get in touch with your insurance provider, learn the extent of the coverage you already have, and then supplement it as necessary.

As you might expect, acquiring additional coverage for your instruments will present you with many, many choices. For this reason, at the very outset of your mission, you want to consider the extent to which your life is affected by your music playing. If it is your livelihood, then any disruption to your ability to play will have an immediate, and significant impact on you. If you only play your instrument occasionally, and for leisure, this may not be the case. However, if you make a living this way, then you may actually be without income, should damage or loss occur. Accordingly, you will want more comprehensive coverage for your instruments if you use them professionally than if they are simply for leisure. The more comprehensive your selected coverage, the less costly it will be for you to manage while your instrument is being replaced or repaired. For example, there are some plans that will even cover the cost of a rental instrument in the invent that you need to rent one to use while you wait on your own to return.

Of course, knowing the value of your instrument is key in ensuring that you are appropriately covered. While it is good practice to store receipts for such large purchases in a place where they can be readily accessed, if the instrument was purchased long ago (or inherited) then it might actually be worth more than the receipt value. An appraisal may be very useful in such a situation; you should know what it would cost to repair and replace your instrument today, and insure it for its replacement value.

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