Instrument Insurance Vs. Homeowners Insurance: 5 Risks You're Likely Not Covered For

By Author: Clarion
Total Articles: 277
Comment this article

Our home is usually one of our most prized possessions. It's where we feel safe. It's where we feel like no harm can come to us. Sadly, accidents and unfortunate incidents often happen at home. That's the key reason why many people opt for homeowners' insurance.

If you have also purchased it and you are wondering whether you need a separate instrument insurance as a musician or music teacher who depends on your craft to earn money, then read on. Here we have compared instrument insurance with home insurance and have highlighted the top 5 risks you are not likely to be covered for.

Understanding Homeowners Insurance
Let's explain the basics first. A homeowner's insurance policy is a policy that entitles you as an insured person to get a predefined insured sum if there is any damage or theft at your home. To get that money in case of an unfortunate event, you need to pay a monthly or yearly premium. The claims process, the coverage, and the premium amount differ from one insurance provider to another.
What are the Risks You Are Not Covered For?
If you are a music instrument owner, you ...
... might not get coverage for the following risks in your homeowners' insurance policy.
Antique and Valuable Musical Instruments

If you own antique, high-value, or one-of-a-kind musical instruments, you might not get enough money as the sum assured to cover their costs. So, in such a case, you might need a separate instrument insurance policy to cover the cost of damage to or loss of the expensive instruments.
Pest Infestations

Pest infestations are very common in today's world. If your musical instruments get damaged due to rats, termites, bees, bed bugs, or similar pests and creatures, you might not get the money from the insurance provider to cover the damages. Exceptions can be made, but they are terribly rare. For instance, if your home's roof collapsed due to pests like termites, and the musical instrument was damaged.
Mold or Wet Rot

In case the musical instruments are damaged due to mold or wet rot that developed due to negligence or poor home maintenance, they won't be eligible for coverage.
Intentional Damage

Sometimes, people lose their temper and do things that they regret later. If you also have an anger issue and you damage your precious musical instrument in an act of rage, you might not get any insurance, especially homeowners' insurance, to cover it.
Exceptional Situations

A homeowner's insurance policy does not usually cover exceptional situations like war, nuclear hazards, or government action. So, if your musical instrument is damaged due to radiation or actions of a public authority, you won't be eligible for coverage. Many musical instruments insurance policies also don't cover it. So, be specific if you want such coverage.

FAQs

Which of the following is not covered by homeowners' insurance?
Any damage done to musical instruments due to shifting of land, like earthquakes or volcanoes, is not usually covered by homeowners' insurance.

Does homeowners' insurance cover instruments?
In some cases, musical instruments (the regular ones, not the expensive ones) can be covered by homeowners' insurance. Do ask your policy provider to get clarity in this regard.

What does instrument insurance cover?
A musical instrument insurance usually covers accidental damage, theft, and fire damage. It allows you to repair or replace your musical instruments in case of an unfortunate event.

Conclusion

If you are a professional musician or music teacher who wants to compare instrument insurance vs. a homeowners insurance policy, then you should know that the homeowners' insurance policy is not the safest choice. You need musical instrument insurance from a reliable partner like Clarion to offer you a customized insurance plan that offers the best protection. With a track record of covering over 20k musicians, more than 30 symphony orchestras, and being in business for over 50 years, this is a brand you can easily trust. Visit https://www.clarionins.com/ to get an instant quote today.