Can i get an instrument insured?

Question

i am getting a Roland AX Synth for christmas and i want to busk with it but in case it breaks or it gets robbed i want to insure it. Would it be possible to just pay insurance on the one object? :) Thanks for all your answers.

Answer 1

Normally you could insure a musical instrument as a scheduled item or under a blanket floater on a renters or homeowners insurance policy. The other way to insure it would be on a Personal Articles Policy where it would be a scheduled item. Scheduled just means that a full description of the item is listed on the declaration page such as the make, model, serial number, cost and any other descriptive statement.



Most companies though will not write a stand alone Personal Articles Policy for just one valuable item without having other supporting business, i.e. without you having other policies with them. So if you don't own a home, I would suggest that you purchase a Renters Policy and have them list this as a scheduled item. The average Renters Policy will cost between $100 to $150 per year and since it will cover all your other personal effects, this item, your personal liability, additional living expenses (pay for other living accommodations if you are burned out of yours) -- a Renters Policy is a real bargain.



I hope this information helps. Good Luck

Answer 2

Musical instruments can be insured under a Personal Articles Floater under a Homeowner's/Tenant's/Condo Unit Owner's policy for the full value of the instrument, the thing is a Personal Lines policy will insure it for personal use only. Once you start to use the instrument to make money you're leaving the realm of personal use and are now entering the realm of business/professional use. Speak to a local insurance broker about this and see if the insurers they represent consider busking outside the realm of personal use. If they don't then purchase a Tenant's policy and have the instrument scheduled. If they do then you may be forced to looking at a commercial policy, and at that point it may become too expensive to be worth it. Keep in mind no insurance policy will cover mechanical/electrical breakdown. For that you would need an extended warranty from the manufacturer/retailer.

Answer 3

of course, just call any of those car insurance companies that advertise on TV and get quotes from them.

Answer 4

yes