Insurance for Musical Instruments

Piano

Music’s biggest night is just around the corner. And while most musicians will never enjoy the money and fame of a Grammy-nominated artist, they may still have prized instruments that rival those used by the pros.

Anyone with a valuable instrument will want to make sure it is protected from things like fire, theft or vandalism. The good news is that insurance for musical instruments is usually covered under a homeowners or renters policy. That said, there are exceptions.

“Higher-value instruments—which are usually pianos and violins—can be worth as much as $100,000 or more,” says Terry McConnell, vice president, Personal Lines Underwriting, at Erie Insurance. “If you have an especially high-value instrument, ERIE offers an endorsement to your homeowners or renters policy. Although these instruments may already be covered under the personal property protection, this endorsement offers broader coverage and a lower deductible than what’s offered under your regular homeowners or renters insurance.”

This is a good option if you only use your instrument for fun or it’s a collectible. At ERIE, it is not eligible for coverage under the endorsement once you make more than $100 a year from playing it.

Insurance for professional musicians’ instruments

Another instance when you need separate insurance for musical instruments is if you’re a professional musician. A professional musician’s instrument is typically considered business property. As such, it needs extra coverage since homeowners and renters insurance is not designed to cover business property.

A business insurance policy can cover your musical instrument and offer you other important coverages that you need as a professional musician. “Typically, the more expensive instruments are used by someone who is a professional and would be covered under commercial insurance,” adds McConnell.

If your instrument costs as much as some people’s cars—or if you’re a professional musician—it’s worth talking with an insurance professional like an Erie Insurance Agent. He or she can tell you more about insurance for musical instruments that works for your situation and budget.

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