Instrument Insurance

[Wormdiet]

1) How does one acquire it?

2) How expensive is it, say, per $1K worth of flute, or several?

Thanks!

worm

[chas]

Of course, you'll need to check with your own insurance company, but with ours, as is the case for most companies, you don't need to insure an insturment specifically unless you play it professionally. That is, unless it puts your contents over your limit, it's covered by your renters/homeowners insurance.

[Wormdiet]

Of course, you'll need to check with your own insurance company, but with ours, as is the case for most companies, you don't need to insure an insturment specifically unless you play it professionally. That is, unless it puts your contents over your limit, it's covered by your renters/homeowners insurance.

Good to know.

I just checked my car insurance's site, and apparently they offer "Valuable Property Protection" or similar, designed for things like instruments, jewelry, and. . . .cameras.

[KateG]

When I got nervous about the quantity of instruments my husband and I were accumulating I called our agent. She was able to add a $10,000 rider to our homeowner's policy for something like $12 a year. It covers our instruments for virtually all risks providing we don't use them for moneymaking/professional gigs.

[JessieK]

I get musical instrument insurance from Clarion. 1-800-VIVALDI is their phone number. It costs me about 85 cents per $100 of coverage (per year).

[RudallRose]

Ihave all my flutes specifically listed and specifically covered against all losses, whether a gig or a session or in my car or the home. Each is individually appraised and each is cased.
It's to my homeowners policy and it is separate musical instrument covereage. I can't tell you the rate as I don't know off hand.

Any property insurer will cover your instruments. You can ask.
Know, too, that the flute is covered if stolen from your car by your homeowner's (or renter's) policy, not your auto policy without a special rider.

Better to over insure and be covered than underinsured and be wrong. You'll not know until it's too late.

[Wormdiet]

I get musical instrument insurance from Clarion. 1-800-VIVALDI is their phone number. It costs me about 85 cents per $100 of coverage (per year).

Interesting - I checked out the website and the minimum was $252. . .which seemed fairly steep for one flute. Maybe I missed something.

[Wormdiet]

Ihave all my flutes specifically listed and specifically covered against all losses, whether a gig or a session or in my car or the home. Each is individually appraised and each is cased.
It's to my homeowners policy and it is separate musical instrument covereage. I can't tell you the rate as I don't know off hand.

Any property insurer will cover your instruments. You can ask.
Know, too, that the flute is covered if stolen from your car by your homeowner's (or renter's) policy, not your auto policy without a special rider.

Better to over insure and be covered than underinsured and be wrong. You'll not know until it's too late.

As my car was stolen last year, I;ve gotten to be a lot more particular about the nature of insurance coverage in general. Actually, I received excellent service, but it was an eye-opening experience.

[JessieK]

Mine is itemized, too. I thought Clarion's minimum was around $75...I guess it has gone up.

[tommyk]

Do they (the insurers - Clarion, or a homeowner's policy) need a letter or receipt from the maker or seller of each instrument when I purchased it, or do they take my word for the cost/value?

I know it'll vary depending upon who I use; I'm asking for the general experience out there.

[spittle]

My Homeowners Policy covered my flute when it stolen while travelling overseas. All they required after filing the claim was a 'reciept' from the maker, which literally consisted of a rather informal-looking Word doc with a description of the flute and contact info.

Since I don't play professionaly I didn't need to modify my coverage in anyway.

Cheers,
- Ryan

[KateG]

My agent did not require any valuation when she added the instruments to our policy. However, I do have all the receipts for our various instruments in a central file, and I know that I would have to provide some sort of proof of the value in the event I needed to file a claim.

For those of you lucky enough to own instruments that have appreciated significantly in value, I recommend getting it professionally appraised. Insurance does not cover sentimental value or undocumented appreciation.

[Jim McGuire]

Buying insurance is easy but collecting money for a loss is another issue. Original receipts are a starting point but you'll need to have new valuations to remain current if your item is appreciating. Follow the rules of the insurance outfit to the letter and 'over-comply' if possible. Pictures of the instruments, description, comps, and valuation are necessary.

Someone had donated a heavy-duty doll collection to the Museum of Science and Industry. Since the stuff was on loan, a descendant asked for an inventory, maybe angling toward a donation and tax-writeoff. All sorts of stuff was missing but the last valuation was from 30+ years ago and that's what they get paid (if anything)! That amount was a fraction of what they would pull in now, especially with internet collecting raising so many collectable categories to record levels.