This is the time of year when many insurance policies are up for renewal. Let’s answer some common questions regarding insurance like: What are the risks of owning an instrument? Can you afford the repairs? What are your insurance options? In general, if the loss of your instrument costs you more than your deductible to replace or a major repair would total your instrument, insurance would be a very good idea.
What are the risks?
The main risks to an instrument are theft and damage. Most stolen instruments are taken from a car (even your driveway isn’t safe!) or from your case at a rehearsal or concert during a break. When traveling, it is best to never set your instrument down. If you must, it’s a good idea to put your foot on the case or through the shoulder strap.
Would you be able to afford repairs?
Instruments can be damaged easily. They are made from spruce and maple which is very thin. They must be handled very carefully to keep them in good shape. A slight bump in the wrong spot can cause a crack. Even dropping the instrument while it is in a case can cause damage. I have seen seasoned professionals have accidents after handling their instruments for decades with no problems, and then one wrong move will break their instrument.
For an Example: Let’s say there is an instrument worth $3,000 to $4,000. A long crack in the top of a violin in the post area or bar area requires the removal of the top to repair the instrument correctly. The average repair of this type costs about $3,500 to $4,500. If the crack is new damage, there is also depreciation in the instrument’s value of at least 20%. Unless there is a very good reason to restore the instrument, you would consider the instrument totaled. Insurance gives you an option to replace your instrument if that is the case.
What are the insurance options?
There are a couple of options for insurance coverage, homeowners insurance, and direct coverage. If you use homeowner’s insurance, check your policy to be sure it covers damage to your instrument or bow. Some will only pay for a loss if the house is also damaged.
If you have an instrument or bow worth $5,000 or more, you might want to consider direct coverage. Dolliff Insurance Co, located in Wayzata, is very familiar with insurance options, particularly in musical instrument coverage and it is the company I recommend. Other insurance companies include Clarion, Lloyds of London, Chubb and Hartford. An updated Letter of Appraisal is needed for policy renewals with insurance companies since values go up every year. Having a new appraisal at least every three years is recommended to keep values current. Regardless of the insurance type you choose, if you do have a Letter of Appraisal, the description can, at the very least, help to identify your instrument for the police should it be stolen.
If you take the time to make sure your instrument and bow are insured properly, you can relax and enjoy playing without worry. I would be happy to examine your instrument, discuss value and do an appraisal for you the next time you are in the shop!
Jennifer