The Best Musical Instrument Insurance Policies of 2020
Introduction:
As a musician, your instrument can be your livelihood. It's the manner in which you make your living, and it's likely among your most prized possessions. That's why it's so important to possess insurance for the instrument in case there is loss, theft, or damage. Listed below are two things to take into account when selecting music gear insurance.

Replacement Cost vs. Actual Cash Value
One of many first items to consider when insuring your instrument is whether you would like replacement cost coverage or actual cash value coverage. Replacement cost coverage will reimburse you for the price of replacing your instrument, while actual cash value coverage will reimburse you for the depreciated value of your instrument. Replacing a Stradivarius violin is going to cost a lot more compared to $100 you taken care of it 20 years ago, so replacement cost coverage is generally the greater option for high-end instruments.
Deductible
Yet another thing to consider can be your deductible. A deductible is the quantity you've to pay for out of pocket before your insurance kicks in. For instance, if you have a $500 deductible and your instrument is stolen, you would have to pay the initial $500 and your insurance would cover the rest. Deductibles can range from $0-$1000, so be sure to choose an amount that you're comfortable with.
Personal Property vs. Business Property Insurance
If you utilize your instrument for business purposes, you'll need business property insurance to cover it. Business property insurance covers lost or damaged business property due to events like fire, theft, or vandalism. Personal property insurance typically doesn't cover business property, so make sure to get the right type of insurance for your needs.

Conclusion:
Instrument insurance is an important consideration for just about any musician. Your instrument is probable one of your most prized possessions, and it's how you produce a living. That's why it's so important to find the right insurance coverage to safeguard your investment. Make sure to consider replacement cost vs. actual cash value, deductibles, and whether you need personal property or business property insurance before making a decision.