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Musicians 'underestimating value of instruments'

Musicians have been advised to make sure their instruments are covered by their home insurance policy.

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br /> According to Swinton, many homeowners in the UK are underestimating the value of the contents of their houses.

Indeed, nearly two-thirds of those polled said they do not know how much it would cost to replace certain items if a disaster struck their property.

The company has therefore recommended that people make sure they work out how much their musical instruments, such as electric guitars and drum kits, are actually worth.

Steve Chelton, spokesman for Swinton, commented: "Homeowners should take time to evaluate the cost of their home contents efficiently."

He warned that if there is a "significant gap" between the level of cover taken out and the actual replacement cost, people will be unlikely to recover the full value of damaged or stolen items.

According to figures from Halifax Home Insurance, about 7.8 million homes in the UK contain a musical instrument.

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Posted on 19 Aug 2009 16:00 to category : Music News

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