From This is Money:
The cost of raw materials, such as wood and gold and silver, has risen considerably. Added to this, the falling value of sterling has pushed up the price of instruments because many are imported from the Continent and Japan.
Noel Sheehan, owner of Sheehan’s Music, the musical instrument specialist in Leicester, says instruments have increased in value across the board by at least 20%, and in some cases as much as 50%.
‘To give a few examples, a mid-range saxophone from Japan two years ago would have cost about £1,300,’ he says.
‘Today, it would cost £1,900. A clarinet from France costing £1,200 in 2007 would now cost £1,800.’
Specialist insurer Musicguard says the average claim on its policies has risen from £629 in 2007 to £967.
Musical instruments are covered under most standard home insurance policies, typically for values up to £1,500.
But if householders have not updated their insurance for a few years they may be underinsured…