Owing to the rise in prices during recession, music enthusiasts are being urged to take a look at their insurance policies.

The rates of musical instruments have risen over the last year and those with musical instruments are being asked to renew their insurance cover. The cost of raw materials such as wood, gold and silver have also risen considerably.

In addition to this, there has been a decline in the price of the sterling pound which is pushing up the price of the instruments because many are being imported from Japan.

A musical instrument specialist from Leicester, has claimed that the prices of musical instruments have risen by 20 percent in a few cases and upto 50 percent in others.

A specialist music insurer has said that the average claim in its policies has risen by £338 atleast as compared to 2007.

Most musical instruments are covered under home insurance policies for a sum of £1500 typically. If householders have an expensive instrument at home and have not updated themselves, there are chances that they may be underinsured.

A spokeswoman for a prominent home insurance company said that if you own an instrument that costs upto £1500, there is a need to mention it on the home contents list.