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Re: Piano Insurance - how to determine value? [Re: twocats] #2675071
09/13/17 06:18 PM
09/13/17 06:18 PM
Joined: May 2013
Posts: 1,053
Florida
cmb13 Offline
Silver Level
cmb13  Offline
Silver Level
Joined: May 2013
Posts: 1,053
Florida
In defense of TwoCats and what some have suggested seems to be a lack of compliance in following several recommendations, I too am reluctant to insure. It has been suggested to me that I spend tens of thousands of dollars in insurance premiums per year. This includes homeowners with hurricane coverage $10k, malpractice $18k, disability $5k, auto $8k, long term care $2k, umbrella policy $1k, medical insurance $God knows how many k, and every electronic good I purchase. Long ago I stopped paying these, aside from catastrophic homeowners and medical insurance. I consider myself self-insured. For the money I have saved, when an appliance breaks I can buy another.

Now if I had a $100k piano, I'd probably get a rider, but overall I'm tired of paying the average American's salary in insurance premiums every year. But for me, enough is enough with the insurance premiums! ymmv


Boston 118 PE

Working On
Debussy - La fille aux cheveux de lin
Bach - Adagio 974
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Re: Piano Insurance - how to determine value? [Re: cmb13] #2675089
09/13/17 07:26 PM
09/13/17 07:26 PM
Joined: Jun 2009
Posts: 69
S
spk Offline
Full Member
spk  Offline
Full Member
S
Joined: Jun 2009
Posts: 69
Hey cmb,
From your profile, I see you're a doc. I'm a surgeon, and many people have told me that the most important things to have are own occupation disability, large umbrella policy and term life, but it sounds like you've considered those.

I have a very modest grand but don't insure it and live on the gulf coast, but I too will take my chances. I agree, it would probably be different if I had a Bosendorfer. I'm not an actuary but I'm guessing the likelihood of a total loss is pretty low if policies aren't expensive.

Last edited by spk; 09/13/17 07:38 PM.
Re: Piano Insurance - how to determine value? [Re: twocats] #2675178
09/14/17 09:28 AM
09/14/17 09:28 AM
Joined: Feb 2017
Posts: 1,316
New Hampshire
P
P W Grey Online content
1000 Post Club Member
P W Grey  Online Content
1000 Post Club Member
P
Joined: Feb 2017
Posts: 1,316
New Hampshire
Twocats,

I'm sorry to say that I do not trust anything an agent says. When the time actually comes (unfortunately) they are not going to simply hand you a check for the maximum amount on your policy. They are going to ask you for a list of what you owned so they can "replace" it (they are now looking like the generous hero). They will want you to come up with exact names, models, (they will ask age) colors, etc etc...

When you say: "I had a sofa in this room, a tv , lamps, yada yada yada..." They come back and say: "What kind, how big, what, material, what style, what finish, how old, etc etc." When you cannot answer these questions satisfactorily, now the negotiation begins. "Oh, you don't have an inventory of all your belongings...? We will have to approximate..."

You understand where this goes. As nice as they are ahead of time...that can change when reality hits the fan.

Written (spreadsheet works well), and video recording of each room and each item removes most doubt.

Have fun!

Pwg

Last edited by P W Grey; 09/14/17 09:30 AM.

Peter W. Grey, RPT
New Hampshire Seacoast
www.seacoastpianodoctor.com
pianodoctor57@gmail.com
(Best way to contact me privately)
Re: Piano Insurance - how to determine value? [Re: P W Grey] #2675181
09/14/17 09:36 AM
09/14/17 09:36 AM
Joined: May 2015
Posts: 3,134
Florida
dogperson Offline
Silver Subscriber
dogperson  Offline
Silver Subscriber
Joined: May 2015
Posts: 3,134
Florida
Originally Posted by P W Grey
Twocats,

I'm sorry to say that I do not trust anything an agent says. When the time actually comes (unfortunately) they are not going to simply hand you a check for the maximum amount on your policy. They are going to ask you for a list of what you owned so they can "replace" it (they are now looking like the generous hero). They will want you to come up with exact names, models, (they will ask age) colors, etc etc...

When you say: "I had a sofa in this room, a tv , lamps, yada yada yada..." They come back and say: "What kind, how big, what, material, what style, what finish, how old, etc etc." When you cannot answer these questions satisfactorily, now the negotiation begins. "Oh, you don't have an inventory of all your belongings...? We will have to approximate..."

You understand where this goes. As nice as they are ahead of time...that can change when reality hits the fan.

Written (spreadsheet works well), and video recording of each room and each item removes most doubt.

Have fun!

Pwg


Yep, I have replacement value homeowners' insurance, but my agent has already warned me I should take pictures/videos/have supporting documentation to support a claim. I can understand: they don't want to replace a 20" B/W TV with a 55" HD color one but to replace like-like.


"Music, rich, full of feeling, not soulless, is like a crystal on which the sun falls and brings forth from it a whole rainbow" - F. Chopin
" I never dreamt with my own two hands I could touch the sky" - Sappho
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Re: Piano Insurance - how to determine value? [Re: twocats] #2675186
09/14/17 10:18 AM
09/14/17 10:18 AM
Joined: May 2013
Posts: 1,053
Florida
cmb13 Offline
Silver Level
cmb13  Offline
Silver Level
Joined: May 2013
Posts: 1,053
Florida
Fwiw, I did photodocument my entire house on my iphone before Hurricane Irma, and backed it up to an external hard drive that I took with me.


Boston 118 PE

Working On
Debussy - La fille aux cheveux de lin
Bach - Adagio 974
Re: Piano Insurance - how to determine value? [Re: twocats] #2675200
09/14/17 11:18 AM
09/14/17 11:18 AM
Joined: Jan 2015
Posts: 621
Portland, OR
T
twocats Offline OP
500 Post Club Member
twocats  Offline OP
500 Post Club Member
T
Joined: Jan 2015
Posts: 621
Portland, OR
Originally Posted by twocats
I found a very interesting thread on Reddit this evening and am planning to video-document everything I own again-- did it a couple of years ago but it's time for a refresh.


PWG, thanks for your concern but I'm well aware of that! I do photo-document everything I own and should do a refresh. See this fascinating link for more advice. I'd probably hire a public adjuster (if they could exclude the piano-- taking a percentage of that would be too much and I could do that part myself) in the case of a total loss.

My agent is probably tired of all of my questions, but he has assured me that my piano is covered under my personal property (he even forwarded a letter from the underwriter) and he confirmed this morning that ALL of my belongings have replacement cost coverage, as in the cost of a brand new item.


2001 Petrof 125 -> 2002 Petrof IV -> 1999 Bosendorfer 225 (meow!) 🐱
Re: Piano Insurance - how to determine value? [Re: twocats] #2675270
09/14/17 03:12 PM
09/14/17 03:12 PM
Joined: Feb 2017
Posts: 1,316
New Hampshire
P
P W Grey Online content
1000 Post Club Member
P W Grey  Online Content
1000 Post Club Member
P
Joined: Feb 2017
Posts: 1,316
New Hampshire
That's good. Of course we all hope that (and so do they) you will always simply hand them money and they will never need to give you any. You get to keep what you have...no disasters. ☺

Pwg


Peter W. Grey, RPT
New Hampshire Seacoast
www.seacoastpianodoctor.com
pianodoctor57@gmail.com
(Best way to contact me privately)
Re: Piano Insurance - how to determine value? [Re: P W Grey] #2675278
09/14/17 03:42 PM
09/14/17 03:42 PM
Joined: Jan 2015
Posts: 621
Portland, OR
T
twocats Offline OP
500 Post Club Member
twocats  Offline OP
500 Post Club Member
T
Joined: Jan 2015
Posts: 621
Portland, OR
Yes, hopefully the insurance is never needed! smile


2001 Petrof 125 -> 2002 Petrof IV -> 1999 Bosendorfer 225 (meow!) 🐱
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