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Insuring your piano #2899900
10/13/19 06:14 PM
10/13/19 06:14 PM
Joined: Sep 2017
Posts: 18
North Carolina
S
Stitches Offline OP
Junior Member
Stitches  Offline OP
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Joined: Sep 2017
Posts: 18
North Carolina
Hi everyone,

I bought a Kawai GX-5 (LOVE IT) for $30k a couple of years ago and insured it with a separate policy through my regular home owner's insurance. My technician mentioned that the cost of replacement for the instrument is likely to run considerably higher and even though I bought it at a lower price, he thought it should be insured at the MSRP. He wrote a formal appraisal in writing with his credentials attached. My insurance company is bulking and saying they won't insure for anything higher than the sale price despite his appraisal.

So two questions. Is this scenario normal? I know dealers regularly discount from MSRP but wasn't sure how much people would value them when it comes to insurance.

Secondly, are there any good or recommended companies for insuring a piano? I've seen some mention State Farm or Heritage on these forums but those threads were years ago. My intent is to keep this one forever, but I want to make sure it could be replaced if anything happened.

Piano & Music Gifts & Accessories (570)
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Re: Insuring your piano [Re: Stitches] #2899905
10/13/19 06:30 PM
10/13/19 06:30 PM
Joined: May 2007
Posts: 1,147
Chicago Suburban
M
MarkL Offline
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MarkL  Offline
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Joined: May 2007
Posts: 1,147
Chicago Suburban
If you have replacement cost on your homeowner's policy, it will cover the cost of buying a replacement piano of the same model, or like model if it's no longer made. Not sure if there is a max on an individual item, but I know my piano is covered because I asked.


Yamaha P90, Kawai GL-10
Re: Insuring your piano [Re: Stitches] #2899927
10/13/19 08:24 PM
10/13/19 08:24 PM
Joined: Oct 2012
Posts: 624
PA
Music Me Offline
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Music Me  Offline
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Joined: Oct 2012
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PA
I use Clarion Instrument Insurance. Check them out.


Barbara
...without music, no life...
Re: Insuring your piano [Re: Stitches] #2899943
10/13/19 09:10 PM
10/13/19 09:10 PM
Joined: May 2006
Posts: 5,066
Georgia, USA
terminaldegree Offline
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terminaldegree  Offline
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Georgia, USA
The personal property portion of homeowner's insurance typically has limitations as to the dollar value of specific items, which can include things like artwork, musical instruments, firearms, jewelry, etc. More expensive pianos can eclipse this amount, which is why some folks choose to list them separately. Those who teach, concertize professionally, or otherwise use their pianos for business purposes should definitely explore their options very carefully.


Pianist, teacher, apprentice technician, internet addict.
Piano Review Editor - Acoustic and Digital Piano Buyer
Re: Insuring your piano [Re: Stitches] #2900025
10/14/19 05:30 AM
10/14/19 05:30 AM
Joined: May 2001
Posts: 11,627
Philadelphia/South Jersey
Rich Galassini Offline
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I have recommended Heritage Musical Instrument Insurance for many years. I have no affiliation with them, but the ease of dealing with them after a claim sold me many years ago.

By the way, dealing with damaged pianos is a very big part of my business and I have clients send me their fire, water, and smoke damaged instruments in the hope of restoring them from great distances.

They are not the only company that offers these types of services, of course. There are others that may be just fine, but they are the only one I will actively recommend.

My 2 cents,


Rich Galassini
Cunningham Piano Co.
Phila, Pa.
(215) 991-0834 direct line
rich@cunninghampiano.com
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Re: Insuring your piano [Re: Rich Galassini] #2900039
10/14/19 06:33 AM
10/14/19 06:33 AM
Joined: Jan 2018
Posts: 3,172
In the Ozarks of Missouri
NobleHouse Offline
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NobleHouse  Offline
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Joined: Jan 2018
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In the Ozarks of Missouri
Originally Posted by Rich Galassini
I have recommended Heritage Musical Instrument Insurance for many years. I have no affiliation with them, but the ease of dealing with them after a claim sold me many years ago.

By the way, dealing with damaged pianos is a very big part of my business and I have clients send me their fire, water, and smoke damaged instruments in the hope of restoring them from great distances.

They are not the only company that offers these types of services, of course. There are others that may be just fine, but they are the only one I will actively recommend.

My 2 cents,


Thanks for the recommendation.


[Linked Image]
Re: Insuring your piano [Re: Stitches] #2900055
10/14/19 08:03 AM
10/14/19 08:03 AM
Joined: Jan 2010
Posts: 1,373
Queensland, Australia
backto_study_piano Offline
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backto_study_piano  Offline
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Joined: Jan 2010
Posts: 1,373
Queensland, Australia
My piano (in Australia) is insured for about 46% more than I bought it for - due to inflation and price rises since I bought it 7 yrs or so ago. It's insured for replacement value, and I submitted the valuation to my home insurance and they accepted it.


Alan from Queensland, Australia (and Clara - my Grotrian Concert & Allen Organ (CF-17a)).
Re: Insuring your piano [Re: Stitches] #2900130
10/14/19 11:50 AM
10/14/19 11:50 AM
Joined: Sep 2017
Posts: 18
North Carolina
S
Stitches Offline OP
Junior Member
Stitches  Offline OP
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S

Joined: Sep 2017
Posts: 18
North Carolina
Thank you all for your replies! I will check out Heritage and a couple others as well. It's so helpful to know I can and should insure it for replacement value.

Re: Insuring your piano [Re: Stitches] #2904097
10/24/19 02:36 PM
10/24/19 02:36 PM
Joined: Sep 2017
Posts: 18
North Carolina
S
Stitches Offline OP
Junior Member
Stitches  Offline OP
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S

Joined: Sep 2017
Posts: 18
North Carolina
Just wanted to follow up in case anyone else is looking. I ended up contacting Heritage and by the end of the day I had a policy that covered the full replacement value of my piano. They were very easy to work with and the yearly price was very reasonable. Again, I appreciate the responses!

Re: Insuring your piano [Re: Stitches] #2904108
10/24/19 03:09 PM
10/24/19 03:09 PM
Joined: Oct 2007
Posts: 1,163
J
Jethro Online content
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Jethro  Online Content
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J

Joined: Oct 2007
Posts: 1,163
Originally Posted by Stitches
Just wanted to follow up in case anyone else is looking. I ended up contacting Heritage and by the end of the day I had a policy that covered the full replacement value of my piano. They were very easy to work with and the yearly price was very reasonable. Again, I appreciate the responses!

Thanks for the followup because your post encouraged me to have my Shigeru insured outside my home insurance policy. Who appraised the price of your piano? I also bought mine for significantly less than its replacement value.


Shigeru Kawai SK2
Kawai VPC-1
Re: Insuring your piano [Re: Stitches] #2904139
10/24/19 04:38 PM
10/24/19 04:38 PM
Joined: May 2018
Posts: 703
Not too far North of Los Angel...
L
Learux Offline

500 Post Club Member
Learux  Offline

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L

Joined: May 2018
Posts: 703
Not too far North of Los Angel...
How much are you guys paying. Through homeowners insurance I pay a little over $5 per $1000/year.


When you play, never mind who listens to you. R.Schumann.

Casio GP-400
Schimmel SP-182T
Re: Insuring your piano [Re: Learux] #2904140
10/24/19 04:40 PM
10/24/19 04:40 PM
Joined: Oct 2007
Posts: 1,163
J
Jethro Online content
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Jethro  Online Content
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Joined: Oct 2007
Posts: 1,163
Originally Posted by Learux
How much are you guys paying. Through homeowners insurance I pay a little over $5 per $1000/year.

I thought some homeowners insurance limits how much the policy would cover replacement costs. Does your policy cover the entire replacement cost or do you have a rider?


Shigeru Kawai SK2
Kawai VPC-1
Re: Insuring your piano [Re: Stitches] #2904169
10/24/19 06:04 PM
10/24/19 06:04 PM
Joined: May 2006
Posts: 5,066
Georgia, USA
terminaldegree Offline
5000 Post Club Member
terminaldegree  Offline
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Joined: May 2006
Posts: 5,066
Georgia, USA
Mine ended up at about $4.50 per $1,000. Separate policy through the same insurer as my homeowners insurance.


Pianist, teacher, apprentice technician, internet addict.
Piano Review Editor - Acoustic and Digital Piano Buyer
Re: Insuring your piano [Re: Jethro] #2904227
10/24/19 09:07 PM
10/24/19 09:07 PM
Joined: May 2018
Posts: 703
Not too far North of Los Angel...
L
Learux Offline

500 Post Club Member
Learux  Offline

500 Post Club Member
L

Joined: May 2018
Posts: 703
Not too far North of Los Angel...
Originally Posted by Jethro
I thought some homeowners insurance limits how much the policy would cover replacement costs. Does your policy cover the entire replacement cost or do you have a rider?


I worded that wrong. Through the same company that provides home owner insurance but a separate policy.

Nice to see that we are in the same ballpark Jethro


When you play, never mind who listens to you. R.Schumann.

Casio GP-400
Schimmel SP-182T
Re: Insuring your piano [Re: Stitches] #2904841
10/26/19 04:38 PM
10/26/19 04:38 PM
Joined: Sep 2017
Posts: 18
North Carolina
S
Stitches Offline OP
Junior Member
Stitches  Offline OP
Junior Member
S

Joined: Sep 2017
Posts: 18
North Carolina
Yes, my homeowner insurance capped at at 20% above the actual sale price, even with a separate 'valuable item' policy. My local piano tech (who is amazing) provided me the replacement value in writing, and insurance was around $4 (US)/$1000/year.

Re: Insuring your piano [Re: Stitches] #2904857
10/26/19 05:31 PM
10/26/19 05:31 PM
Joined: May 2015
Posts: 4,745
Florida
dogperson Offline

Silver Subscriber
dogperson  Offline

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Florida
Just hypothetically, if you purchase replacement value insurance for a pre-owned piano purchased for 20,000 with the replacement value (new piano) at 80,000, is the premium based on the 20K or the 80K valuation???


"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

It’s ok to be a Work In Progress
Re: Insuring your piano [Re: Stitches] #2904874
10/26/19 06:14 PM
10/26/19 06:14 PM
Joined: Jan 2018
Posts: 3,172
In the Ozarks of Missouri
NobleHouse Offline
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NobleHouse  Offline
3000 Post Club Member

Joined: Jan 2018
Posts: 3,172
In the Ozarks of Missouri
My premium is based on the replacement value of a "new" piano.


[Linked Image]
Re: Insuring your piano [Re: NobleHouse] #2904899
10/26/19 07:11 PM
10/26/19 07:11 PM
Joined: May 2015
Posts: 4,745
Florida
dogperson Offline

Silver Subscriber
dogperson  Offline

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Joined: May 2015
Posts: 4,745
Florida
Originally Posted by NobleHouse
My premium is based on the replacement value of a "new" piano.


Thx


"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

It’s ok to be a Work In Progress
Re: Insuring your piano [Re: NobleHouse] #2904900
10/26/19 07:14 PM
10/26/19 07:14 PM
Joined: Sep 2017
Posts: 18
North Carolina
S
Stitches Offline OP
Junior Member
Stitches  Offline OP
Junior Member
S

Joined: Sep 2017
Posts: 18
North Carolina
Originally Posted by NobleHouse
My premium is based on the replacement value of a "new" piano.

Mine too

Re: Insuring your piano [Re: Stitches] #2904943
10/26/19 09:29 PM
10/26/19 09:29 PM
Joined: May 2018
Posts: 703
Not too far North of Los Angel...
L
Learux Offline

500 Post Club Member
Learux  Offline

500 Post Club Member
L

Joined: May 2018
Posts: 703
Not too far North of Los Angel...
How would they determine the "new" value of a 20 year old piano?

I had to give them a receipt of when I bought my piano. I do expect to get that back and not the new value which is considerably more.


When you play, never mind who listens to you. R.Schumann.

Casio GP-400
Schimmel SP-182T
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