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Insuring your piano
#2899900 10/13/19 07:14 PM
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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.

Re: Insuring your piano
Stitches #2899905 10/13/19 07:30 PM
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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
Stitches #2899927 10/13/19 09:24 PM
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I use Clarion Instrument Insurance. Check them out.


Barbara
...without music, no life...
Re: Insuring your piano
Stitches #2899943 10/13/19 10:10 PM
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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.


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Re: Insuring your piano
Stitches #2900025 10/14/19 06:30 AM
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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.
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Re: Insuring your piano
Rich Galassini #2900039 10/14/19 07:33 AM
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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.



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Re: Insuring your piano
Stitches #2900055 10/14/19 09:03 AM
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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
Stitches #2900130 10/14/19 12:50 PM
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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
Stitches #2904097 10/24/19 03:36 PM
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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
Stitches #2904108 10/24/19 04:09 PM
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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.


Working on:

Bach/Busoni Chaconne in D minor BWV 1004
Preludio: Bach/Rachmaninoff E Major Sonata for Violin
Chopin: G Minor Ballade


Shigeru Kawai SK2
Kawai VPC-1
Re: Insuring your piano
Stitches #2904139 10/24/19 05:38 PM
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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 "I wish I had the room to keep you around"
August Forster 215
Re: Insuring your piano
Learux #2904140 10/24/19 05:40 PM
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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?


Working on:

Bach/Busoni Chaconne in D minor BWV 1004
Preludio: Bach/Rachmaninoff E Major Sonata for Violin
Chopin: G Minor Ballade


Shigeru Kawai SK2
Kawai VPC-1
Re: Insuring your piano
Stitches #2904169 10/24/19 07:04 PM
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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
Jethro #2904227 10/24/19 10:07 PM
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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 "I wish I had the room to keep you around"
August Forster 215
Re: Insuring your piano
Stitches #2904841 10/26/19 05:38 PM
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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
Stitches #2904857 10/26/19 06:31 PM
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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
Stitches #2904874 10/26/19 07:14 PM
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My premium is based on the replacement value of a "new" piano.



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Re: Insuring your piano
NobleHouse #2904899 10/26/19 08:11 PM
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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
NobleHouse #2904900 10/26/19 08:14 PM
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Originally Posted by NobleHouse
My premium is based on the replacement value of a "new" piano.

Mine too

Re: Insuring your piano
Stitches #2904943 10/26/19 10:29 PM
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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 "I wish I had the room to keep you around"
August Forster 215
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