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Joined: Jan 2021
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Hello,
I did a quick search on this forum for piano insurance companies but didn’t find much. I just purchased a Yamaha C3X and found out my home owner’s insurance only covers up to $10,000, which is way less than I paid for the new piano

Anyone have recommendations for an insurance company i can get a separate policy?
Thanks!
Jay

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Before you begin looking for another insurance company to insure your piano, check with your current provider to see if a rider for the piano can be attached to your existing homeowner's policy.

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I called and they said they can only do that for 10,000 max.

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Most home owners insurance will sell you a rider for your piano.

I am doing mine through state farm.

Figure about $5 per $1000 per year.

A $10000 piano would be about $50/year.

I imagine if you don't go through your own home owner insurance it will be more expensive.


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I have a Personal Articles Policy with State Farm that covers the full value of my piano. Ordinary homeowners' or renters' policies only provide limited coverage for certain kinds of personal property, and even that's usually quite limited. With a personal articles policy you specify the items and their value to be covered. Expect to provide a receipt or appraisal when you apply for the coverage.

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My homeowner's policy covers contents up to a percentage of the home's value, which is more than enough to cover the pianos, although nothing will cover what they mean to me. Maybe talk to your insurance agent to see if you have the best coverage. I do that just about every year. My agent has saved me a lot of money over the years.


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It's funny you ask this, as I just got a letter from my insurer (USAA) asking me to update the replacement cost on my piano. I insured it for $22,000 when I bought it and that coverage currently costs me $74/year. I am pretty sure I can't replace it for that, so I am going to call and raise the coverage. I'm not sure what would happen if some catastrophe totaled my piano and I was underinsured. I'm not sure if they'd pay me $22,000 to put toward whatever piano I wanted or what they would do.


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Originally Posted by jankowjaSF
I called and they said they can only do that for 10,000 max.

Yes there does tend to be limits - I had the same issue when I tried to include a couple of electric bikes on my home policy. The cheapest option for me, by far, was to change my home policy to one that was more bike friendly rather than take out specific bike insurance.

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As a professional piano appraiser, I have dealt with a number of insurance claims.

If it is available, I strongly suggest that you get "Replacement Value" insurance on your piano. It is a little bit more expensive, but in the case of a loss, you get a brand new piano equal in value to your piano if it were new. That is, for example, if you had a 60 year-old Steinway B, you would get a new Steinway B.

Shop around. Sometime an "Inland Marine" policy will work.


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Originally Posted by gwing
...The cheapest option for me, by far, was to change my home policy to one that was more bike friendly rather than take out specific bike insurance.
I would second that suggestion, we've found similar differences in the coverage companies can offer in their policies. We had a similar issue with a home office. Some companies wouldn't even write a policy, others couldn't wait for us to sign up. Even the agents can't explain it.


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All,
I received 2 quotes to insure my new Yamaha C3X -- All State and Heritage (which specializes in instrument insurance). I went with All State...it was about $260 a year, whereas Heritage was about $450...and not much difference in coverage.

Just an FYI for everyone. and thanks much for your help!
Jay


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