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Posted By: Stitches Insuring your piano - 10/13/19 11:14 PM
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.
Posted By: MarkL Re: Insuring your piano - 10/13/19 11:30 PM
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.
Posted By: Music Me Re: Insuring your piano - 10/14/19 01:24 AM
I use Clarion Instrument Insurance. Check them out.
Posted By: terminaldegree Re: Insuring your piano - 10/14/19 02:10 AM
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.
Posted By: Rich Galassini Re: Insuring your piano - 10/14/19 10:30 AM
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,
Posted By: NobleHouse Re: Insuring your piano - 10/14/19 11:33 AM
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.
Posted By: backto_study_piano Re: Insuring your piano - 10/14/19 01:03 PM
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.
Posted By: Stitches Re: Insuring your piano - 10/14/19 04:50 PM
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.
Posted By: Stitches Re: Insuring your piano - 10/24/19 07:36 PM
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!
Posted By: Jethro Re: Insuring your piano - 10/24/19 08:09 PM
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.
Posted By: Learux Re: Insuring your piano - 10/24/19 09:38 PM
How much are you guys paying. Through homeowners insurance I pay a little over $5 per $1000/year.
Posted By: Jethro Re: Insuring your piano - 10/24/19 09:40 PM
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?
Posted By: terminaldegree Re: Insuring your piano - 10/24/19 11:04 PM
Mine ended up at about $4.50 per $1,000. Separate policy through the same insurer as my homeowners insurance.
Posted By: Learux Re: Insuring your piano - 10/25/19 02:07 AM
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
Posted By: Stitches Re: Insuring your piano - 10/26/19 09:38 PM
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.
Posted By: dogperson Re: Insuring your piano - 10/26/19 10:31 PM
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???
Posted By: NobleHouse Re: Insuring your piano - 10/26/19 11:14 PM
My premium is based on the replacement value of a "new" piano.
Posted By: dogperson Re: Insuring your piano - 10/27/19 12:11 AM
Originally Posted by NobleHouse
My premium is based on the replacement value of a "new" piano.


Thx
Posted By: Stitches Re: Insuring your piano - 10/27/19 12:14 AM
Originally Posted by NobleHouse
My premium is based on the replacement value of a "new" piano.

Mine too
Posted By: Learux Re: Insuring your piano - 10/27/19 02:29 AM
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.
Posted By: Piano*Dad Re: Insuring your piano - 10/27/19 03:32 PM
And I'm weird. I have no separate policy on my piano. If the whole house goes, I get the maximum interior coverage of the house, which would be sufficient. If something happens just to the piano room, I'm sure I will lose some money. That's not a zero probability event, but it's a low probability outcome.
Posted By: DFSRN Re: Insuring your piano - 10/28/19 12:35 AM
I talked to the insurance company about a rider, my piano is about $20,000 so not really high end when comparing to other pianos. The insurance company said replacement value on the content would be sufficient.
Posted By: Jethro Re: Insuring your piano - 10/28/19 01:13 PM
Originally Posted by DFSRN
I talked to the insurance company about a rider, my piano is about $20,000 so not really high end when comparing to other pianos. The insurance company said replacement value on the content would be sufficient.

What if you other contents in your home + the piano whose value exceed what your policy covers? Maybe I'm misunderstanding your post, but my understanding is that there are limits for single items such as the replacement cost for a fine instrument that you need a rider for to get full coverage. As of yet I don't have insurance for my SK2 and I never had insurance for the RX-2 because to me it just wasn't needed, but this is a more valuable piece of property that I feel I have to insure, much like an automobile.
Posted By: MarkL Re: Insuring your piano - 10/28/19 07:06 PM
Originally Posted by Jethro
Maybe I'm misunderstanding your post, but my understanding is that there are limits for single items such as the replacement cost for a fine instrument that you need a rider for to get full coverage.

My homeowner's insurance covers my piano for it's replacement cost. If it burns up in a fire I go out and buy a new one and submit the receipt for full reimbursement. Same with everything in the house including tools, furniture, appliances, etc.
It is different for instruments which can leave the house, like a violin or saxophone. Those have to be insured separately because they are at risk from other perils such as theft, being lost, etc. while they are away from the home. Same for jewelry.
I wouldn't believe anyone about insurance coverage except your agent, and I'd make them show you the coverage language in the policy as many times as it takes so you understand it.
Posted By: DFSRN Re: Insuring your piano - 10/28/19 10:37 PM
My coverage is for the contents of the home, but due to this conversation I am going to call to make sure there is not a max on a specific item. I'll tell you one thing I did get was sinkhole insurance, which as like $80 a year. Never really thought of it, although my area has not had any, the next county over is has sinkholes. If my piano falls in a sinkhole it is covered.

https://www.businessinsider.com/do-you-need-sinkhole-insurance-2013-3
Posted By: The Hound Re: Insuring your piano - 10/29/19 06:02 PM
Originally Posted by MarkL
[quote=Jethro]
It is different for instruments which can leave the house, like a violin or saxophone. Those have to be insured separately because they are at risk from other perils such as theft, being lost, etc. while they are away from the home. Same for jewelry.


I'm not sure this is a hard and fast rule: my daughter's (rented) harp is covered under our house insurance, including for anything that might happen when it's out of the house (not that it ever is).

I wouldn't have thought it myself, but it was when I rang a specialist instrument insurance company and was advised to check with my house insurance provider first that I found out.
Posted By: eightyeight_keys Re: Insuring your piano - 04/04/20 07:21 AM
Hi I am in Australia too and I am having SO much trouble with insurance companies when trying to insure my Kawai RX6 semi concert grand. Every time I list it as a "specified item" which is should be, the websites come up with an error and a message to call them. It's because the value of my piano is more than or roughly the same as my contents. They consider specified items as jewelry and watches. IF I add the piano to the contents section unlisted, they say fine no problem. BUT when I delved further and asked more questions I was told that they would only insure the piano up to 20% (one company) or 30% (another company of the total amount contents insured! That means that I the piano suddenly fell through the floor and was damaged beyond repair and had to be replaced, then it would ONLY be covered for in this case 20% of $140,00 total contents, considering the piano is worth $70,000.00 AU new - so I would only get $28,000.00! Can't buy a new 7 foot grand for that! So does anyone know what I can do? An individual company that insures musicians and guitars and stage instruments and pianos want to charge me over $1000.00 AU! This is expensive. Any ideas on how we can insure a quality large grand piano in Australia? I no longer teach or run any business, so I don't need public liability.
Posted By: eightyeight_keys Re: Insuring your piano - 04/04/20 07:35 AM
Hi Alan, I am in Melbourne and I can't find any insurance company that will include my piano in with contents insurance or as a specified item for its actual replacement value. They only insure it for either 20 or 30% of the "total content insured", (insurance company words) I was told yesterday!. This was news to me. I had to ask many questions to get this answer.
Posted By: Rich Galassini Re: Insuring your piano - 04/04/20 09:29 AM
Originally Posted by MarkL

I wouldn't believe anyone about insurance coverage except your agent, and I'd make them show you the coverage language in the policy as many times as it takes so you understand it.


This is great advice. Each company has different language and, perhaps, different terms and exclusions. I have always preferred a specialty firm that knows instruments. This is particularly important if the piano you own "doesn't grow on trees" and is not easily dismissed by buying another one new.
Posted By: Maestro Lennie Re: Insuring your piano - 04/04/20 10:33 AM
I know that Clarion Insurance is a go-to choice for violins. Is there an analogue in the piano world?
Posted By: Joseph Fleetwood Re: Insuring your piano - 04/04/20 03:53 PM
In the UK there's Allianz insurance for musical instruments, and I wonder if they operate internationally?
Posted By: Rich Galassini Re: Insuring your piano - 04/04/20 09:55 PM
Originally Posted by Maestro Lennie
I know that Clarion Insurance is a go-to choice for violins. Is there an analogue in the piano world?


I know of Clarion. I think they are reasonable and could be a good choice and they work with pianos. I have never had experience working with them on the back end (after a piano is damaged) like I have with Heritage (see my link earlier in this thread). They were a pleasure to deal with and understood an unusual piano and a creative solution to keep our mutual client happy.

I have customers who have chosen Clarion, so I do not mean for this post to be interpreted as a knock on that business. I just do not have personal experience with them.
Posted By: oldMH Re: Insuring your piano - 04/04/20 11:35 PM
We just have our normal personal property limits on our homeowner's insurance. Nothing special for pianos. High deductible which we self-insure. I looked into separate riders but they cost money and wanted accredited appraisals. Too much trouble for me.
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