We field so many questions for our customers, and one that comes up from time to time is, “What kind of insurance do I need for my piano?” Thankfully, the answer for most people is that your piano is covered under your homeowner’s policy; however there are precautions you can take should the unexpected happen. There are so many kinds of pianos and so many kinds of insurance that you should also make a phone call to your agent to clarify your own needs. This article addresses questions from the piano owner’s perspective.
A piano is a significant investment for most people, and because of its long lifespan, it will travel with you through life…come what may. One of the most basic protections you can give yourself is to make a good record of what piano you actually have. Keep a record of the piano’s brand, serial number, model if possible, and size. I also recommend taking a few photos. Replacement value is often determined by this information. Any time a piano changes ownership, it’s good to have an estimate of value. Your receipt can serve as this, but if you inherit a piano, it is worthwhile to have an appraisal.
Most homeowner’s policies have coverage limits as well as special limits on certain items like jewelry, computers, firearms, collectibles, etc. Your piano will probably fall under general household goods, but it may warrant a personal property insurance rider. It is also worth reviewing your policy for terms like “market value” or “replacement value.” When insuring a piano, you want “new replacement value” or the option to make satisfactory repairs to your original piano. It is increasingly difficult to replace a used instrument with a similar used instrument either because of availability or establishing equivalent condition.