Common Myths About Piano Insurance Explained

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A piano is one of the most revered musical instruments we have today. Whether you own a Bösendorfer that once belonged to your great-grandfather or a Steinway that's usually seen gracing concert stages, you need to get it insured. It will offer you both mental peace and financial protection. But remember, buying piano insurance is different from buying any other common insurance. To help you make the right decision, here are the common myths about piano insurance that you shouldn't believe to ensure you make the right decision.

Myth 1- Specialized Insurance for Pianos Doesn't Exist

The Reality

Pianos are usually quite expensive, difficult to replace (especially if it's a vintage piece), or hold considerable value (expensive). Plus, moving them is a logistical challenge. There are plenty of specialized piano insurance providers in the market that offer better coverage than standard homeowners' insurance policies.

Myth 2- Piano Insurance is Only for Vintage Pieces

The Reality

Though it is a fact that people who own rare and historic pianos opt for grand piano insurance, it's ...
... also a fact that anyone can purchase it. If you have bought an expensive piano and prefer to protect it, you can do so. The same applies if you are emotionally attached to your instrument.

• Touring pianists and concert artists' career depends on their pianos, and the risk is the highest when they hit the road. So, they usually need this insurance the most

• Collectors or high-net-worth individuals who have invested in rare, vintage, or historic pieces shuld also consider investing in a piano insurance plan.

• Music schools, universities, conservatories, and even people who teach music at home can buy piano insurance, as it will offer good protection in case of a mishap like theft or a natural disaster.

Myth 3- I Don't Need Piano Insurance If I Own a Rare and Valuable Piano

The Reality

If you own a rare, historical, or high-value piano, you must opt for piano insurance. Here are a few reasons why.

• Home owners' Coverage Isn't Limitless- There are limited payouts on musical instruments, and they cap the pianos far below the actual value.
• Restoration is Tough- Restoration or repair of a vintage is usually tough and requires a specialist. It can be quite costly. It might also require rare components, which are often hard to source and quite expensive.
• Value Increase- The value of rare and vintage pianos increases with time. So, if you don't have specialized insurance, the replacement cost coverage or cash value settlements might not justify it.

Myth 4- Piano Insurance is too Expensive and Unaffordable

The Reality

It is not true that all piano insurance plans are expensive. The premiums vary based on different factors such as the current worth of your instrument, the future worth, the condition of the instrument, the types of risks involved, and many others. The policy you choose must be comprehensive and cost-effective.

Myth 5- Piano Insurance Policy Coverage is Inadequate

The Reality

When you choose the right insurance provider, you will get wide coverage and many other benefits. Some of the benefits you need to look out for are:

• All risk coverage- You need to ensure that the policy covers all types of risks, like theft, damage, loss, etc. The wider the coverage, the better your peace of mind.

• Global Coverage- If you travel to different countries, you need to seek global coverage that covers every place your piano can be.

• Valued at Basis- The insurance company should tell you the exact amount you will get if you lose the piano or it's damaged beyond repair.

• Difference in Value- The policy should also cover the difference in the piano's value before the loss and after it.

• Right of Repurchase- If you have got the claimed amount and the instrument is recovered, you should be allowed to repurchase it from the money you got in the claims settlement process.

• Business Interruption Coverage- If you play professionally and you lose income if the instrument is lost, the insurer should reimburse you if you lose income.

• New or Borrowed Instrument Coverage- In case you often buy or borrow instruments from your friends, you should be able to get the right amount in case the instrument is lost or damaged.

• Other Features- Some other features an insurer should provide are inflation guard coverage, partial loss damage coverage enhancement, free no-obligation quotes, and replacement instrument coverage.

FAQs

Does Insurance Cover Pianos?

Yes, homeowners' policies might cover them, but the amount might be low, as they are often considered household goods. It's better to get piano insurance separately.

Is Musical Instrument Insurance Worth It?

Yes, musical instrument insurance like grand piano insurance is worth it as it offers financial protection and peace of mind in case you lose your instrument or it's damaged badly.

Conclusion

Buying piano insurance is smart if you are emotionally attached to the instrument, it's expensive, or your livelihood depends on it. Whether you need grand piano insurance or piano insurance, move because you move the piano often, you need to choose the right insurance provider. You also need to understand that there are several myths associated with piano insurance, and most of them are untrue. The best bet when buying piano insurance or any instrument insurance would be to get as much knowledge as possible and choose a reliable partner like musicinstrumentsins to get the best coverage at affordable prices