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  • Insure Your Love- Music! February 5, 2015

    Have you ever walked by a high rise building, and seen a Baby Grand Piano on the top floor? Have you ever wondered how it got there? Or what would happen if it “fell“?  Musical equipment is something that is often overlooked, when insurance policies are written; yet, they need to be included in a specific way to make sure that you have adequate coverage for your property.  Personal Property, or contents coverage, is a coverage that is listed on the home policy, and covers for items that are yours.  This includes everything from your junk drawer, to your grandmother’s quilt on the top shelf in your extra closet- and everything in between.  The dollar amount given on a standard home policy usually is 70% of the dwelling coverage.  This amount may seem great when the policy is written, but it is often the first coverage that is completely depleted.  Once you start the process of documenting the value of every item in your home, the number is not as large as it once appeared.

    This is very true, when large or valuable pieces of music equipment are included in the value of your personal property.   While some musical equipment may have more sentimental value, the cost to repair or replace the instrument can be great.  Some banjos cost $2,500 to purchase new, while baby grand pianos can cost upward of $20,000. When you figure this amount into your coverage your cost benefit is drastically decreased.


    For example:

    • Your home is insured at $150,000 for your 1500 square foot home.
    • You have $105,000 in contents coverage for your 1500 square foot home.
    • The total value of your new furniture, plus your existing furniture totals $50,000
    • You have $10,000 of supplies, kitchen equipment and art.
    • Your family has $25,000 in clothes, including your wedding dress, and your mother’s, (which is stored in the attic).
    • You have about 7,000 in miscellaneous tools and equipment in your garage for your car/yard.
    • You have $2,500 in seasonal decorations that you switch out at any given time during the year.

    In total, you have $94,500 used of your $105,000 available under your home policy.

    • As a surprise for your child, you purchase a piano, valued at $20,000.

    With your surprise, you have just surpassed the value of your contents coverage. The question then becomes, how do we remedy that problem?


    The home policy has several endorsements that can be added to cover specialty items. In this situation, it is the piano.  Substantial pieces should be covered under what is commonly referred to as an “Inland Marine” or “Scheduled Item” policy.  This provides greater coverage for the item, and also allows for your coverage for your contents to remain with a buffer in place.  Erie provides information on this type of policy for musical instruments here.


    • If you have a musical instrument that you Love, let’s talk about making sure it is insured to protect it!
    • Are you in need of a Contents Value Spreadsheet? Contact us to set up a review, and we can provide you one to you!


2626 Glenwood Ave, Suite 450
Raleigh, NC, 27608