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Can you insure it for more than you paid for it?


Elisabeth
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I want to insure that cello and bow that I bought recently. My insurance company told me that I would have to put it on my homeowner's insurance and that I would need to get an appraisal. I paid $4400 but I would like to insure it for $4500, since I would have to pay at least that much to replace it. Can I do that? Would I be breaking the law?

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The insurance depends on the written appraisal value, not on what you paid.

I'd probably start off with an appraisal from the shop you've been working with already. If you're not happy with the appraisal value they give you, you can always do like T_D says and get another appraisal from a dealer known for higher prices. Oh... just as a caution, the appraisal is usually for the cello only. Cases and bows are usually appraised and insured separately if they're valuable enough to worry about.

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Insurance companies will not insure it for more than it is worth. The trick is to shop around to find the best appraisal. Most shops will tell you for free what they think it is worth, so find the best one and ask for a written appraisal. Also, if your homeowner's policy has a deductible, it will apply to your instrument. YOu may wish to get a separate policy that will fully insure your instrument.

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My son's cello and bow were appraised by the man he bought them from. He appraised them higher than what he sold them to us for since it would cost more to replace them. When son left for college we had them reappraised by the same man who increased the appraisal again. He recommends that we have them reappraised every 3 years and keep our insurance updated. The insurance will cover up to the appraised value if either cello or bow need to be replaced.

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Elizabeth:

The other posts are all on target, as far as I can see. I should add that it is par for the course with instruments for insurance valuations to be generous. It seems that, when you ask an appraiser for a written evaluation for insurance purposes, they tend to be optimsitic. My conclusion has been that an insurance appaisal is not an assessment of market price. It's the same with cars. If you manage to crack one up, you'll usually get more than you would if you sold it on the open market.

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