Insurance for renting a harp…

[phyllis-adams]

Soo, for in all the years I have been involved with this instrument, this one has thrown a curve ball. I have a former student willing to rent her gold LH 17 to a current student just to keep in their home. Current parent calls Allstate who tells them that they cannot add this on to their household policy and that they should get insurance from “the store that is renting to them.” One possible issue is that since gold 17’s are no longer manufactured, their replacement value is estimated to be a bit above $64,000 as this is the closest instrument (gold 23) to the one being rented. Had another parent who did not want to rent this lovely harp because of it’s value… did not even approach the insurance company and this family and the current one have no money issues at all. Serious solutions only please.

[carl-swanson]

Musical instruments should never be put on a homeowner’ policy. Homeowners agents will tell you it’s “fully covered,” but fully covered to them means fire and theft. Full coverage on a musical instrument policy is fire, theft, and ACCIDENTAL DAMAGE, which is the main one any musical instrument owner needs. Also, if it is covered on a homeowner’s policy, and they agree to cover an accident, very likely they will tell you you have to get three estimates and they will pick the one to repair the instrument. So, it’s very important to insure a musical instrument through an agency that specializes in musical instrument insurance. I rent a lot of pedal harps, and have for over 40 years. Insurance companies insist that the renter insure the instrument. “You may own the instrument”they tell me, “but the renter is in possession of it. So that person has to insure it.”

[phyllis-adams]

Thanks for the clarification!

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