Insurance Appraisal

[Farrell]

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I don't understand your statement Ed. It would seem to me that in the =
case of an older piano the two appraisals would be quite different. Fair =
market value on a 50 year old M would be something less than 20K. =
Replacement value would be 45K - the price of a new M. My State Farm =
homeowner's insurance is a "replacement value" policy. If my 15 year old =
TV is stolen from my home, they will buy me a similar NEW TV. If my 25 =
year old stove melts in a fire, they will buy me a NEW stove of similar =
design. Or at least that is what they say they will do. Then they will =
either quadruple my rates or drop me entirely.

Terry Farrell

----- Original Message -----=20
From: <A440A@aol.com>
To: <pianotech@ptg.org>
Sent: Monday, November 24, 2003 7:11 PM
Subject: Re: Insurance Appraisal


>=20
> << > A customer of mine has asked me to do an appraisal of his 1950s
> > Steinway M for insurance purposes. Piano is in good condition. I =
have
> > not done this before. I would imagine he is looking for two, or one =
of
> > two values: Replacement cost of a new piano, and/or replacement cost
> > of a comparable piano (price being consistent with what a dealer =
might
> > ask for a similar piano). Anyone able to offer any guidance? >>
>=20
> I am often asked for an appraisal for owner's insurance policies.  =
There are=20
> two kinds, depending on how much insurance the owner wants to pay for. =
 One is=20
> replacement, the other is fair market.  In the case of an older piano, =
they=20
> are often the same, ie, a 1920 piano is worth about the same as it =
would take=20
> to replace it.  However, something like a 15 year old Steinway is a =
bit=20
> different.  I know what those pianos are selling for around here, and =
I know what the=20
> dealer will charge to replace it with a new one, so those two prices =
are=20
> going to be somewhat different. =20
>=20
>=20
> Ed Foote RPT=20
> http://www.uk-piano.org/edfoote/index.html
> www.uk-piano.org/edfoote/well_tempered_piano.html
>  <A =
HREF=3D"http://artists.mp3s.com/artists/399/six_degrees_of_tonality.html"=
>
> MP3.com: Six Degrees of Tonality</A>
> _______________________________________________
> pianotech list info: https://www.moypiano.com/resources/#archives
> 
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