<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD>
<META http-equiv=Content-Type content="text/html; =
charset=iso-8859-1">
<META content="MSHTML 6.00.2800.1264" name=GENERATOR>
<STYLE></STYLE>
</HEAD>
<BODY>
<DIV><FONT face=Arial>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.</FONT></DIV>
<DIV><FONT face=Arial></FONT> </DIV>
<DIV><FONT face=Arial>Terry Farrell</FONT></DIV>
<DIV><FONT face=Arial></FONT> </DIV>
<DIV><FONT face=Arial size=2>----- Original Message ----- </FONT>
<DIV><FONT face=Arial size=2>From: <</FONT><A
href="mailto:A440A@aol.com"><FONT face=Arial
size=2>A440A@aol.com</FONT></A><FONT face=Arial =
size=2>></FONT></DIV>
<DIV><FONT face=Arial size=2>To: <</FONT><A
href="mailto:pianotech@ptg.org"><FONT face=Arial
size=2>pianotech@ptg.org</FONT></A><FONT face=Arial =
size=2>></FONT></DIV>
<DIV><FONT face=Arial size=2>Sent: Monday, November 24, 2003 7:11
PM</FONT></DIV>
<DIV><FONT face=Arial size=2>Subject: Re: Insurance =
Appraisal</FONT></DIV></DIV>
<DIV><FONT face=Arial><BR><FONT size=2></FONT></FONT></DIV><FONT =
face=Arial
size=2>> <BR>> << > A customer of mine has asked me to =
do an
appraisal of his 1950s<BR>> > Steinway M for insurance purposes. =
Piano is
in good condition. I have<BR>> > not done this before. I would =
imagine he
is looking for two, or one of<BR>> > two values: Replacement cost =
of a new
piano, and/or replacement cost<BR>> > of a comparable piano (price =
being
consistent with what a dealer might<BR>> > ask for a similar =
piano).
Anyone able to offer any guidance? >><BR>> <BR>> I am often =
asked
for an appraisal for owner's insurance policies. There are =
<BR>> two
kinds, depending on how much insurance the owner wants to pay for. =
One is
<BR>> replacement, the other is fair market. In the case of an =
older
piano, they <BR>> are often the same, ie, a 1920 piano is worth about =
the
same as it would take <BR>> to replace it. However, something =
like a 15
year old Steinway is a bit <BR>> different. I know what those =
pianos
are selling for around here, and I know what the <BR>> dealer will =
charge to
replace it with a new one, so those two prices are <BR>> going to be =
somewhat
different. <BR>> <BR>> <BR>> Ed Foote RPT <BR>> =
</FONT><A
href="http://www.uk-piano.org/edfoote/index.html"><FONT face=Arial
size=2>http://www.uk-piano.org/edfoote/index.html</FONT></A><BR><FONT =
face=Arial
size=2>> </FONT><A
href="http://www.uk-piano.org/edfoote/well_tempered_piano.html"><FONT =
face=Arial
size=2>www.uk-piano.org/edfoote/well_tempered_piano.html</FONT></A><BR>=
<FONT
face=Arial size=2>> <A HREF="</FONT><A
href="http://artists.mp3s.com/artists/399/six_degrees_of_tonality.html"=
><FONT
face=Arial
size=2>http://artists.mp3s.com/artists/399/six_degrees_of_tonality.html=
</FONT></A><FONT
face=Arial size=2>"><BR>> MP3.com: Six Degrees of
Tonality</A><BR>>
_______________________________________________<BR>> pianotech list =
info:
</FONT><A href="https://www.moypiano.com/resources/#archives"><FONT =
face=Arial
size=2>https://www.moypiano.com/resources/#archives</FONT></A><BR><FON=
T
face=Arial size=2>> </FONT></BODY></HTML>