Getting Personal Property Insurance for your rig.

Many years ago I had a "visitor" help himself to my audio system.  I had photos of my system and receipts for the items I purchased new from a store, with serial numbers and they paid claims for those items, but did not pay for the speakers I purchased used.

At a minimum, I'd say having photos and serial numbers would be a good thing to have.

With an audio system of that value, I'd check the policy limits on your homeowner's personal property coverage, and whether it has exceptions.  I once discovered, buried in the small print, that my wife's jewelry would not be covered, so we purchased a "rider" to cover that.

I have sold insurance for a number of years and there is great advice on this thread.  First, ask your agent to answer specific questions (let him read the policy and explain it to you in plain English, or better yet have him show you where it is in the policy).  

Second, if you have older equipment (Nakamichi for example), insurance will only give you relative current value (not what you paid).  So your treasured old Nak amp might not be worth much, even though finding that item would be difficult and you will probably pay more than the insurance company is going to offer.  

A better avenue would be to list "special personal property" coverage where you quote the value of your treasured item and pay pennies every month for the coverage.  That way if you make a claim, you get your entire amount (with no deductible that would apply if it was just standard property loss).  Some items will also qualify for lost, such as portable DAC or portable headphone amp - my Chord Hugo is listed on my policy for just in case.

I live in California and use SafeCo for the last 17 years.  I have my systems that are in the hundreds of thousands "special personal property" covered and sleep good at night.   Also have new big ticket purchases covered (computers, cameras, plasma tv, etc).

Make sure that fire or earthquake are covered for that added benefit.  Other states may be different.

As soon as you have expensive items that are hard to value because they are rare or scarce, you need to get an addendum to your normal home owners insurance or renters insurance. Insurance companies will be able to give you pennies on the dollar unless you specify 'replacement value (as anything collectable will not be properly valued via the normal method of valuation of used assets). One fact of HiFi equipment, regardless if you buy used or new, there is a huge bid/ask spread (difference in the price you can resell the equipment from the purchase price). Unless you specify replacement value (you will probably get used prices, but if you don't) you will at best receive the value you would if you took it to your local record store or eBay. Depending on the total estimated replacement value (or the amount you want to insure).

I deal with Co-Operators in Canada and my 100K+ is covered. I would also make sure that your policy stipulates 'replacement cost' as most general policies will calculate a depreciated value. Ouch!