As an independent insurance agent/broker for over 41 years, here's some good info.
1) Get an insurance person/agency that wants to know you and will know what you need. We are stupid nosy for that reason. If you buy online , the companies know you don't what you're doing and looking at price only. So when you have a loss and it's not covered ...You can't blame the company because YOU picked out your coverage ! Buyer beware.
2) Know what your contents is worth !!! Take good pictures of your stuff !!! AND store the pictures /info offsite or in the cloud .
3) It's a pain in the butt, but make a spreadsheet of your vinyl and CD's and DVD's . If you have collector vinyl you can schedule them for additional premium ( and no deductible ). Note: They are only covered for breakage in most instances only if you add breakage coverage. Store this info offsite or in the cloud also.
4) Get real ...There is no such thing as " all risk" insurance any longer ! Buy the broadest form property coverage you can get. If you live where it floods , buy flood coverage and excess flood insurance ( because Federal flood only covers $ 100,000 max on your contents ! ) . Earthquakes ? Buy or add earthquake insurance. If your policy doesn't say " Replacement Cost Contents or Replacement Cost Personal Property" you're buying "named perils" aka junk insurance IMO ! Know what you're buying and don't wait for a loss to find out what you don't have.
5) I noticed no one mentioned covering your equipment tweaks and your home-built DIY items . Make sure you have a list / schedule of what you have added/changed and take pics ! From ICs, to fuses, to cartridges, tonearms, re-caps, factory upgrades, etc . No proof , no compensation in the event of a loss.
6) The insurance carrier is not your friend, the insurance adjuster is not your friend, your insurance agent/broker SHOULD be your friend or at least greatly familiar with your insurance exposures and needs. We can and do go back to the carrier or adjuster to help assist you on a loss if there is a problem . And we can assist you through the entire loss to make sure you get what you have paid for. Insurance is a contract between you and the coverage provider . A great agent/broker should be there from purchase to and through claim period.
Now go look at your policy and call your agent/broker and find out what the heck you have and what you're paying for.
NOW...Back to our music .... Happy Listening !
SHAD
1) Get an insurance person/agency that wants to know you and will know what you need. We are stupid nosy for that reason. If you buy online , the companies know you don't what you're doing and looking at price only. So when you have a loss and it's not covered ...You can't blame the company because YOU picked out your coverage ! Buyer beware.
2) Know what your contents is worth !!! Take good pictures of your stuff !!! AND store the pictures /info offsite or in the cloud .
3) It's a pain in the butt, but make a spreadsheet of your vinyl and CD's and DVD's . If you have collector vinyl you can schedule them for additional premium ( and no deductible ). Note: They are only covered for breakage in most instances only if you add breakage coverage. Store this info offsite or in the cloud also.
4) Get real ...There is no such thing as " all risk" insurance any longer ! Buy the broadest form property coverage you can get. If you live where it floods , buy flood coverage and excess flood insurance ( because Federal flood only covers $ 100,000 max on your contents ! ) . Earthquakes ? Buy or add earthquake insurance. If your policy doesn't say " Replacement Cost Contents or Replacement Cost Personal Property" you're buying "named perils" aka junk insurance IMO ! Know what you're buying and don't wait for a loss to find out what you don't have.
5) I noticed no one mentioned covering your equipment tweaks and your home-built DIY items . Make sure you have a list / schedule of what you have added/changed and take pics ! From ICs, to fuses, to cartridges, tonearms, re-caps, factory upgrades, etc . No proof , no compensation in the event of a loss.
6) The insurance carrier is not your friend, the insurance adjuster is not your friend, your insurance agent/broker SHOULD be your friend or at least greatly familiar with your insurance exposures and needs. We can and do go back to the carrier or adjuster to help assist you on a loss if there is a problem . And we can assist you through the entire loss to make sure you get what you have paid for. Insurance is a contract between you and the coverage provider . A great agent/broker should be there from purchase to and through claim period.
Now go look at your policy and call your agent/broker and find out what the heck you have and what you're paying for.
NOW...Back to our music .... Happy Listening !
SHAD