I often look at my system and LP collection and think ’Although I have been told my equipment and vinyl are covered for fire, theft, and accident, I would hate to put it to the test,’Have you detailed equipment, CD’s, and vinyl to your insurer and have an agreed value? Anyone have experience of claiming? What difficulty have you overcome with equipment classed as too ’old to insure’ - as is my 1984 Linn Sondek. Or even rare vinyl?Let me know your experiences.
Homeowner polices do not typically cover recordings - that would require separate coverage. Audio equipment is covered under most policies and if you have replacement cost coverage, your Linn LP12 would be protected.
Contact your home insurance carrier/broker and discuss with them your concerns. Get their response in writing. IME, Audio forums are great for audio, not so much for insurance, legal or medical advice.
I wondered about this in the past myself. I told my insurance agent what I had and asked if they needed a detailed list or photos and he told me, "Nope, if it's in your home it's covered". I take him at his word since he owns the Agency.
Your policy should have an "exclusions" section. They are sometimes a little on the dense side, but I should pretty clearly lay out what is not covered. But that is only step 1. Even if your recordings are definitely covered, there could still be a large dispute as to what the value of the recordings are.
Cleeds hit it on the money. You have to have specifically "replacement cost" insurance. What it costs now to replace the unit with a like unit. If you have just standard insurance they will cover the price of your equipment minus depreciation. If you paid say $5000 for a preamp ten years ago a "like" preamp today would cost $8000 which is what you would get with replacement cost insurance. With regular insurance you might get $3000. My Krell Ref 2 preamp got struck by lightening in 1996. I paid $4000 for it in around 1983. I gave the insurance company examples of like preamps and they gave me $11,000!
In order to get records covered you have to have a list of every record you have. It helps to take a picture of the collection. Also take pictures of all your equipment. if you have replacement cost insurance they will pay for whatever it costs to replace those records with the same titles. If the records can not be replaced because they are out of print you get nothing.
Ex claims guy here. Your equipment and vinyl should be covered (up to your policy limits) under a "normal" HO policy (SF, Allstate, Geico,etc). In case of a covered loss Replacement cost comments are correct but you will need to "help" the adjuster by providing receipts (if any) pics of equipment, LP's etc. Also where to find replacement costs for the more esoteric items (Used vinyl sites, Audiogon, etc.) Audio and LP claims are not that unusual so most experienced adjusters will have some experience with such claims.
If you do not have a normal HO policy from a major insurer I would definitely contact your agent and go over your policy and any limitations, exclusions.
Hi everyone. In case of a “covered claim”, do yourself a BIG favor and prevent possible BIG headaches! At a minimum have a video of all equipment and your recordings - in fact video everything in your home! And update that video annually.
I’ve sold home insurance for the #1 home insurance carrier now for 40 years. The adjuster wants to pay you and fairly. Have a video and still pictures documenting your possessions. Imagine your home totally destroyed. How do you remember “everything” you had from a classic expensive piece of vinyl, to every pair of socks, or better yet “ALL” of your wife’s shoes!
After that big loss your adjuster will be so pleased as you made his/her job easy. As for equipment, as pointed out here, replacement cost will get you a new piece of equipment from the same manufacturer or if out of business, a comparable manufacturer. The carrier and adjuster might need your help in determining where in the product line your equipment was, your not going to get B&W 802 D3’s when you had B&W N804’s.
Last agreed value is generally for property of an intrinsic nature, items that appreciate over time, art, jewelry etc.. If the item depreciates over time your probably not going to be able to get agreed values, meaning why would a carrier pay you more than the item is worth?
Bottom line! Inventory everything. In the case of recordings be prepared to provide sources that show values and condition like Discogs, etc. With a good home insurance policy and your documentation, you should not have to worry with a covered claim. And in the case anyone is wondering - yes good carriers cover civil commotion/unrest.
If you have a good agent, her/his interpretation is probably correct - but only probably. I have had agents tell me X, but - when I asked them to check with the insurance carrier - have told me that X is wrong, the truth is Y, quite different from X.
For those with million dollar systems and other very valuable easily moveable chattels such as antique collections, the question arises - should I insure at all. Almost all top-end professional robberies start off as information leaks from insurance company records by bribed staff. The amount of information insurance companies insist on (see posts above, lists of albums even) gives professional thieves everything then need for a designer heist, in many cases pre-sold. Whilst a few such robberies aim at a particular article, often a painting, most bring two pantechnicons, overpower the owner and spend a couple of days loading at leisure.
I don't know if it is the same with all insurance company, but my house burnt to the ground, I had replacement value on the content and they gave me the full value of my album. They also replace my audio gear with today's comparable price gear as my stereo was vintage. The only thing that had a cap was computer and related items.I still remember it was clause H4 in order to be covered which I didn't have, they gave me $1500 flat rate. The rest they replace. I would ask the insurance company what is their policy.
Dustcanblue, it all depends on what kind of policy you buy. Replacement cost insurance is more expensive. An agent who is trying to get your business by keeping the cost down might not even tell you about it. Anyone with a big system and collection should have it. Crap happens. I never thought about a lightening strike until it happened. Check your policy or call your agent.
Our Nationwide homeowner's policy specifically caps categories like audio equipment, televisions, cds, albums, musical instruments, etc. To have anything close to adequate replacement coverage would require separate riders for each category (says they).
Orgligan197, very respectfully speaking in my 40 yrs I have never seen Nationwide or any other carrier put a $ limitation in a homeowners policy on TV’s or CDs.
However carriers do have $ limitations on some personal property like cash, jewelry, silverware, collectibles and a few others. However I am in Florida, and coverage by a given carrier can vary a bit by state. If in fact you have those $ limitations I suggest you contact the #1 carrier in America every year on home insurance since 1964. I’m sure you have a “Good Neighbor“ near you! In Florida we offer no $ limitations on CDs, vinyl, TV’s or audio equipment.
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