Insurance

Thanks for your info. My current homeowners policy is with Met. I'll check with my agent Monday.

I just had this conversation with my ins. broker last thursday. At his reccomendation, I will be submitting an additional rider for my system and paying what will be a very small premium.

Very worthwhile thread. Thanks to everyone for your comments thus far.

I have taken a slightly different approach. I did not wish to 'take any chances' and I personally have found no reason to 'trust' my insurance company. The relationship any of us has with an insurer is STRICTLY business and it pays to treat it as such and take care of business.

As such, at the advice of my agent, I specifically purchased additional insurance for 'defined' house valuables. In my particular case, it is 'fine arts' coverage. This is completely above and beyond our homeowners policy, and of course, it costs extra but is reasonably priced.

I then provide a 'very detailed' documented listing of exactly what is being covered. I choose, and document, either with bluebook values or apprisals, the value of the equipment (serial numbers, etc.) for which an item can reasonably be replaced in todays marketplace. I submit it to my agent, who then submits it to the underwriter. The underwriter is, of course, free (based upon their evaluation metrics) to either choose to cover or to deny coverage. Once the underwriter has accepted my documentation of contents, the deal is done. I am advised that in these types of situations (in the event of a claim) that a claims adjuster will very very seldom choose to take any form of exception with the choices of the underwriter, and even then that the only issue would be if there were reason to suspect fraudulent claims of ownerhsip. The underwriter has, after all, accepted binding documentation into a legal contract.

I advise my agent of any changes, and make sure that he always has a complete and detailed current inventory. I include all media within the coverage as well, and I admit that it can be a bit of work to detail and value this, but there is pretty good software available to make it easier. I email my agent a *.pdf of the documentation, and get a receipt of delivery. It makes a very nice paper trail.

First off, check around for an insurance company that will pay if you make a claim, some will do everything in their power not to pay should you ever need them...ask friends if they have ever needed to file a claim, if so...ask them their opinion regarding dealings with their company. Filing claims is not something most of us ever do...I've filed two in 35 years.

I had a house fire around 10 years ago, I had a good company and they got right on it...I had replacement cost insurance on everything. I've heard some not so good stories from others regarding dealings with their companies over the years. I'm thinking not all companies are created equal, I did see a news story not long ago on TV regarding the huge S.F. earthquake that happened several years ago...seems 1000's had bad insurance companies that have never paid to this day!

Dave

A note of caution about "replacement value":

You want to make sure you BOTH read your policy AND confirm with your agent whether it is NEW replacement value OR current market value of your (now used) equipment.

1.) It should be for it's current NEW replacement value.

AND

2.) Double check what the company's policy is regarding "current model replacement" i.e. If your (lost/stolen) piece of equipment is no longer in production, will they replace it with the current equivalent model?

If both 1. and 2. are confirmed, it's still your responsibility to total the cost of your system at current retail value (and using the current equivalent model(s) msrp if/where applicable). Then add that total to, or include that figure in, the total value of your household "contents".

Adequate coverage costs more money than what you get in a "basic" policy. Make sure you don't under-insure.

If you ever need to file a claim, and you want fair value for whatever it is you will need all of the following.

1) Most important ensure that your "Contents" coverage will cover all of your belongings, including any exotic electronic gear.
2) Have some documentation as to what you purchased and from whom, and the price paid, Typically a photocopy of a receipt stored off site will do.
3) A photograph of the equiptment along with the factory carton and the owners manual will make this pretty much of an un-contested deal.

Most typical homeowners policies only cover you up to X thousands of dollars, and it is pretty much up to you to supply proof. If you are paying for replacement coverage they will replace your amplifier, but if you can not proove that you have the factory carton, then dont expect your insurer to buy you one.

Best wishes

Ed

guys most homeowners insurance only cover $1000 for electronics, you need to call your agent and have your policy upgraded they will ask you for reciepts and pictures, if you rent than you need to get renters insurance and do the same

What Newbee said. Take pictures and document and of course inform you agent as to the cost of the system. Most people, including wives, have no idea what this stuff costs.

Chuck

All you need is a homeowners policy, preferably with replacement cost coverage. I'm not aware of any company requiring a special rider to cover audio equipment, but best to ask your agent. Do take photos and keep receipts for all your stuff. Insurance adjusters can be cynical about how much we say we paid for equipment when they are still driving a 10 year old Escort.