Insurance - your experiences

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.

If there’s a fire in my house, I’m going down with my system and LPs. The CDs can burn in hell.

Lol @ Aewarren! Thanks for the laugh!

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.

Dave

Dave's got it right. Put copies of the pix on the cloud so you can access them no matter what.