Equipment insurance coverage

Talk to a qualified home insurance broker.  I’m fairly sure that you don’t go onto insurance forums and ask for audio advice.  

Already did. And they can't find coverage. Thank you for your response test pilot.

FWIW, most property policies are fairly broad and include coverage for all risks, and property, which are not specifically excluded within the policy. I suggest you read your policy! Then I suggest that you try contacting your insurance company direct if you can and ask them. It looks to me as if your agent is reading your policy looking for an affirmative statement which sez that audio equipment is insured. I'm not surprised that he didn't find such a statement. 

Typically (in the UK) 'valuable items' over a certain amount need to be listed individually, but there isn't necessarily an exclusion under an 'all risks' policy. You just need to let your insurer know that you have X, Y and Z among your household content. I have never seen an exclusion specifically aimed at audio equipment. 

Please understand, all insurance companies spend most of their time and money on one thing---HOW NOT TO COVER CLAIMS.

Sad but true.  Check out how much money the insurance industry spends on lobbying efforts.  Criminal, but legal in America.  

Yes audio electronics is excluded in the fine print on my policy tried to add a rider to it no go. I’ve even shopped other Homeowner policies without luck. Spoke with multiple agents, went online, looking around Haven’t found someone that will write it yet. A real head scratcher. Will continue the hunt. 

Dunno I have a rider for photo equipment, why would electronics be any different.

I recommend everyone read the fine print of your polices, to be sure you're covered! I think some will find out your system is excluded!! so be careful. I finally checked my policy and Im in disbelief. And better to know now as I want my gear covered in any event. I just wanted to share this thank you.

Michael.

I have State Farm. Personal property is covered to an agregate of the home value. I have scheduled audio equipment, valuable watches & jewelry, art, etc. You just arent asking the right people.

I also have State Farm. It does cover audio. I shopped around years ago and most of them had like $2500 limits on audio. I have heavy documentation, receipts, and photos (including serial numbers). The more documentation you have, the better.

Could you afford to go out and buy a new system if it diappeared?  If so, your best bet is NO insurance.  Insurance companies make money because the policies cost more than they pay out.  If you can afford not to have insurance, you'll be financially better off in the end (statistically).  Add to that if you're a smart, careful person, you're much less likely to suffer a loss than the average person.  The average person is what rates are based on

Other than liability, which can wipe you out with today's huge legal settlements, I don't insure my cars.  If I crash one or it gets stolen, I'll buy another.

Jerry

High dollar housing insurance HO-3 policies  (Chubb, Frontline, etc.) do cover hifi rigs under the personal property coverages.  Your policy should specify "like kind and quality" replacement. That sum us usually a percentage of the home's value.  

Try Lloyds. I think they'll insure anything for the right price. 

From the point of an ex-insurance agent and claims adjuster (mainly with State Farm) beware of replacement cost in their contract.

I am in the middle of fighting a claim with them and not going well. When we sold the policy, we marketed it as replace old with new, but at the time of a claim they change the tune.

Backstory water loss for a pair of B&W Matrix 802 S3. Total loss so they agree the speakers need to be replaced, now the fun part begins

My contention is the current replacement model for an 800 series speaker is an 800 series speaker. You would think that since they have continued to manufacture the same model for the last 35 years it would be a slam dunk. No such luck, State Farm pretending to be the expert, claim the 700 series are the current replacement. I understand the current technology has improved exponentially in that period of time, not the point. The point being, if RC is to replace with current version of same item (then how is the current model with same model not the replacement)? So, beware your agent will assure you the item will be replaced old with new, or as they now like to say “same like, kind and quality.”

So yes, I understand that the price has gone up 10x, but if I pay for the coverage, I expect to be made whole.

Would love to hear details on anyone else that have experienced similar situations, could be looking at class action suit.

Unfortunately, I can’t even look at State Farm or Allstate As we’re in the hurricane state of Florida. So they do not write policies here. So far all of the other companies will not cover my AUDIO. Someone just mentioned try Lloyd’s of London. I’m gonna go online and see if I can secure that somehow. And I’m just so glad I asked and pushed a little bit to get a straight  answer from my agent. my agent does not care about me my AUDIO equipment or anything else as long as they get the commission that’s all they concerned with. 

@rediculus ,

Where in Florida are you located??

I have USAA and do insure personal valuables.  Yes, a diamond ring and earrings, watches...but it was too expensive to insure the audio at full replacement cost..  They will insure the audio as well but it does cost.  My audio is covered under my general posessions along with tools, clothing, computers etc...

There is a deductible and you have to document everything.  You will need pictures of your system and original receipts.  They will try to depreciate it all.  Call your insurance and discuss personal properties.

Someone mentioned companies by name above.  You do get what you pay for.  If you can afford Chubb they will be the best at replacement.

@rediculus wrote my agent does not care about me my AUDIO equipment or anything else as long as they get the commission that’s all they concerned with. 

Sounds like it is time for a new agent…….

If you have full replacement coverage your insurance should reimburse you to purchase replacing your system for a covered claim.  Suggest keeping records of exactly what you have.  Having a video of your equipment can be helpful too.  If your insurance agent isn’t helpful suggest contacting another agent.  

I would have to say that the less than 1% of us who are unlucky enough to suffer a complete system loss does not outweigh the greater than 99% of us who whom will never have to turn to such a non-existent policy. Let alone the hassle of dealing with all of that. If you have a moderately ranged system around 10k, you will likely never regain the costs of the annual premiums. Go Bills! 

I've asked this question of my insurance provider every year (USAA) and when I explored other options (I do so every few years).  I have been told multiple times my audio equipment (unless it's pro-audio equipment I use for a business) is personal property and to keep documentation.  

@elevick I recommend you call USAA again.  I've talked to them multiple times and have been told it's part of personal property and I have high value property for my watches.  I even shared replacing my stereo if destroyed would be equivalent to buying a nice car and the question raised do I want add the percentage coverage for my personal property.

"Most" HO policies will cover your records and equipment from fire, all subject to the total "Coverage C - Personal Property" limit shown in the policy declarations, w/out sub-limits.  There may be endorsements that expand that limit as well, so review your coverages thoroughly.  The policy is a contract and says what it says.  They need to see you get the full benefit of the policy terms, and to explain all coverages available to you.  Generally, they want to pay you what is owed, no more or no less.  Valuation of personal property at "like kind and quality" is a thing, nothing new and has been a generally accepted principle for decades.  Are some companies/adjusters better, more skilled, more empathetic than others?  Yes.  People are people in any job/role/industry.  They do not stay awake at night thinking for ways to cheat you.  The plaintiffs bar in CA is skilled and aggressive. Carriers are fully aware of this. 

If you are being told that your audio equipment is simply "not covered" they need to show you the specific policy language that states this.  Best of luck. 

I took a quick look and unless the law was changed, you have the option to remove personal property coverage and not the insurer if you live in Florida. And if you rent or live in a condo, it cannot be taken off the policy.

There were a lot of shady things done in the past couple of years in Florida with more than 30 insurance companies leaving the state and the ones who remained put their wagons in a circle so things have changed. Floridians are outraged about it but they're basically a captive audience, as we all our, to the devices of the insurers. 

Heed the advice from others here, be diligent, and you'll be okay.

All the best,
Nonoise