I have Farm Bureau home insurance and recently spoke to my agent about this. He said take a good video of all the equipment showing model and serial numbers and email it to yourself so you have that record to be accessed anywhere. All the stereo equipment is in the category like furniture. All the records/CDs fall in the collectible category. He said about 10 years ago the industry stopped covering this. Some of you here have implied that collectibles are covered just as your gear but he assured me that it is not just Farm Bureau, it is all insurance companies. They only offer a minimal amount of coverage like $300. There are collectible specific insurance companies that you would need to work with on a separate policy. I checked and it wasn't that expensive.
Insurance for system
I have been trying to get theft coverage for my system without success. Between the electronics, cables and add ons I probably have around $100K invested in it. My broker suggested that she might be able to get coverage for some of the gear but not all of it. I know that there are specialty carriers for collectible cars but is anyone aware of insurers who specialize in coverage for what most carriers would consider luxury goods?
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@dhite71 I am currently checking with Lloyds of London as my Nationwide carrier cancelled my 22 commercial property fire/liability/earthquake insurance policies (no claims 18 years) last year and I have 9 months left after cancelling/non-renewal of my personal residence policies (28 years). My insurance went from $6800 in 2019 to $18,000 this year and Nationwide as 90% of the other major carriers have left or are leaving CA. I’m trying to get Chubb who insure my parents home 1 mile away. It depends on the number of policies an insurer is willing to write in a particular area to spread the risk. I do not live in a fire zone/area. Insurance problems were a nightmare for me from the 1980s-2000s. Now they have returned due to political malfunction in CA and insurers as well (State Farm just lost it’s rating to B, as a non-admitted carrier in CA and is pulling out now, cancelling 30,000 houses and 42,000 apartments). |
I looked up the quote I got for my record collection. $30,000 value had an annual premium of $180. It is from American Collectors Insurance out of Cherry Hill, NJ. The premium scales consistently with the value you choose. It was likely $60 for every $10,000 of value. They will cover any type collectible item. In summary, your home insurance should cover your gear and these folks cover media. |
@dhite71 Thank you very much! I will contact them this week. |
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