high end audio insurance?

Guys,

I really learned a lot about insurance while I was trying to insure my hotrod for something resembling my investment. Just because you have "replacement" value type homeowners insurance does not mean a check will be written for the full value of a loss. Quite the contrary. Your XYZ component that cost $30k new will be treated like your car with a similar new cost. The item will be depreciated and your deductible will apply unless you have the rider. The appraisals are necessary and some agents will not even tell you this. You may find out too late that you should have gotten an appraisal.

You can get a stated value rider on just about anything but without the appraisal(s), a claim will be viewed as an attempt to committ fraud leading you to be treated most unkindly. Collections that are outside of a classification of "usual" are supposed to carry the burden of their own coverage.

There aren't many insurance agents that have even written such a policy. The burden falls on you, the consumer, to sort through the options and make sure you are actually getting what you may pay for. It's a real pain. I did my best to cover my ASSetts but pray that my homework is never put to the test.

This is an excellent post and I hope members are reading this thread. A fair amount of work now may save a lot of grief later.

As cheap as high resolution digital cameras are and given the small amount of hard drive space it takes to store them it's a no-brainer about what to do. Photograph every wall, inside every closet and drawer, EVERYTHING and burn them to disc. Put a copy in your safe deposit box and give additional copies to your kids or a trusted friend. An ounce of prevention.....

Happy listening,
Patrick

So here is my question... how do you appraise the value of something that essentially has no market (like master tapes)?

Try Antiques Road Show? LOL, just kidding. I'm not qualified to answer Slartibartfast's above post. But it would seem that there are appraisers out there who specialize in priceless prices. E.g., paintings, letters, manuscripts, rare books, etc. Why would master tapes be any different? Or even Lugnut's vinyl collection? If someone can insure a painting for several million US dollars, surely someone can appraise and insure rare vinyl?

Rcreations, in answer to your question, I don't know. I have never had a claim and hope I never do. My State Farm Insurance agent suggested photos, and said they accepted them as good proof of contents of your home.

I did as Lugnut suggested and photographed everything in our home. My agent even suggested that video tape would be valid.

As for value, those who take 15 minutes to photograph their inventory stand a much better chance of receiving a fair settlement than those who have nothing. Many of us have grand schemes to inventory and list all our valuables but never seem to get around to it. With a library of several thousand pieces of software it is a daunting job.

I think the point is that presented with clear evidence of ownership, a market value could be settled upon between the insured and the insurance company.

Where a complete inventory and appraisal is preferred, those who inventory with photography right now are better off until (and if) they go a more professional route.

If you have a home owner's policy with replacement cost coverage your audio equipment is covered. That means if you have an amp that is made by Classe that is no longer in production your insurance company will pay for the equivalent current model. I have discussed this with my insurance agent (USAA). There are some items that do require a rider such as guns and jewelry in excess of $1000, but only if they are stolen, not lost in a fire or other natural disaster. This does not apply to audio equipment or even art work. Naturally you will have to pay the deductible (usually $500) and will need to prove what you owned. Pictures or videos are great and I even have a spread sheet with all items and serial numbers where applicable. Records could be tricky if they are collectible and out of print, but their value can be established. You should not have to pay for a rider and if your insurance agent says you do I'd talk to some different companies to see if you can get a better deal.