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Insurance values

Hi, I wondered what others do about insuring hi fi.  Many years ago I used to specify full details of Hi Fi system separates from a concern that an insurer would not cover in the event of a claim.  Eventually I was informed that insurers were not concerned about these items as they did not fall within the very narrowly defined list of "high value items" and so providing the overall cover was sufficient, itemised detail was not required.  Hence I stopped providing the detail...
I am now renewing household insurance and noted that the position has changed, and insurers now list "turntables" and "audio equipment" within items of high value to be specified... This has given me a slight problem, in that the system has been in place for a number of years, and although I am aware of the purchase price for components, and could probably track down replacement values for a number of items, there are some specifics that are no longer available, eg:Linn LP12, with armageddon power supply and Naim Aro tonearm, dynavector cartridge  Sorry for the long winded introduction, but I wondered what others do about such items ? how do you determine replacement value ? do you cover through standard household insurance ? Is it worth considering a specialist policy ? Any views/ thoughts would be appreciated.
vinylgeek
mofimadness's avatar
mofimadness
4,992 posts
 
My understanding is that if your policy is for replacement value, you base the insured value on a similar item available today. I would consult your insurance broker to make sure, since that is his/her job.

+1...My house got hit by a tornado in 2008.  The insurance company paid out almost $100,000 for just my high-end audio/video gear.

Thank goodness the tornado hit opposite from my record rooms.  That would have been awful and VERY sad.
lowrider57's avatar
lowrider57
5,417 posts
 
Wow @mofimadness , that's a terrible experience.
I'd like to know if your system was listed simply as property on the policy, or did you have some type of rider?
I'm guessing you had a replacement cost policy.
 
mofimadness's avatar
mofimadness
4,992 posts
 
I'm guessing you had a replacement cost policy.

Yes.  I have a separate rider for my records, but the gear was part of the overall "contents".
testpilot
951 posts
 
My buddy wanted to insure his record collection and was told by his insurance company that he would require a professional appraisal to establish the insurable value.  IIRC, the appraisal was quite costly and required updating at the insurance company's discretion or if the collection changed in a material way.  Again, check with your insurance broker. 

As for your equipment etc, document everything along with pictures.  In the event of a loss, having documented proof with the make, model, serial # and pictures makes it easier for the adjuster to settle your claim. 
tuberist
951 posts
 
Test Pilot has provided very good advice. With replacement cost homeowner's coverage the insurer will pay depreciated value on the item and make up the difference when you show you've done a replacement. I just use the basic coverage on my HO policy for "contents" I have never heard of any insurer wanting to do a separates list like the OP has described. So a check in with the insurance agent is a must.
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