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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
lowrider57's avatar
lowrider57
5,417 posts
 
I asked my insurance company about coverage for my HiFi system. They said it is treated as property just like everything else in my house.
I have taken pics, recorded serial numbers, and kept receipts.

But this part doesn’t make sense to me; I have a rare coin collection and asked for a rider, similar to an art collection. They said the coins are considered property along with the contents of the house. This doesn’t make sense since most of the coins are graded and have a book value.



testpilot
951 posts
 
"Coins" are deemed as currency/cash, and most policies limit the amount of currency that is lost.  Rare coins are collectables, and require an appraisal, otherwise they will reimbursed on face value.  I would bet that your insurance carrier/agent misunderstood your request.
lowrider57's avatar
lowrider57
5,417 posts
 
Thanks @testpilot . I’ll contact my insurance agent again and make it clear that these are certified rare coins.

It would be devastating to only receive $20 face value for a double eagle coin valued at $5000.

Ag insider logo xs@2x
cleeds
5,960 posts
 
testpilot
"Coins" are deemed as currency/cash, and most policies limit the amount of currency that is lost. Rare coins are collectables, and require an appraisal, otherwise they will reimbursed on face value. I would bet that your insurance carrier/agent misunderstood your request.
+1. Also not typically covered unless listed on a separate rider: Recordings (LPs and CDs), computer software, art and - as testpilot suggests - anything that you want to insure for its "collectible" value.
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