Insurance - your experiences

Cleeds hit it on the money. You have to have specifically "replacement cost" insurance. What it costs now to replace the unit with a like unit. If you have just standard insurance they will cover the price of your equipment minus depreciation. If you paid say $5000 for a preamp ten years ago a "like" preamp today would cost $8000 which is what you would get with replacement cost insurance. With regular insurance you might get $3000. 
My Krell Ref 2 preamp got struck by lightening in 1996. I paid $4000 for it in around 1983. I gave the insurance company examples of like preamps and they gave me $11,000! 

In order to get records covered you have to have a list of every record you have. It helps to take a picture of the collection. Also take pictures of all your equipment. if you have replacement cost insurance they will pay for whatever it costs to replace those records with the same titles. If the records can not be replaced because they are out of print you get nothing.

I agree, with testpilot. :-) 

Ex claims guy here. Your equipment and vinyl should be covered (up to your policy limits) under a "normal" HO policy (SF, Allstate, Geico,etc). In case of a covered loss Replacement cost comments are correct but you will need to "help" the adjuster by providing receipts (if any) pics of equipment, LP's etc. Also where to find replacement costs for the more esoteric items (Used vinyl sites, Audiogon, etc.) Audio and LP claims are not that unusual so most experienced adjusters will have some experience with such claims. 

If you do not have a normal HO policy from a major insurer I would definitely contact your agent and go over your policy and any limitations, exclusions.

If there’s a fire in my house, I’m going down with my system and LPs. The CDs can burn in hell.