Hi everyone. In case of a “covered claim”, do yourself a BIG favor and prevent possible BIG headaches!
At a minimum have a video of all equipment and your recordings - in fact video everything in your home! And update that video annually.
I’ve sold home insurance for the #1 home insurance carrier now for 40 years. The adjuster wants to pay you and fairly. Have a video and still pictures documenting your possessions. Imagine your home totally destroyed. How do you remember “everything” you had from a classic expensive piece of vinyl, to every pair of socks, or better yet “ALL” of your wife’s shoes!
After that big loss your adjuster will be so pleased as you made his/her job easy. As for equipment, as pointed out here, replacement cost will get you a new piece of equipment from the same manufacturer or if out of business, a comparable manufacturer. The carrier and adjuster might need your help in determining where in the product line your equipment was, your not going to get B&W 802 D3’s when you had B&W N804’s.
Last agreed value is generally for property of an intrinsic nature, items that appreciate over time, art, jewelry etc.. If the item depreciates over time your probably not going to be able to get agreed values, meaning why would a carrier pay you more than the item is worth?
Bottom line! Inventory everything. In the case of recordings be prepared to provide sources that show values and condition like Discogs, etc.
With a good home insurance policy and your documentation, you should not have to worry with a covered claim. And in the case anyone is wondering - yes good carriers cover civil commotion/unrest.
Dave
