Equipment insurance coverage

Could you afford to go out and buy a new system if it diappeared?  If so, your best bet is NO insurance.  Insurance companies make money because the policies cost more than they pay out.  If you can afford not to have insurance, you'll be financially better off in the end (statistically).  Add to that if you're a smart, careful person, you're much less likely to suffer a loss than the average person.  The average person is what rates are based on

Other than liability, which can wipe you out with today's huge legal settlements, I don't insure my cars.  If I crash one or it gets stolen, I'll buy another.

Jerry

High dollar housing insurance HO-3 policies  (Chubb, Frontline, etc.) do cover hifi rigs under the personal property coverages.  Your policy should specify "like kind and quality" replacement. That sum us usually a percentage of the home's value.  

Try Lloyds. I think they'll insure anything for the right price. 

From the point of an ex-insurance agent and claims adjuster (mainly with State Farm) beware of replacement cost in their contract.

I am in the middle of fighting a claim with them and not going well. When we sold the policy, we marketed it as replace old with new, but at the time of a claim they change the tune.

Backstory water loss for a pair of B&W Matrix 802 S3. Total loss so they agree the speakers need to be replaced, now the fun part begins

My contention is the current replacement model for an 800 series speaker is an 800 series speaker. You would think that since they have continued to manufacture the same model for the last 35 years it would be a slam dunk. No such luck, State Farm pretending to be the expert, claim the 700 series are the current replacement. I understand the current technology has improved exponentially in that period of time, not the point. The point being, if RC is to replace with current version of same item (then how is the current model with same model not the replacement)? So, beware your agent will assure you the item will be replaced old with new, or as they now like to say “same like, kind and quality.”

So yes, I understand that the price has gone up 10x, but if I pay for the coverage, I expect to be made whole.

Would love to hear details on anyone else that have experienced similar situations, could be looking at class action suit.

Unfortunately, I can’t even look at State Farm or Allstate As we’re in the hurricane state of Florida. So they do not write policies here. So far all of the other companies will not cover my AUDIO. Someone just mentioned try Lloyd’s of London. I’m gonna go online and see if I can secure that somehow. And I’m just so glad I asked and pushed a little bit to get a straight  answer from my agent. my agent does not care about me my AUDIO equipment or anything else as long as they get the commission that’s all they concerned with.