insuring vinyl


I hope this question is appropriate for this forum--I thought about posting it under "Misc." but worried that it wouldn't receive the same sort of attention it might here.

I'm curious how other people have managed to insure their vinyl collections. I recently found out that my renter's insurance doesn't cover vinyl (nor, apparently, do most homeowner's policies--so some of you may want to call your agents!). My particular insurance company is also uninterested in covering my collection as a whole, though they will cover single items of very high value. Since most of my LPs and 7"s are probably worth $5-25 with a few records maybe up to $50 or $75, this doesn't help much. I was told I need to have my vinyl collection professionally appraised, at which point I can either purchase a specific rider (assuming another insurance co. will issue me one) or hope that my insurance co.'s underwriters will allow me to bump up my total coverage to include the appraised value of my collection.

I'm wondering if anyone here went through anything similar, or has any advice about how to get vinyl insured and/or appraised (most of the appraisers locally specialize in art & antiques). Also, since my collection includes a lot of recent, indie vinyl issued in small editions by largely unknown bands, if anyone knows an appraiser who might specialize in such music I'd really appreciate a tip. I'm worried that many appraisers wouldn't know how to value bands other than the Beatles, Rolling Stones, etc.

Thanks in advance for any suggestions!

Joshua
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I think the odds of your renter's insurance underwriter "bumping" your personal property coverage to include the appraised value of your collection are somewhere between nil and less than that.

I'd suggest finding a broker that deals with Lloyd's of London and one of their peculiar offshoots (there are MANY)- they will literally insure anything for enough premium. You may find that since you will be paying dearly for the coverage, you may not need as detailed an appraisal as you might think-- they don't care if the stuff is worth what you say or not, you are going to pay for $XX of coverage on a pile of stuff, and if that stuff is stolen, burnt up, or destroyed, they are going to pay you ($XX - deductible). Provided you document that you have said stuff, you may need no appraiser. States differ here, too. Even if you need an appraisal, that will be subject to their approval, so step one is finding a company that will write the policy. Then you can make sure your appraisal meets their standards. They will also likely be able to help you find an appraiser, which may or may not be someone you want to use.

Might also check out Chubb Insurance. In any event, my advice would be leave your renter's insurance alone-- it's likely with a major low-cost carrier anyhow like State Farm, Farmers, whatever, and they won't be much help to you for this. Get a hold of a broker that has access to many different insurance companies and who wants to get your business. Be ready to get blown off a lot by lazy brokers who'd rather sell 3 homeowner's policies in the time it will take them to help you with this one thing.

In the end you might find that a good alarm system with smoke detectors and water sensors (yes, there's such a thing) and monitoring is cheaper insurance, albeit not foolproof.
I don't know why your insurer said they won't insure vinyl. I asked my homeowners insurance co., USAA, to increase my personal property insurance to a LOT higher to cover my stereo equipment and book, record and CD collections, and they had no problem with that, after a phone call from someone to discuss just exactly what I had and why I felt it needed additional coverage. They didn't need sales receipts or even photos, just my description was enough.
I had a similar experience as SC53 with State Farm. I have taken a number of pictures, but not at the request of State Farm.
USAA is awesome--if you can get them do. I have never worked with an insurance company that was so compitent. Yes, they insure vinyl and I didn't even have to take a rider out because they were collectable. The value was inside my home owners insurance and they said, it and all of my stereo equipment was insured. Fortunately, I have had few claims with them, but I have to say--when a pipe broke upstairs and water came through the ceiling they were amazing at how well they handled the situation.