insuring vinyl

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.

Sc53 and Rives,

Were you guys officers in the military? I thought that was the only way to get USAA insurance. We grunts don't qualify as far as I can tell. From everything I've heard it is the best insurance carrier in the world. I envy you.

I kind of went off (half cocked) in one direction after reading the original post.

AM_Dial: Keep in mind every policy is different, and if you haven't already, make sure you are interpreting your policy right, and /or got good advice on the fact that your particular policy will not cover your collection. Make sure you're not reading the exclusion for media that's not in your home-- an example follows:

PROPERTY NOT COVERED. We do not cover:
1. Articles separately described and specifically insured in this or other insurance;
2. Animals, birds or fish;
3. Motor vehicles or all other motorized land conveyances. This includes:
a. Their equipment and accessories; or
b. Electronic apparatus that is designed to be operated solely by use of the power from the electri-cal system of motor vehicles or all other motorized land conveyances. Electronic apparatus in-cludes:
1) Accessories or antennas; or
2) Tapes, wires, records, *discs* or other media;
for use with any electronic apparatus.



The exclusion of property described in 3.a. and 3.b. above applies only while the property is in or upon the vehicle or conveyance.

If you don't read that all carefully, you could think this applies in your home. In reality it's only if you have the media in your car.

If AM-Dial's renter's insurance policy excludes or limits vinyl /media at his house (limits is more likely), he might be able to get a policy from another company that won't (some renter's policies are better than others) but he's still going to have to look at policy provisions such as:

3. "Replacement cost" coverage shall not apply to property:
a. which by its inherent nature cannot be replaced.
b. not maintained in good or workable condition.
c. which at the time of loss is either obsolete or useless to the insured.

So, taking AM-Dial's example, with lots of rare vinyl that is not replaceable, the insurance company would only owe the actual cash value (replacement cost minus depreciation)** of the item. Now, with no appraisal, and no stated value on the collection on which you've been paying premiums, the adjuster is going to have a difficult time understanding why he/ she should be paying you $75 for an obsolete (to their way of thinking) piece of software. I'm sure they'd pay you the $15 for a new CD of your choosing. BUT, unless you've got either an appraisal or a stated value on that collection, you will have to fight on every single piece of irreplaceable vinyl you've got to receive decent value for it. That would be your duty in the event of a loss, not the insurance company's, BTW. Absent any documentation from you that the mint vinyl pressing of "We're a garage band" by "insert name of unknown local indie artist here" is really worth $75, you'd be in for a big fight. If these albums are from pressings as small as you say, where exactly would you locate one for sale that you could compare with to determine market value? How long would that take for your whole collection?

Even if your collection runs to mint pressings of more popular LPs, do you want to have to prove the value of each of those albums after the fire to get the $$ you deserve? Sure, you could find one for sale on Audiogon, watch what it sells for, print the page, repeat 1500 times-- but wouldn't you rather have a pre-negotiated value based on your own leisurely appraisal of your collection? Just a thought.

As always, you'll need to balance the expense of the insurance product with the benefit to you. Hopefully someone jumps in here with a good company for you to buy renter's insurance from.

**This problem is further compounded by most states' legal definition of actual cash value = replacement cost (in free market conditions) less depreciation. Read that replacement cost limitation again-- it says that if the item, by its inherent nature can't be replaced, we'll use the (non-existent?) replacement value less the (determined how?) depreciation to calculate its value. It's a catch-22. Add to that the issue of pre-loss condition-- after the fire how will the adjuster know if you had a pile of musty rummage sale garbage or truly mint LPs? Should the adjuster be expected to know that one album is worthless even in mint condition, while another is priceless in any playable condition? Assuming they don't, are they just going to take your word for it?

If I had a big collection of valuable vinyl on any full replacement cost homeowner's policy I've seen in WA, OR, or ID I would seriously consider separate insurance on that valuable collection. That's just my opinion, I could be wrong.

Thanks, everyone, for all the excellent advice so far. I did spend the evening perusing my renter's policy, and Pmkalby is correct--there is no mention of any sort of limit or lack of coverage to sound recordings except in the exclusion cited about recordings on a motor vehicle. So perhaps the agent I spoke to has incorrect info.

It's heartening to hear that some others have had decent luck getting agents to increase limits. I think I'll visit the local Met agent tomorrow (my wife and I qualify for group rate insurance through her employer, so we haven't really dealt with anyone in person). If that doesn't work perhaps I'll switch the policy to State Farm! USAA doesn't look like an option for the reasons Lugnut cited.

I think Pmkalby's second post brings up an interesting (and frightening) point about what happens in the event a claim is necessary--how to prove value, condition, etc. I actually have catalogued every single record in my collection (per the advice of a previous insurance agent), but I agree that condition and value are difficult if not impossible to document, and anyway as we all know used vinyl is a volatile market in a lot of ways--basically it's worth what someone is or isn't willing to pay for it. And certainly we've all bought valuable records for next to nothing because the seller didn't know the value.

I once sold some of my records to a guy who'd lost all of his in a house fire. He was reassembling his collection, bit by bit, with the insurance settlement money. This is the sort of thing that keeps me up at night.

Joshua