High Cost Gear Insurance question

I have a replacement home owners policy. My insurance agent said I didn't need an extra policy for gear. Only have extra policy for jewelry and a couple purses.

My agent says nothing extra needed for equipment but I had to take an extra rider to cover my LP collection.

The trick was learned when my brother had a house fire. His trouble started when people at the insurance company didn't even know equipment this expensive existed and thought he was pulling a scam. He had receipts, boxes and photos for proof and after a little wrangling, all was settled.

The lesson is proper coverage with a reputable company and KEEP RECEIPTS AND PROOF!

I would strongly recommend that you get in writing from the agent regarding replacement cost for equipment. Insurance companies are notorious for finding ways out. List each item and the cost to replace it.

Art

I agree. Their idea of "replacement cost" is a $599 Denon 5.1 AV receiver. You start getting into the $5K plus processors coupled to expensive power amps they could make an issue. Sure you can sue, but who needs that on top of a loss.

When I initially had my little system up and running, I contacted our home insurance provider to ask them how I could make a specific arrangement for my gear. It was quite straightforward in so much that you essentially added the cost of the HT gear to the contents insurance. In our case this amounted to doubling the contents cover and making sure all security measures were to their approval.

Now that I am going to get into the projector game I will probably have to double double the contents cover.

damon,

Discuas it with your insurance company - they will probably tell you like I was told that
nothing special is needed.

However, I would provide them with a list of the equipment, the price, and when you
bought it. If the insurance company knows up front exactly what you have; then there
shouldn't be any quibbles in case of a loss - they were notified.

That is exactly what I was told. I have all my gear video taped / receipts, etc.

My agent and I specifically discussed then when she asked about valuables, etc.. She said, no need. Full replacement cost is my type of home owners policy. Apparently, the theater and equipment is covered.

Tantamount to a rider.

Art

Ditto what the Bland stated

I have an actual cash replacement policy

Also a good idea to have photographic evidence of your room and your gear as well as the MSRP of each piece

Since I own an Insurance Agency I'll try to answer this as clearly as I can. First policy forms vary from state to state so you must get a copy of your policy contract and read the clauses on Personal Property. If you have Replacement Cost on Personal Property your carrier should pay full replacement as long as you actually replace the item. If you want money for it they will depreciate your items which can be steep. Most Homeowners Policies come with an amount for personal property equal to 75% of the amount of coverage on the Dwelling. Make sure this is sufficient to cover all your personal property including your HT gear. If not raise the amount on Personal Property. If your policy states Actual Cash Value (ACV) for personal property you're in trouble as they will depreciate everything. Make sure you get Replacement Cost Contents instead. It's also a good idea to deal with a carrier that has a good reputation for fair settlements. And by all means document everything IE: photos, video, receipts, as well as friends who can verify your ownership. I'm happy to answer any other questions regarding this important subject if you wish. Regards, Norm

mine is through State Farm. Several years ago while away on vacation my home was broken into and much was sttolen. Everything was replaced with few questions asked

OB, all of State Farm's HO policies in CA have replacement cost on contents. I'm glad you were fairly taken care of. It's good to hear positive stories. Regards, Norm

I 2nd OB's picture suggestion. My agent recommended documenting all the equipment in my room (w. serial numbers) + keeping any receipts. Some high end companies keep track of who owns which product and serial number. Having their contact info with your system documentation would be a good idea (quick corroboration for the insurance co). I keep a copy in my fire safe and another copy in a safe deposit box. When you talk to your insurance agent, make sure you throw out a high-ball number for your system, e.g. "Does the total replacement policy cover my 75k worth of software and 150k worth of hardware or is there a maximum?" (well, that's highball for me :-) ).

I keep a video of my room along with the s/n of each piece. I also use my photos and description of my system as posted on audiogon.

OB,

Thanks for reminding me - I should have mentioned that also. I have pictures of all my
equipment - both individually [ I consider it part of the unpacking process ]; as well as
an overview of all the equipment in their racks.

Is it fair to say that until the unthinkable occurs (fire, theft, flood, visit by the four horseman, etc) that one never really knows how good an insurance policy actually is?

Sean

All good advice above. After a run in with a carrier some years ago over the destruction of a boutique amplifier I learned that professional reviews of your whatevers can prove invaluable in fending off, say, the "watts is watts" style of argument, and even nipping in the bud such thoughts as, "you and your dealer must be tag teaming us on a scam".

My stuff is covered under a homeowners replacement type policy (which includes stupidity coverage) with no requirement for additional riders. Spendy items stolen from an aircraft during a business trip were replaced under this policy with little fuss so I would expect little fuss for items actually located in the house should the need for a claim arise.

who is your carrier.

It's always a good idea to read the "exclusions" section, which details circumstantial coverage exclusions, and what's NOT covered.

The Co-operators (a Canadian insurer). I should add the disclaimer that in terms of a no-fuss experience, one's mileage may vary from agent to agent within this company, or within any insurance company for that matter.