Bummer Paul, I guess there's a story there somewhere...
I have yet to contact my insurance company about the plethora of Ehome projectors at my house, the audio equipment (I tell my son not to play around the speakers because I can replace him, but I can't replace the speakers I'm kidding of course), the 250 or so DVDs, and so on. DOes the insurance company need to know about this stuff or am I covered under my home policy anyway? I've been meaning to call them and find out.
Mine only paid the 'market value' of my LCD unit when it got smashed, this was despite a 'full cover, new for old' policy. Worked out less than half the replacement cost of the unit, and that was *after* we got lawyers involved... I hate insurance companies....
I think my carriers, Allstate, is a difficult company to work with when it comes to non-new personal property in the home of the electric variety. If it ain't plain-jane insurance needs they seem to give me the evil eye. I would love to get full replacement cost insurance, but I wouldn't even know where to begin.
I can only imagine a carrier trying to replace someone's $20K state-of-the-art projector with a $1K X1. I just know someone has tried that on a consumer.
If you have "full replacement value" and a reputable company, you should have no hassle. However, if you have all the normal household stuff, plus your goodies, you should add it up and make sure that you aren't bumping your contents limits. That is NOT a good thing.
I have an additional rider, just to be sure I have sufficient dollar value, plus, with my company, with the rider, I can say how much to have it insured for.
Meaning, if I don't want to pay premium to insure my 1000 antique crt to its original value, (which they probably would not hand me in cash anyway, without a fight) I can set the insured value to what I think it would cost to replace it with a projector that I would be content with. Works for me.
I believe that they write property only besides liability. They've been around forever but traditionally they cater to a limited market. I was reminded of them when I read about them in another forum dedicated to diamonds. Chubb was recommended for their no quibble policies.
I wonder how my insurance coverage would deal with my two Marquees, one of which is a current model? (8111) And what about the 8000 dollar pair of Krell monoblock power amps and 7700 dollar pair of Aerial Acoustics 10T's?
I can see it now...
Two TV sets, big screen, 1250 bucks each.
One pair large stereo speakers, 500 bucks
One pair of stereo receivers, 250 bucks each
And the result of that would probably be something that would
cause your local TV stations to switch to the live network feed,
where an insurance office is being torn apart brick by stinking brick
by what appears to be the Incredible Hulk. And oddly enough,
he bears a vague resemblance to me, only green and many times bigger.
"Don't make me angry. You wouldn't like me when I'm angry...."
I added up my HT gear a little while ago in a spreadsheet. I didn't realize I have as much invested in my gear as I do, it was quite a shocker. I guess when you buy it peice by peice over almost a year its easy to not see the total dollar figure.
I think I'd turn into the big green hulk and rip my insurance company apart brick by brick too if anything happened, cause I've never gotten a straight answer about how my gear is insured... and I just paid my premium for next year too now that I think of it. Damn. I should really change my carrier...
As much as they will allow you to, would be my answer. Then if they wanted to depreciate it you might actually get replacement cost money in the end. But I could be wrong.
When I discussed it generalities w/ my insurance carrier (talking about DVDs) they told me to list the price I paid for the DVDs even though the prices had dropped. Of course that doesn't cover DVDs that are now OOP.
WanMan: I told my insurance broker that I paid $120. for my 1020 at a yard sale including the electric screen. He told me that didn't matter for the type of insurance I had, being that it was full cost replacement.
*****REMEMBER**** I deal with a BROKER, he does NOT work for the insurance companies, he works for himself(and by extension, me).
The adjuster from the insurance company never asked me where I got the 1020 or when or anything like that at all, he only asked where can a replacement be bought, how much, what availability is there. Because the 1020 was a defunct product he agreed it was reasonable to arrive at a value by determining which current Sony projector was materially similar enough to satisfy ME. That was the D50(their entry level machine). I was only allowed the full replacement value if I actually purchased the new projector, which I had no problem with. Why would I have a problem with that ? A NEW projetor ? Who's ever heard of such a thing ??
Paul, is the D50 still in production? I'd assume the underwriter is looking at product still in production, or at least still readily available in new form that fills the 'materially similar' requisite.
I guess, like most, I do not want to be paying $XXX annually for coverage on a $18K projector that I paid $1500 only to have the underwriter not find a new product of material similarity available under whatever constraints they use (for instance, new, in production). This would tend to have the underwriter focus on alternatives, which I suppose could be good and bad.
I'd rather hear of specific cases in which an insured used projection equipment in one's homes was damaged/stolen and how that process turned out. I do not know what the insurance laws are like outside of the USA, and as such really would like to hear of specific examples by carriers in the USA.
BTW, did you actually have a claim on the 1020 as a a result come to an amicable outcome?
Yes I was very pleased with how everything went. This was a few years ago, so at the time the D50 was still available new from stock. I'm not sure if they were producing it still or not, but it was still available from Sony authorized distributers with full warranty etc.
I'm sure there are differences between the US and Canada, the point is to make sure you are dealing with someone who works for YOU, not the damn insurance companies.
I hear guys at work brag about how they saved $.10 on their insurance, then complain when they get nothing but hassles if they have to make a claim. My broker knows which company is good and which are cheap and which are good AND less expensive. He's been in the business 30 odd years, so he has a firsthand knowledge of alot of the adjusters and such too.
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