Insurance for gear

[edkoz]

Originally Posted by 62caddy

What timing. Only last week I brought up this subject with my agent who informed me that since my equipment is vintage, I would only receive a pittance in the event of a loss.

They requested a list of appraised values and now in the process of creating a special rider.

First, change your insurance agent. Second, change your insurance company.
With new insurance company go for FULL VALUE replacement. Otherwise they will give you what they think its worth. Take pictures of equipment and serial numbers and put in safe deposit box. Make sure that if you were to have a total loss of all the contents of your house (audio equipment and everything else) that you have a high enough insurance amount.Lastly make sure you have inflation built into yearly coverage.
Ed

[62caddy]

Originally Posted by edkoz

First, change your insurance agent. Second, change your insurance company.
With new insurance company go for FULL VALUE replacement. Otherwise they will give you what they think its worth. Take pictures of equipment and serial numbers and put in safe deposit box. Make sure that if you were to have a total loss of all the contents of your house (audio equipment and everything else) that you have a high enough insurance amount.Lastly make sure you have inflation built into yearly coverage.
Ed

Not to worry - it's all been taken care of.

Thanks.

[BrianT]

I had to deal with my insurance company about 20 years ago.
The company name escapes me, as they have been sold 3 or 4 times since then, its now called ING insurance.

I came home one Friday eve around 4:30pm to find that our home had been broken into.
They did not take a lot of my gear, they only took a Sony Pro TV, a B&O 8002 turntable a Crown amp and a couple of other things.
What they did not take they smashed! a Mac preamp, a Mac Amp and a set of B&W Maxtrix 3 speakers.
I called my agent, who got hold of the insurance company, the insurance company called me back by 5:30 (the days we had service) they asked me what had gone missing I gave them a approx idea. The agent asked me if there was anything that I needed before we met on the following Tuesday. I said a TV would be nice for the weekend as the playoffs where on.
About an hour and a half later a local TV dealer called me to schedule a delivery
of a new TV that night, by 9:00 I had a new TV in the house.
I met with the agent on the Tuesday the replacement value of the damage stuff was around $25000.00 but I did not have any receipts.
The agent looked at the damaged equipment, make a couple of phone calls
and gave me a cheque for just over $23000.00 for the settlement.
At the time the home I was living in was worth around $80000.00 with replacement cost insurance.
Anyhow I doubt if that would happen today, it would take months to get the settlement.

Brian

[Grasshopper]

What do y'all pay annually for the additional rider/insurance on your gear?

[audioguy3107]

Originally Posted by Grasshopper

What do y'all pay annually for the additional rider/insurance on your gear?

You shouldn't need an extra rider on audio gear, I confirmed this with both Allstate and State Farm. They said that it would be covered under personal property on your homeowners policy. The only caveat, if you will, is that because a lot of our gear is substantially more valuable than standard audio/stereos, they would need documentation of value (model numbers, pics, receipts etc) and you have to make sure that your homeowners policy coverage is high enough to cover unusually expensive gear.

- Buck

[Masterlu]

Originally Posted by audioguy3107

You shouldn't need an extra rider on audio gear, I confirmed this with both Allstate and State Farm. They said that it would be covered under personal property on your homeowners policy. The only caveat, if you will, is that because a lot of our gear is substantially more valuable than standard audio/stereos, they would need documentation of value (model numbers, pics, receipts etc) and you have to make sure that your homeowners policy coverage is high enough to cover unusually expensive gear.

- Buck

You are correct, however neither Allstate or State Farm could offer the level of coverage I require. There are a few specialty companies out there that do; Pure and Lloyds come to mind.

[audioguy3107]

Originally Posted by Masterlu

You are correct, however neither Allstate or State Farm could offer the level of coverage I require. There are a few specialty companies out there that do; Pure and Lloyds come to mind.

Ivan - oh sure, I understand your situation of course......curious, do you know at what point or value an insurance provider would have to refer you to a more specialized insurance company?

- Buck

[Masterlu]

Originally Posted by audioguy3107

Ivan - oh sure, I understand your situation of course......curious, do you know at what point or value an insurance provider would have to refer you to a more specialized insurance company?

- Buck

Buck... yes, as soon as your total contents coverage exceed 50% of the value of your home.

[miner]

Good information in this thread

[audioextreme]

Do these insurance companies cover water damage to audio or video gear?