As my audio system and investment grew over the past decade, I just realized that my standard homeowner’s insurance does not come close to covering a potential loss. What is the general consensus on insurance? Specific companies that do well insuring high-end systems? Things to consider in separate riders? Or since stolen high-end systems are not easily resalable and certainly not repairable, the only risk seems to be fire. Thoughts?
High-end system insurance?
- Thread starter vinyl_mike
- Start date
Well I feel that if a thief can pick up these amps and/or speakers and take them down 2 flights of stairs, then he deserves them!!
...I have a "sacrificial system" upstairs. The posh system is in the "basement."
Like keeping a "fake" wallet with 20 bucks and expired credit card for the Parisian pick-pockets. No offense meant to French pick-pockets who may be following the thread. You guys are the best!
Like keeping a "fake" wallet with 20 bucks and expired credit card for the Parisian pick-pockets. No offense meant to French pick-pockets who may be following the thread. You guys are the best!
If you want to insure expensive hobby gear, you need to make a list with identifying details and professionally determined estimated values. Your dealer (if willing)is probably an acceptable estimate provider.
Then you go to your underwriter and ask if they will schedule it for an additional premium. Risks that will likely be covered are theft, fire, storm … probably not failure in use.
I used to do this with my guitar collection when I had a lot of expensive units. I have not done it with audio gear. I think most of us are “self insured.” If there’s a loss, we just suck it up.
Then you go to your underwriter and ask if they will schedule it for an additional premium. Risks that will likely be covered are theft, fire, storm … probably not failure in use.
I used to do this with my guitar collection when I had a lot of expensive units. I have not done it with audio gear. I think most of us are “self insured.” If there’s a loss, we just suck it up.
Beretta 94F, 15 rounds in the clip and one in the pipe.............
IMO anything of value can be stolen.
Thieves tend took for items that can be easily moved. High end remains a niche market.
You probably need a rider for more likely occurrences. Spontaneous combustion, accidents, and water damage are far more likely. Contact your insurance for a rider. Consider whether you want replacement or depreciated value.
Thieves tend took for items that can be easily moved. High end remains a niche market.
You probably need a rider for more likely occurrences. Spontaneous combustion, accidents, and water damage are far more likely. Contact your insurance for a rider. Consider whether you want replacement or depreciated value.
I have a new for old premium insurance, so I am covered. The only place I may have a problem is my records or cassettes, how do you value them?
In all the years I have had my insurance, I have only ever claimed once and it was totally my fault. I broke a £3K cartridge, I told them it was my fault, but they still paid up. That is when you know you have a good insurance company.
In all the years I have had my insurance, I have only ever claimed once and it was totally my fault. I broke a £3K cartridge, I told them it was my fault, but they still paid up. That is when you know you have a good insurance company.
I have contacted my insurance agent twice to ask if my Audio equipment was covered or if I needed a separate policy or schedule. My agent contacted the carrier and I’ve been told that the equipment is covered under my contents coverage . I was a little surprised by that but I’ve asked the question twice and received the same answer
If memory serves, there are a couple of threads that touch on this from YEARS ago. I don't remember the thread titles and a search may not represent well. But I would suggest using the keywords, insurance and Allstate [Edit: State Farm]. That may show up other related threads at the bottom of each post. I hope this helps.
Tom
Tom
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...may I perhaps respectfully suggest a follow-up question for them: What is the maximum value limit for replacing audio equipment?
In my role on a condo board, I recently became aware of some very "interesting" claim coverage positions which make me think I have no idea what would actually be covered unless explicitly detailed. Just a thought.
When a plumbing mishap rained down water in my living room a few years ago, Limp MuteYouAll reimbursed us the $4K only AFTER we purchased an SL-1200G replacement and produced a receipt as proof. Then… after tearing down the sheet rock from the ceiling, Limp MuteYouAll’s contractor disappeared. We had to demand the money and then hire our own contractor. Needless to say, we changed our insurance company immediately afterwards; all 3 cars, the house and additional riders. Fire and “rain” would be the real concerns for us.
I agree with what others have said, especially @J007B . It’s relatively easy to break into almost any house but, this **** is heavy. You’ll need time. The thing is…getting out of the house before the numbers get to you: 9, 45, 44, 556, 308, 00. If we’re not here, they still have to find away out of this small town.
The idea of coming home to find someone still in the archive trying to figure out which LP’s are the high value ones worth stealing makes me (and especially, Mr. Mossberg) chuckle.
I agree with what others have said, especially @J007B . It’s relatively easy to break into almost any house but, this **** is heavy. You’ll need time. The thing is…getting out of the house before the numbers get to you: 9, 45, 44, 556, 308, 00. If we’re not here, they still have to find away out of this small town.
The idea of coming home to find someone still in the archive trying to figure out which LP’s are the high value ones worth stealing makes me (and especially, Mr. Mossberg) chuckle.
Steve Williams
Site Founder, Site Co-Owner, Administrator
My entire system is covered for actual cash replacement value. Each component, platform wire and tweak is listed
Many years ago my wife and I returned from a vacation only to find our house had been broken into and my wife's jewelry as well as my entire sound system except for speakers had been stolen. When I filed a claim several of the components had newer models and my policy allowed for them to replace with new and updated equipment
We have State Farm for home and autos and we made sure tha the policy stated "actual cash replacement value"
Did you have a separate rider policy for the audio equipment or was covered under your general homeowners policy?
Steve Williams
Site Founder, Site Co-Owner, Administrator
It's covered under my general homeowners policy . We do have a rider but that covers liability from accidents etc
I have State Farm too. I was very explicit in questioning what coverage I had on audio and what was required to be reimbursed. As in, do I have to purchase new to get the $$$$. I did loose about 120 CD to theft one time. I had to rebuy the CD to get the money. At about 80 cent on the $.
I have never had to exercise my State Farm insurance so I don't know what lies I was told and what small print may jump out. Might be best to have a contact lawyer look at it. I did have some claims with USAA in the past. Great Insurer. I may move back there. I was a little pissed State Farm canceled me without saying anything other than a CC payment did not pass. I check the account, made sure $$ were available and figured they would try again. About 9 days later I called and asked what up???? Did they try and repost. NO. They just dropped me. I think that's a shit relationship.
I have never had to exercise my State Farm insurance so I don't know what lies I was told and what small print may jump out. Might be best to have a contact lawyer look at it. I did have some claims with USAA in the past. Great Insurer. I may move back there. I was a little pissed State Farm canceled me without saying anything other than a CC payment did not pass. I check the account, made sure $$ were available and figured they would try again. About 9 days later I called and asked what up???? Did they try and repost. NO. They just dropped me. I think that's a shit relationship.
Steve Williams
Site Founder, Site Co-Owner, Administrator
Quite a story. Even the burglar did not fancy the Wilsons, wanted horns with the Lamms
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