Worry

Here in Israel (I guess the same everywhere) I had to bring the prices of the equipment and the insurance covers them old for new - which means that if something happens to the stereo, I'll get the money to buy a new component instead of the damaged one.
The equipment and its prices are marked separately in the insurance policy.

Arie

Anything can be insured. Usually an insurance company will have ceilings on certain types of items, unless you get approval from them that they'll cover the excess. Usually all they want is a "warning" that you have special stuff.

In the case of my policy, it's an even $100,000 for the contents of my apartment. (The building itself is covered by the owner.) I think jewellery might be limited to $25,000 without a registered appraisal, but the rest goes by your personal word. Therefore, if my system was stolen, I could claim that I had a CDS2/52/500/DBL system. (Hmmm, that gives me an idea...)

-=> Mike Hanson <=-

Spent ages over the years shopping round for insurance and gave up several years ago when I found Direct line

Was fed up with single items limits and low "high risk item" ceilings and "HOW MUCH FOR A HiFi SYSTEM" but DL have none of that.

I still got them to confirm it in writing though and I've not had to claim on the system and thats when I will find out if they are as good as they seem!!!

Ray,

Most of the home policies I've had in the UK cover non-specified single items circa £2k to £2.5k.

This is adequate for all of the individual items that make up my system, including the LP12, since the arm / cartridge etc. are viewed as single items.

The policy as a whole covers the contents without any problems, just take an inventory (sometimes a scary exercise when you realise how much everything is worth) and make sure your existing policy covers it.

Most policies will cover such equipment new for old, so break-ins can be potential upgrades .

Andy.

Andrew L. Weekes
alweekes@audiophile.com

I have found Direct Line (UK only I think) to be helpful and my policy lists my hifi as a separate item with a specific value.

Andrew - I'm sure you're correct but I'm rather cynical and suspect (hope it never happens) that if you had to make a claim, there would be a large financial incentive for the insurance company to differ from your view. I would wish to get something in writing from them to confirm that you are covered.

I seem to remember that when Derek was running Sound Advice, there was a company that provided specialist HiFi cover - but I can't remember any details. Anyone else know of one?

Cheers
Steve

I'm insured with Norwich Union (not NU Direct), and it's my understanding that there is no limit to the value of any one item of hifi equipment. (There is a limit on non-specified "valuables", but this is stuff like jewelry & paintings).

I think I also have accidental damage cover, but I can't remember if it comes as part of the standard policy, or is an optional extra.

Whatever you do, I'd suggest you create an inventory of your system with new prices, and make sure that the insurer places a copy in their files & confirms it's all covered without any limits.

Also, when calculating your total sum insured, make sure you include a resonable estimate for the cost of everything in the house, including your records & CDs. In the event of a big claim, they may send out an inspector to check what your SI should have been. For example, if your stated SI is only 70% of the true value of the contents then expect to only get 70% of the value of any claim.

cheers, Martin

My father, being an Independent Financial Advisor, got me onto this policy where I have cover up to £1000 for each item included in his household insurance. Many insurance companies view hi-fi as separate items rather than the value of the whole system. On my CD5, therefore, the most expensive component in my relatively modest system, I'm faced with an excess of £125. If I upgrade to a CDX, for example, I will have to reconsider. Meanwhile, living in my father's house it costs me £15 pounds a year for the lot, system valuing £6000

On the subject of insuring CDs and Records - given that a lot of vinyl is no longer available, if it were pinched or damaged or something, would they aim to replace it all on CD or would a cash lump sum be offered???

Just a though - I would hate to move the LPs to CD... yuk!

John

An interesting point I forgot to mention and I don't know how it goes abroad.
Here in Israel, let's say that my insurance for the stuff at my home is for 50,000 $.
I made insurance for my system for 20,000 $.
Let's assume that the real price of the stuff at my home is 100,000 $.

If my system be stolen and I sue the insurance company - they'll come and check the stuff at my house and will find that the insurance policy covers only 50% of the real value of the stuff. Although my sue will be only for the stereo that was written in the policy for its true value, the insurance comapny will litigate that I took on my own responsibility half of the value of my stuff and therefore the'll pay me only half of the price my system costs.
For this reason, insurance companies in Israel advice people to value the stuff at home every year or two to avoid such a situation.
I think you have to check this point at your countries, I wonder if it is the same.

Arie

I have known some UK insurance companys consider CD collections, a collection in the same class as stamp collections etc.

And if you had not declared your collection, there was a 750 quid limit, now 200 CD's x 15 quid, is a little more than 750 quid!

The insurance company refused to pay the 3000+ for the CD's and the poor chap got only the max for a non-disclosed collection.

Always ask!

… from someone who has actually had to claim.

We have a household policy with what used to be Commercial Union, and is now Norwich Union (I think). We were burgled some years ago, and broadly, they were very good. From the music system, thankfully only the CD player was stolen, although obviously the TV and video went, but they seemed to be put off by the fact that I was using uncovered plugs on most interconnects and speaker cable connections at the time, and it all must have looked rather "live" around the back. Naim Audio boxes also look distinctly un-flashy, so are probably not that attractive to thieves who generally want to get rid of their haul in a pub car park.

1. In the event of a claim, whether for theft or fire, flood, etc., the insurance company will probably use a loss adjuster who will come and see you, and arrange straightforward replacement of the goods involved, if they are still available. If they are not, then a current equivalent will be negotiated. In the case of computers, TVs and so on, they will have their own "tame" supplier, and the goods will just arrive on your doorstep one day. For our CD player, a credit was arranged with our dealer, and we just went to pick it up. The loss adjuster seemed very keen to settle everything as quickly as possible, which is quite tricky as with a burglary at least, it may take some time to work out what you've lost.

2. We didn't have any music stolen, and this was a huge relief to the loss adjuster. I've since found out that a few of my LPs may be "worth" about £50 each, and it underlines the importance of keeping a good inventory, with matrix numbers. Computers are ideal for this, and a simple database backed up to personal internet space could save you weeks of hassle. Lots of pictures of everything (not just your system) and as many receipts as possible are all good amunition, again stored off site if possible. Certainly the worst thing would be out-of-print vinyl – I really don't know how they deal with that.

3. Our policy is/was "new for old" on everything, with an "all risks" section, which is good for the day when you're not looking, and pick up your headshell by the cartridge rather than the finger lift, writing off the stylus assembly in just under a second (I did this…). No quibbles, 2 phone calls, pick up new cartridge from dealer same day. We have NO "named items", since if an item is "named" as being installed at your address, then that information can very easily find its way out of the insurance company's filing system, thereby making you a target.

4. We found our poicy by using a traditional insurance broker, who is worth his weight in gold, as I can phone him without having to work through the call-centre marathon. Our premiums are not particularly high, but neither are they the cheapest. The policy is very good, and claims are dealt with pretty well. Bear in mind that if your are burgled, or you house burns down, hard-nosed negotiating with an insurer looking to minimise their costs is probably the last thing you feel like doing. The "direct" insurance operations are tremendously "cooperative" with new business, but the bulk of their savings undoubtedly stems from settling claims cheaply – certainly their motor division have almost singlehandedly decimated the car bodywork repair industry in the UK by flooding contractors with work so that they expand their workforce and premises, and then suddenly halving the rates paid, regardless of contracts, etc. Bit nasty, really.

Best;

Mark

(an imperfect
forum environment is
better than none)

Mark,

you raise a good point.

Don't rely on keeping your system/music inventory on your computer, it may get nicked onlong with everything else!

Back up to floppy or print them (and keep a copy "off-site", e.g. in a drawer at work).

If storing print-outs at work, I'd put them into a sealed envelope.

cheers, Martin

Paul,

sounds to me like you were lucky to get your gear replaced. Stuff is normally not insured if unattended in a car!

cheers, Martin