S/H Naim and house contents insurance

Best to call your insurance company and find out exactly what you are covered for before anything happens.

I have my hi-fi covered on an old for new policy. If anything happens to my hi-fi I will get exactly what I had before or the equivilent in future years.

Its not worth compramising on your insurance,

Regards

PB

quote:

I have my hi-fi covered on an old for new policy

I think you mean new for old!! I have a policy with Hiscox, where you can get a decent level of contents cover for a fair price, and do not need to declare each item of hifi. It might be worth checking them out.

Nigel

Hamish - give me your address, and I'll arrange to have the R-D1 knicked....and we can do a deal on the new M8 mkII...! I can't believe an insurance company went for that...!

Steve

quote:

Hamish - give me your address, and I'll arrange to have the R-D1 knicked....and we can do a deal on the new M8 mkII...! Winker I can't believe an insurance company went for that...!

Steve

i was pretty astonished as well, its with a campany called imaging insurance (off the top of my head) i did talk it throught with the lady she even got me to send s/ns and photos ofthe r-d1 because of the high value of insurance

my years contents insurance is up pretty soon and these imaging people said they would be able to offer my a discount on house and contents based on the fact i have my cameras, public liability and private idenmity with them.
maybe if thats how they insure then they might be worth going for with my hifi in mind!

I have special insurance on my kit, make sure you have copies of the serial numbers and pictures help. I was burgled 20 years ago, it was amazing and glad I didn't have much at the time. I was gone on a 10 day trip looking for work after grad school. Insurance company wanted receipts on everything, serial numbers and pictures if possible to prove ownership. I didn't have half of that so couldn't claim much.

Now I have pictures of the contents of my apartment. I even open cabinets and display things on the floor to take pics. Record collection and CDs they ask costs and numbers so Photo proof is good and write on the picture how many are on the shelf, and list a number of the most valuable ones or they'll just say $5 an album and your prize original Sgt Peppers or DSOTM can't be replaced.

I kept getting pushed to sign off on the few items I could prove, one friend said not to as I'll remember things later on and can't collect. sure was true, I'd lay around in depression and then think where's that watch? oh no they also took such and such. Pictures can really help you remember.

Remember burglery is one way, flood or fire is another loss, keep copies on a CD with important papers at family member or bank box.

quote:

Originally posted by SC:
I can't believe an insurance company went for that...!

Steve

I can. Insurance companies don't care much if you're over-insured - the premiums will match the insured value. The chance of your camera being nicked is fairly independent if its value.

By being insured you are doing two things; buying some peace-of-mind, and making a bet that your stuff will be knicked/burnt flooded etc. By being overinsured, you are just making a bigger bet. The casino, I mean insurance company, don't care.

It could be argued that insurance is for events other than those that will wipe you out financially is actually financially irrational. Cue anecdotes galore - "But I got $xxx back when my place was burgled" etc. It doesn't change the statistics - insurance companies take in more than they pay out. That's the point of their existence.

If you under value the goods to reduce your premium the Insurance will reduce the payout in proportion even if only a small proportion of your goods have been damaged, stolen burnt etc

quote:

Originally posted by winkyincanada:
...The chance of your camera being nicked is fairly independent if its value.

Not, to the insurance companies, if you start telling them you are likely off to Afghanistan, Cambodia, Zimbabwe et al....Then, they start getting serious with you, trust me.

In the end (years), I opted out and took the risk sans insurance...The irony was, the biggest risk, was ME, leaving my bags here, there and everywhere - the classic was walking away from the currency exchange desk at my hotel in China, leaving my Domke bag and approx £20k worth of kit, which had been at my feet, behind......15 minutes up the road later, I realised, ran back, and...it was sitting where I had left it !

Steve

Hey Steve,

Yeah, if you are a higher risk than average perhaps due to a prediliction for leaving stuff behind, or travelling to risky places - then you might "beat the odds" on insurance, provided the insurance companies don't realise this and jack up your premiums to match. But if you are careful and relatively low risk, then you are simply paying for others' carelessness by buying insurance.

I heard a counterpoint a few years back. Basically the argument was that most people don't claim what they are entitled to, so if you are diligent in claiming everything, then you can perhaps beat the odds, even if you are average risk. If someone takes this one step further, and fradulently makes claims then they can almost certainly beat the odds (for a while at least). Someone proudly told me once that they always claim for a fictional piece of lost luggae, just to cover their travel insurance premiums. They couldn't understand why I didn't think this was a grand idea.

This goes to my my main reason for being personally cycnical regarding insurance. If I am careful with my stuff and honest; then why should I subsidise the lazy, careless and dishonest people who really benefit most from insurance?

Of course I'm not suggesting that you are any of the above, Steve. Anyone can have a lapse of concentration.

If insurance buys you peace-of-mind then go for it. But just don't view it as a wise financial decision (perhaps other than for risks that would wipe you out financially - house burn down, third-party personal etc.).

Can't recommend Hiscox highly enough. Managed to break my glasses and the price had inflated outrageously (They're French) and two phone calls one to check I was covered and what to do, the other with the info they needed. Money in the bank a few days later - Brilliant.