HiFi Insurance cover

There were some discussions and various names and prices mentioned in a thread running around the beginning of this year, which would probably come up in a search of the forum (sorry I don't recall the thread name)

Search 'Hiscox' as one route here - this may throw up several threads. As with all insurance arrangements, it's key to understand the detail and fine print  -  and what needs to be declared up-front.

I also tend to over-insure my contents given the inflation in kit prices as against the insurance indexation levels - plus I keep spending a bit more each year  

Innocent Bystander posted:

There were some discussions and various names and prices mentioned in a thread running around the beginning of this year, which would probably come up in a search of the forum (sorry I don't recall the thread name)

Here 'tis

https://forums.naimaudio.com/to...i-insurance-1?page=2

Thanks yall

The devil is in the detail and sometime it's wise to ask - particularly ask what items they need to be specifically listed as high value items.

I use Nationwide and with my policy all my HiFi items are covered provided I don't exceed the total contents cover, no matter what their individual value.

Also keeping a set of photographs offsite is a good idea as it serves as (almost) irrefutable proof.

That's where System Pics comes in useful. We use Natiowide too, and the stereo is just part of contents. It's a good policy and it covers watches and jewellery out of the house up to £5,000 per item. When my bike got mashed last year I had a new one sorted within 24 hours of making the claim. 

I am rebuilding my system at the moment ..... so I will photograph each part showing serials - then do an overal hi res pic.... thanks for the advice.....

Hmm.., a thought occurs that I should photograph my vinyl & CD collection, as it's not only the hardware that's valuable (in relative terms). Like many here, a lot of my vinyl is >25Y's old and NLA, and that which isn't has been expensive to acquire (MoFi and alike). Given the way that £:$ is going, it could well see further price inflation.

Highly recommended also to keep one's purchase receipts and store these aware somewhere safe.

Always best to insure as part of the house contents and yes be careful with terms and cover, particularly valuables and individual item limits, new for old. I was burgled in  previous property in 2010, I had my nait 1 replaced with a current nait, new for old, it reduced the upset a bit....

Yes, I suggest photograph all items, include serial numbers, date of purchase & price paid along with scan a copy of receipt to PDF & save a backup somewhere safe. 'New for old' type cover highly recomended.

Anyone know if dealers will provide a valuation/replacement certificate as with jewelery - if not might be an idea as some components are rather pricey.

NFG posted:

Yes, I suggest photograph all items, include serial numbers, date of purchase & price paid along with scan a copy of receipt to PDF & save a backup somewhere safe. 'New for old' type cover highly recomended.

Anyone know if dealers will provide a valuation/replacement certificate as with jewelery - if not might be an idea as some components are rather pricey.

With new for old insurance, and gear still available new, you don't need a valuation (jewellery is different as pieces tend to be more individual). Similarly if the current equivalent of something discontinued, if the current equivalent is unambiguous. For other things you could make an educated guess as to what current equivalent is - for my speakers I did that but it falls between three models, so I did the simple thing, and asked the manufacturer (PMC) and they kindly responded so I have that on record - in fact I gather that  in the event of a claim apparently the loss adjusters typically would ask the manufacturer.

I was with Hiscox and their admin is good but a few years ago they increased their mandatory excess, I don't like high excesses since for me it seems to undermine the purpose of insurance. I changed to john Lewis and it seems a good policy,  reasonable excess with unlimited contents cover, so you don't have to worry about telling them if you add a black box (or indeed buy anything else expensive). The only things needing itemisation are jewellry & watches over £10k individually IIRC.

Neil

I can attest to the fact that Hiscox are as good as their word when my house got struck by lightning last year. It destroyed most things that contained a processor but I phoned them the following day and they said just do what you need to do and send us the invoices. I did and they paid within a few hours of receiving them.

As reported, the excess is quite high but if it buys peace of mind them I'm happy to pay!

I moved to Hiscox after my previous insurer wouldn't cover my Naim system without installing an alarm and a big hike in the premium.  I rang round a few and found Hiscox the most straightforward to deal with, and reasonably competitive. They confirmed that they would treat each item in my system as an individual item for the purposes of the max item value (£15k), provided they were sold that way. Some insurers I spoke to just didn't seem to understand that a hi-fi system could be made up of individual bits, implying that 'the stereo' was a single item and valued as such! 

Later when I got a 552DR, which exceeds the upper individual item value limit, I rang Hiscox expecting a difficult conversation. Not a bit of it.  The 552DR was added as a separate item to my policy and the modest in-year increase in premium was waived.