INSURANCE?

[Phil48]

until now always thought my house insurance would cover hi fi equipment, albums, cds, but when checking value, decided to look at taking out separate insurance, the insurance company are asking for receipts, but as i have purchased a lot of my equipment used as have a lot of other members on here i have no receipts, with over 400 albums a lot costing over £30, and over a 1000 cds, plus the equipment it mounts up, anyone know of a good insurance company, that specialise in this.. thanks

 

[audio_PHIL_e]

Save your money, stash it against having to repair or replace your kit. Whatever you insure it for you won't get that back if you have to claim. It's like having a bet with the insurance company that something bad will happen. If it doesn't you lose your stake; if it does, they will find ways to reduce their payout - and charge you a bigger premium next time.

EDIT: you are likely to find insurance only against things that the insurance company thinks are not likely to happen.

 

[tkimages]

until now always thought my house insurance would cover hi fi equipment, albums, cds, but when checking value, decided to look at taking out separate insurance, the insurance company are asking for receipts, but as i have purchased a lot of my equipment used as have a lot of other members on here i have no receipts, with over 400 albums a lot costing over £30, and over a 1000 cds, plus the equipment it mounts up, anyone know of a good insurance company, that specialise in this.. thanks

Ask your current home contents insurance provider to increase the limit so that it will cover your equipment and media. That's what I did and the premium didn't go up by much, much less percentage wise, than the increased limit, but they did insist that my alarm was up to current spec.

 

[JAD]

Speak with a broker. They will provide you with advice on how best to insure your stuff. Multiple insurers out there will be able to provide suitable insurance for collections and high value equipment.

 

[Phil48]

Ask your current home contents insurance provider to increase the limit so that it will cover your equipment and media. That's what I did and the premium didn't go up by much, much less percentage wise, than the increased limit, but they did insist that my alarm was up to current spec.

going to check with a broker as someone else said as my current insurance company who i have been with for years are no helpkeep on insisting if i ever had to claim i would need the receipts as proof. so will be looking elsewhere, their loss

 

[audio_PHIL_e]

their loss

your loss if you buy insurance. Nowt wrong with security devices, alarms etc but remember insurance companies are in the game for their benefit not yours. They also "share information" so whatever you admit to one will very soon be known by all, and they all without exception will find excuses to hike premiums, not pay claims etc.

 

[Lurch]

When I did my contents insurance a few years, back I mentioned the fact I had silly money hifi + music collection. They said to send a photo of the kit (setup en-mass) and give them a list + approx replacement cost, which I did. Increasing my contents cover from 50k to 200k only added £6.73 to my annual premium. So glad I did this as had to claim for a cart which went tits up which got me £2.5k towards a replacement, yes they'll up my premiums next time but I reckon I'll be 6 feet under before they recoup that payout.

 

[audio_PHIL_e]

Increasing my contents cover from 50k to 200k only added £6.73 to my annual premium.

They obviously didn't think you'd have any reason to claim. Chances are they'll have learned by their mistake by now, and any other customers ( or those who buy the same kind of insurance from other companies ) will not be so treated.

 

[Mr.Ian]

I use m&s, unlimited contents and buildings, i am sure any claim will be fraught but should avoid under valued issues

 

[lazycat]

re: music.

It may help to list your music on Discogs. Not to sell, but you'll have some proof of your music and the value of. It's initially a thankless task - I used an app on my phone - as the value rises it gets quite exciting.

 

[thewestfield]

As per Lurch photos of the kit inc serial numbers may be sufficient for some insurers.

 

[uzzy]

until now always thought my house insurance would cover hi fi equipment, albums, cds, but when checking value, decided to look at taking out separate insurance, the insurance company are asking for receipts, but as i have purchased a lot of my equipment used as have a lot of other members on here i have no receipts, with over 400 albums a lot costing over £30, and over a 1000 cds, plus the equipment it mounts up, anyone know of a good insurance company, that specialise in this.. thanks

As for cds and vinyl .. the end game is to ensure that your total value insured for contents covers the cost of replacement as new. I had half of my cd collection stolen back in the early 90s and the problem I found was a number ended up being irreplaceable.
As to your hifi equipment if the value exceeds the amount for a single item (can be as low as £1k or as high as £2k on a standard home policy) it is necessary to specify items (so you list each individual item that comes to more than the allwed amount).
Photograph your gear and send copies to the Insurance company (they do not want them but you can at least prove you sent full details to them).
When I was burgled my cd player and other items were pinched and the assessor asked for receiptes. I told him I had none but the bozes were in the loft if he wanted them and he could also take them to the tip for me. At that point he stopped asking for receipts.
All you need is evidence you own the items, what they are and the insurance company will work out replacement costs (and you may have to argue the point on discontinued items but you can use Hifi Shark to provide replacement second hand for discontinued items and reviews to show equivalents new.
I have multi policy with Admiral and as far as I can see they do all of the above ok - with second hand rare pressings etc then you may be in unchartered territory

 

[timmytiger]

As said, read the policy carefully.

I've got all the serial numbers and larger bits itemised, give as much information as possible as a lot of normal people couldn't conceive of a system worth over £500. Photos are a big help, especially as they'll have all the metadata.

I started a claim for a Bryston 14BSST2 a few years ago after a DJ overloaded it to death. Claim was all approved under new for old but then PMC fixed it back to as new under the guarantee.

Policy goes up a little every year as values are automatically tied to RPI but i do have an annual update.

I won't shed a tear if the piano self combusts!

 

[lostwin]

They obviously didn't think you'd have any reason to claim. Chances are they'll have learned by their mistake by now, and any other customers ( or those who buy the same kind of insurance from other companies ) will not be so treated.

Wow, you must have had some bad experiences with insurance.!

Now I am probably biased as I have worked in insurance all my life. Not Home insurance, but principles are similar.

Insurers don’t share information on customers. On high volume business such as home insurance, competition is severe and profit margins low (sub 10%) so plenty of claims are paid out. Regulation is very tight with protection of the customer paramount.

Generally, all insurers will aim to settle valid claims as fairly as possible. I always look for an insurer with a good reputation and by avoiding the budget/value policies and getting one with broader coverage often removed limitations or sub limits on equipment such as hifi.

 

[Warszawa]

Save your money, stash it against having to repair or replace your kit. Whatever you insure it for you won't get that back if you have to claim. It's like having a bet with the insurance company that something bad will happen. If it doesn't you lose your stake; if it does, they will find ways to reduce their payout - and charge you a bigger premium next time.

EDIT: you are likely to find insurance only against things that the insurance company thinks are not likely to happen.

Where's the "terrible advice" emoji.

 

[Nopiano]

The main caution I’d add, if relying on a regular home insurance policy, is to check the single item limit. Mine is £2,500 which isn’t enough for several bits I now own. But you can either list items individually, just as with say jewellery or watches, or get a different limit agreed. A broker is a good idea if you’re stuck.

When I had a buglary claim in 1997 I had paper receipts for most things, and a hand-written equivalent of a speadsheet with details of what I paid, when, and what the current price was. The loss adjuster employed a reputable dealer to advice on replacement kit and prices from whom I subsequently chose to buy a system. I appreciate things may have changed since then.

 

[lostwin]

The main caution I’d add, if relying on a regular home insurance policy, is to check the single item limit. Mine is £2,500 which isn’t enough for several bits I now own. But you can either list items individually, just as with say jewellery or watches, or get a different limit agreed. A broker is a good idea if you’re stuck.

When I had a buglary claim in 1997 I had paper receipts for most things, and a hand-written equivalent of a speadsheet with details of what I paid, when, and what the current price was. The loss adjuster employed a reputable dealer to advice on replacement kit and prices from whom I subsequently chose to buy a system. I appreciate things may have changed since then.

As hifi is now fairly niche in peoples homes , I have found that it is less often listed under the valuables total limit or item sub limit. This is more commonly used for jewellery, watches and art collections. As ever, check your wording (all now have to be in plain English) and my previous suggestion of avoiding the lower end product offerings often opens out less restrictive coverage.

 

[audio_PHIL_e]

Wow, you must have had some bad experiences with insurance.!

never had a good one

Now I am probably biased

evidently

Insurers don’t share information on customers.

check the motor insurers' websites. They say they do.

an insurer with a good reputation

= a clever con artist

 

[Bodgit]

I’ve got some expensive bikes as well as hifi, drum kit etc etc, am with John Lewis who do unlimited cover at reasonable premiums.

 

[Amormusic]

The main caution I’d add, if relying on a regular home insurance policy, is to check the single item limit. Mine is £2,500 which isn’t enough for several bits I now own.

I would add to this - many policies are limited to £1,000 per single article for home entertainment equipment. It is well worth specifying any items over this value so they are covered.

It is also worth noting the current new price of the item as many components have increased, sometimes dramatically in cost, and you should note the current new cost of each item.

I had to change insurers when I bought my ART's as the previous one wouldn't cover me for the full value of them should they have to be replaced. Moved elsewhere all noted and only cost a couple of quid extra.