Anybody have insurance on their gear?

Discussion in 'Audio Hardware' started by Joey_Corleone, Aug 9, 2018.

  1. Joey_Corleone

    Joey_Corleone Forum Resident Thread Starter

    Rockford, MI
    I have gotten to the point with my system that if I were to lose any one component, it would be a nightmare and I might not be able to immediately replace it. I've build my system slowly over years of time like most of us. One component at a time through saving up, trade ins, etc. I'm happy with where I'm at, and the MSRP on my 2 channel system is now pretty close to $60,000. I'm not saying that to brag, just saying that's where I am, and if God forbit, I got hit by lightning, or had water in my finished basement, or somebody broke into my home, I'd be S.O.L.

    I have personal property coverage with my homeowners, but I called today and they were like yeah, personal properly only covers "like items" as in, if there were to be a claim, they get to decide that something else is "comparable" to what you lost, as opposed to replacing what you actually lost. I don't know about you guys, but I don't want my McIntosh MC601 mono blocks replaced by an insurance guy with a "comparable item", I want a McIntosh MC601. So, I think I'm going to add a rider on my policy to cover this stuff explicitly.

    Anybody else doing similar?

  2. chili555

    chili555 Forum Resident

    I think I'd ask for clarification in writing. I have understood that replacement with like kind meant that you'll get a check for what it would cost to buy a used, not cosmetically perfect McIntosh MC601.

    I think an even bigger issue is that, if lost, the insurance company will ask for proof that you owned it. They fear that someone, not you and not me, of course, would claim that their burnt and twisted hulk was actually the $9,000 amplifier when it was actually the $900 model.

    Of course, you can gather up all the receipts and place them in a safety deposit box down at the bank. You might also be able to make a list, with serial numbers, take good photos and email it all to your friend, sibling or child for safe-keeping.

    Again, I recommend clarification in writing.
  3. Joey_Corleone

    Joey_Corleone Forum Resident Thread Starter

    Rockford, MI
    The insurance agent requested that to add this rider I would have to send them a list of all my gear, model numbers, serial numbers that I want covered. I did that, and took pictures.

    Yeah, I don't want a used, not cosmetically perfect replacement amplifier that gets decided on by an insurance agent that knows nothing about the hobby. The way I understand the rider here is that I would actually get what I lost exactly, not an "equivalent model" or whatever.
  4. Pastafarian

    Pastafarian Forum Resident

    You need to read the policy, mine is new for old, which I had many years ago when my whole system was stolen. I ended up with the money = to buying the equivalent amp etc, it was a bit of a bind with the loss adjuster but I was very pleased with the outcome.

    I've got photographic evidence of my equipment on the cloud, showing serial numbers, as I've had my system so long receipts will have probably turned to dust.
  5. tomhayes

    tomhayes Forum Resident

    San Diego, Ca
    In the past I have a small rider covering my computers and photography gear which covers theft/damage even when travelling.

    Now a days with a digital camera you could just take pictures of it all and send your self an email with all the serial numbers and photos as proof that you own them.
  6. Dillydipper

    Dillydipper Sultan Of Snark

    Not on my gear...but I do have a rider on my fab. :D
    JNTEX likes this.
  7. I have a Rider for a Dollar amount. My gear changes too regularly to be constantly updating a list with an Insurance carrier. :help:
    Joey_Corleone likes this.
  8. allied333

    allied333 TUBE AMPLIFIER REBUILDER - inquire

    Fenton, MI
    No insurance. I have only about $6K of gear.
  9. jsr

    jsr Active Member

    An excellent question and should be investigated with your insurer. Many policies will have replacement cost endorsements for personal property but with limits on certain types of items such as recorded material, collections, electronic components, not to mention jewellery, fine arts, antiques and similar items. Music collections are are often significantly under insured. Review with your insurance company and get it in writing. Its too late to fix at time of loss.
  10. Gaslight

    Gaslight Q8 Listener

    Northeast USA
  11. BayouTiger

    BayouTiger Forum Resident

    New Orleans
    I have a personal property rider that covers high dollar property like the wife’s jewelry, my audio, computer, photo equipment. And then there’s the guns, I have about a hundred and it would be hard to back up without documentation as most of them are family heirlooms. My dad was a huge collector and since he is over 80 it’s best that they live in my home.

    (Before someone sicks the feds on me, I should note that many of these are old 1880-1920 army rifles like Enfields, Springfields, Krag, Mauser, etc, and old shotguns like Lefevers. :) )
    nitsuj likes this.
  12. vinylbuff

    vinylbuff Forum Resident

    North Port Florida
    I've had my homeowners insurance with a good size company here in Florida for six years. It will also be the last year with them. I had a claim for water damage in my family room. It buckled the laminate flooring behind my equipment rack and under a lp/dvd rack against the same wall. They refused the claim because the damage was "possibly there at least six months"..... The rack holds 500 lps and 200 concert dvd's so it's not something I routinely move to check if something "might" have happened.
    I read my policy and found language that allows them to refuse almost any kind of damage by saying it is "owner neglect". Plus, I found that instead of $250 deductible, there is small print that said my general deductible is $1,000.
    I'll be very particular this time around and make sure I have true replacement cost for my equipment and my wife's two expensive sewing machines.
  13. Bob_in_OKC

    Bob_in_OKC Forum Resident

    Dallas, Texas
    I think my deductible might be higher than market value of my audio system. If I had $60k in my system, I agree with specifically insuring it.
  14. William Kucharski

    William Kucharski Well-Known Member

    State Farm has told me many times its all covered as long as my contents coverage is enough.
  15. jsr

    jsr Active Member

    get it in writing
  16. Barnabas Collins

    Barnabas Collins Forum Resident

    That's how I've always understood it as well. If the OP were to lose his amps due to a claim-he would get a check for replacement cost-which would probably just be an arbitrary figure. I doubt a claim adjuster would go to Audigon to see what used MC601s are going for so I don't know how they would come up with a fair amount that would satisfy the insured and make him whole. This is a really niche hobby compared to collecting jewelry so it would probably be more difficult to come up with a figure for someone not in the know. But I empathize with the OP and have often wondered the same thing about my system as well as my music collection. Even if my contents coverage is relatively high, there are still some areas where I'm sure there would be gaps in policy coverage-I.E. the examples given by vinylbuff on claim denials. It's something I really don't want to think about even though I know I really should.
  17. Whay

    Whay Forum Resident

    To be honest I'd be glad if someone stole my "micro hifi".
  18. Manimal

    Manimal Forum Resident

    Southern US
    Yes, and all serial numbers written down.
  19. BayouTiger

    BayouTiger Forum Resident

    New Orleans
    Almost no one has enough content coverage for a catastrophic loss unless they significantly upgrade the basic amount.
  20. jsr

    jsr Active Member

    You are correct, its so worth doing a review with your insurer. Cost difference to be adequately covered vs underinsured is usually very small
    BayouTiger likes this.
  21. 360-12

    360-12 Forum Resident

    Spoken like a true insurance agent. Never liked to bet against myself.
  22. Blue Gecko

    Blue Gecko Forum Resident

  23. mongo

    mongo Forum Resident

    Perhaps you've lost interest in thread but I can relate my experience.
    Several years ago I did the dreaded meeting with my insurance agent to reassess my needs.
    Really paid off as about 6 months later I was robbed.
    Never made into the dedicated theater\music room thank God but they took a 55" panny plasma, Oppo-95, Grant Fidelity 100WPC Class A integrated, Dali Helicon 800 MkIIs
    plus a lot of other stuff.
    These guys had brass balls

    The way the coverage was written was if I took cash it would be based on the current used value of the gear not what I paid.
    If I wanted to replace the gear I would get gear of equivalent value of what I paid for the stolen goods.
    What I found interesting was the difference between the different agents I dealt with when making calls.
    One guy was a real a-hole, nit-picking everything. I luckily connected with a female agent who was awesome and gave me her direct number.
    Everything went smooth and fair after that.
    BTW, I have State Farm insurance. A bit more pricey than some others but they came through.
    As a side note, the pricks who broke in smashed my solid wood door in half with what seemed to be a sledge hammer.

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