RAPTORMAN Posted September 4, 2005 Share Posted September 4, 2005 What happend in New Orleans is a terrible tragedy. After seeing the damage the water did to everyone there got me thinking. Should I get my equipment insured for those type of things. Would it be worth getting insurance with a replacement value coverage??? I mean there is an easy $35,000.00 to $40,000 (Retail) in equipment in my basement. Any of you guys have some kind of special insurance to cover lost or damage in your gear??[] Quote Link to comment Share on other sites More sharing options...
Duke Spinner Posted September 4, 2005 Share Posted September 4, 2005 Sadly ..... no ... and someday it wil cost me ... problem is, you need a 'rider', and no-one covers vintage ..... Quote Link to comment Share on other sites More sharing options...
kev313 Posted September 4, 2005 Share Posted September 4, 2005 A very good point!!! I do not have specific coverage for my gear. I often wonder what would happen if I say down with my agent to discuss some of my pieces (Schroeder tonearms, for example). I suspect that I could either not afford the coverage, or it would simply render me uninsurable. Quote Link to comment Share on other sites More sharing options...
dragonfyr Posted September 4, 2005 Share Posted September 4, 2005 Oh, sure you can get coverage for 'vintage' gear! You simply have to go through the hassle of having the item values appraised. But as Kev rightly mentioned, you won't like the quote and you most likely will decide against paying it! So most rely rightly or wrongly on surge protection and a security system, etc., and simply hope that any claim against their homeowner's or renter's insurance will not be substantial enough to exceed the replacement value! And as most know, homeowner's is a safety net, not all inclusive! I dare say that the limit comes VERY quickly! Quote Link to comment Share on other sites More sharing options...
neo33 Posted September 4, 2005 Share Posted September 4, 2005 I do have some sort of "personal" protection in my coverage. My agent told me to photograph and document every piece of equipment I have. Quote Link to comment Share on other sites More sharing options...
MrMcGoo Posted September 4, 2005 Share Posted September 4, 2005 Flood insurance is a separate form of insurance than homeowner's insurance as is earthquake insurance. If you need flood insurance, the only source is the US government. If you do not need it due to VERY low probability of flooding, then it is commercially available. Bill Quote Link to comment Share on other sites More sharing options...
Allan Songer Posted September 4, 2005 Share Posted September 4, 2005 I have a special provision in my homeowners policy for my LP collection--the gear is covered under the normal policy, but it's really not worth enough to single out--what, maybe ten grand, probably less. The LPs, on the other hand . . . . Quote Link to comment Share on other sites More sharing options...
RAPTORMAN Posted September 4, 2005 Author Share Posted September 4, 2005 I have a special provision in my homeowners policy for my LP collection--the gear is covered under the normal policy, but it's really not worth enough to single out--what, maybe ten grand, probably less. The LPs, on the other hand . . . . ******************************************************************************* Allan How much money ar we talking here. How many records do you have??? --How much is your most expensive record??? Forgive me for being nosy but I'm just curious. BTW I'm going to a record show in a few weeks. There are going to be around 60 dealers in the show and I would like to spend a few hundered bucks in LP's. Any tips?? Thanks[] Quote Link to comment Share on other sites More sharing options...
Gilbert Posted September 5, 2005 Share Posted September 5, 2005 What happend in New Orleans is a terrible tragedy. After seeing the damage the water did to everyone there got me thinking. Should I get my equipment insured for those type of things. Would it be worth getting insurance with a replacement value coverage??? I mean there is an easy $35,000.00 to $40,000 (Retail) in equipment in my basement. Any of you guys have some kind of special insurance to cover lost or damage in your gear??[] Yes, absolutely. After doing a fare bit of research, I purchased repacement cost type coverage from USAA. It's the best type of coverage IMHO. And follow neo's advice, you must absolutely document everything. It's the only way to get the most out of what your paying for. Personally, I took video's while walking around from room to room with my digital camcorder, and narrated each item. Then burned a couple of DVD's and keep one in the safe, and one at my parents. Quote Link to comment Share on other sites More sharing options...
TBrennan Posted September 5, 2005 Share Posted September 5, 2005 My personal goods are insured at full replacement value, minus $500, by State Farm. We were robbed not long ago and lost a laptop, a camera and a couple of Movados. No problem getting full cost back, minus the $500 of course. Quote Link to comment Share on other sites More sharing options...
charlieboy Posted September 5, 2005 Share Posted September 5, 2005 I have a special provision in my homeowners policy for my LP collection--the gear is covered under the normal policy, but it's really not worth enough to single out--what, maybe ten grand, probably less. The LPs, on the other hand . . . . ******************************************************************************* Allan How much money ar we talking here. How many records do you have??? --How much is your most expensive record??? Forgive me for being nosy but I'm just curious. BTW I'm going to a record show in a few weeks. There are going to be around 60 dealers in the show and I would like to spend a few hundered bucks in LP's. Any tips?? Thanks[] Tip # 1Take more money! Just kidding , but that does sound like fun. Hope you get some good stuff. Quote Link to comment Share on other sites More sharing options...
Allan Songer Posted September 5, 2005 Share Posted September 5, 2005 I have a special provision in my homeowners policy for my LP collection--the gear is covered under the normal policy, but it's really not worth enough to single out--what, maybe ten grand, probably less. The LPs, on the other hand . . . . ******************************************************************************* Allan How much money ar we talking here. How many records do you have??? --How much is your most expensive record??? Forgive me for being nosy but I'm just curious. BTW I'm going to a record show in a few weeks. There are going to be around 60 dealers in the show and I would like to spend a few hundered bucks in LP's. Any tips?? Thanks[] Just noticed your post. I don't really know what the "replacement value" of my record collection is--maybe a couple of hundred thousand if broken up and sold one by one on ebay? I certainly have FAR FAR less than this invested--just 30 years of collecting and refining! I still buy and sell A LOT but the number of records in my collection seem to hover between 2 and 3 thousand discs. You have to know what is the right price to pay when you buy at shows--get yourself one of the guides like Goldmine--they're WRONG much of the time, but it's better than going in blind. What are you looking for? My knoweldge is VERY narrow and VERY deep--I don't really know much at all about rock or classical records. Quote Link to comment Share on other sites More sharing options...
dragonfyr Posted September 5, 2005 Share Posted September 5, 2005 What happened in New Orleans is a terrible tragedy. After seeing the damage the water did to everyone there got me thinking. Should I get my equipment insured for those type of things. Would it be worth getting insurance with a replacement value coverage??? I mean there is an easy $35,000.00 to $40,000 (Retail) in equipment in my basement. Any of you guys have some kind of special insurance to cover lost or damage in your gear??[] Coverage, if you can afford it, is indeed worthwhile insurance. But Please do your due diligence. I think that you will find that most of the damage covered in most 'natural disasters', be they hurricanes, tornadoes, floods and fires are excluded in many types of normal coverage. The damage in New Orleans is primarily caused by flooding, and technically not the storm, so most will not recover on much of what they thought their homeowners insurance would cover. Just as friends who were adjusters for Allstate, and literally relocated to south Florida after Andrew, explained 12 or so years ago. Of course each policy can be different, but be sure to ask what is NOT covered and what is excluded. Do not make any assumptions! You may be very surprised! Quote Link to comment Share on other sites More sharing options...
RAPTORMAN Posted September 5, 2005 Author Share Posted September 5, 2005 I have a special provision in my homeowners policy for my LP collection--the gear is covered under the normal policy, but it's really not worth enough to single out--what, maybe ten grand, probably less. The LPs, on the other hand . . . . ******************************************************************************* Allan How much money ar we talking here. How many records do you have??? --How much is your most expensive record??? Forgive me for being nosy but I'm just curious. BTW I'm going to a record show in a few weeks. There are going to be around 60 dealers in the show and I would like to spend a few hundered bucks in LP's. Any tips?? Thanks[] Just noticed your post. I don't really know what the "replacement value" of my record collection is--maybe a couple of hundred thousand if broken up and sold one by one on ebay? I certainly have FAR FAR less than this invested--just 30 years of collecting and refining! I still buy and sell A LOT but the number of records in my collection seem to hover between 2 and 3 thousand discs. You have to know what is the right price to pay when you buy at shows--get yourself one of the guides like Goldmine--they're WRONG much of the time, but it's better than going in blind. What are you looking for? My knoweldge is VERY narrow and VERY deep--I don't really know much at all about rock or classical records. O Yeah... I do have the Goldmine book. It is helpful, but your absolutely correct--their pricing is a bit too high I think. I enjoy various type of music, but I really love soft female/male vocals or duets. I also love Japanese type of jazz, I think they call it "Fusion". An artist that comes to mind is "Tadao Hayashi" and "Sadao Watanabe" I see Sadao Watanabe records all the time. Not expensive at all.[] I'll take Charlieboy's tip on the record show "Bring lots of money"[][] Quote Link to comment Share on other sites More sharing options...
TBrennan Posted September 5, 2005 Share Posted September 5, 2005 Several years ago my basement flooded and State Farm paid replacement cost on everything----books, records, furniture, tools, speakers, appliances---everything. Note that I had specific flood insurance, you need that. Quote Link to comment Share on other sites More sharing options...
Royster Posted September 5, 2005 Share Posted September 5, 2005 I have a seperate rider for our electronics from General Casulity ($75,000 rider). All I tems are photo graphed and video taped with ss numbers recorded (all kept in the ss box). We also carry a rider for firearms (most policys only cover $1,000.00). Quote Link to comment Share on other sites More sharing options...
Royster Posted September 5, 2005 Share Posted September 5, 2005 One other point i would like to give fellow posters. If you do not have Umbrella policy, GET one. If your agent has not set one up for you find a new agent. The umbrella covers after your policy limits are reached (liability), we have a multiple million policy, and it is not that much additional each year. Quote Link to comment Share on other sites More sharing options...
doctorcilantro Posted September 6, 2005 Share Posted September 6, 2005 We were required to have flood insurance for our new home and purchased through USAA, who handles all of our insurance - vehicle, homeowner, & flood. I keep receipts, papers, and PC backups in a safe; I still need to document the gear with pics though. Quicken has an inventory program for insurance purposes that is included with the Quicken $ software. Dr. C Quote Link to comment Share on other sites More sharing options...
kev313 Posted September 7, 2005 Share Posted September 7, 2005 We were required to have flood insurance for our new home and purchased through USAA, who handles all of our insurance - vehicle, homeowner, & flood. I keep receipts, papers, and PC backups in a safe; I still need to document the gear with pics though. Quicken has an inventory program for insurance purposes that is included with the Quicken $ software. Dr. C A bit of an aside, but something a few friends of mine learned the hard way...Do not rely on fireproof safes to keep your important documents safe in a fire. If your house burns, and the safe is in the fire zone, you will likely find only ash inside. Try offsite storage (safety deposit box, for example). Quote Link to comment Share on other sites More sharing options...
maxg Posted September 7, 2005 Share Posted September 7, 2005 Equipment insurance (on a new for old policy) should be fairly straightforward although you may lose out on tweaks. Music collections are another story. I am having mine appraised shortly - but the problem is not just the money - some of my records that cost next to nothing would be REALLY tricky to find again. Fortunately I have my entire classical collection on a spreadsheet - backed up too. Arguments with the insurance company get way easier when you have data. The only rock records that would be a worry would be the Pink Floyds - as I have the entire set of albums plus all the Roger Water follow ups. Replacing them would cost a few hundred bucks probably (except amused to Death - that could be expensive) but tracking them down from the prefered countries of origin would take months. Just add this to the "potential nightmare" category. Quote Link to comment Share on other sites More sharing options...
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