If I ever had to deal with this issue once, I've dealt with it 100 times. Back in the 60's and 70's it was a weekly occurrence it seemed. But usually it was a stylus that needed to be replaced, or a tone arm difficulty. Tube amps just didn't blow up. SS state amps like Kenwood, and early units with Germanium transistors would die or put out a puff of smoke]. Early Scotts were very susceptible to failure. Klipsch tweeters instantly failed it seemed. Altec failures were rare. Bozaks never seem to have issue. AR, KLH were usually good to go. Jensen and EV had issues, too. In all the years we sold Frazier, Stevens, Bozak, I just don't remember a failure from a dropped tone arm.
Later as high-powered SS amps came along usually the amps didn't fail, but the tweeters and super tweeters did. Advent, EPI, Boston, B&O, Mcintosh, had their issues. But I think it was from amp clipping more than anything. Mcintosh developing Power Guard saved so many people big money, that we rarely had calls. Arms became semi auto matic which saved money big time,
My tone arm is semi auto matic with auto lift at the end. But every once in a while I mis align the drop on the lead in groove and the stylus will slide off the side of the record. But there isn't any loud noise. Thats one reason I'm very hesitant in buying a VPI Prime Signature with the unit pivot arm. They can get away from you quite easily. I feel the SME 15 with a 309 to be a more secure choice, or Maybe a Clear Audio Ovtation with a TT5.
Having worked at a CW AM radio station in the late 60's the tracking pressures had to be kept around 5 to 7 grams, even with damped tone arms, to prevent daily stylus destruction. SME 3012 Arms were a total failure. When the station was sold in the late 70's long after I left most of the studios still had arms from the late 50's.
Its been close to 10 years now since I trashed my last available Stanton 981 HLZ stylus. Now I'm using a Dynavector 20X 2, and the idea of dropping the tone arm or bending a needle ruffles my feathers and would guarantee big $$$$$$.
I'm sorry for your loss, its going to cost you big time. Maybe its time for some upgrades. A pre-owned Mac with Power Guard. A better more dependable semi auto turntable. And hopefully your speakers came out unscathed. That could be the biggest issue of all.
Let us know if your LP collection needs a new home. I am sure many of us would accept.