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Insurance for Audio Collection - Seeking Wisdom

70smidfiguy

70smidfiguy

Active Member
Hey all, over the past few years I have built up my audio collection to double digit numbers and need now to consider insurance for the higher value equipment. In theory (at least in Canada) one would get an appraisal of the equipment for condition and current values. It's sort of impossible to think of hauling all of the gear somewhere and hard to think that someone would come and visit to audit. Wondered if anyone else has/had dealt with this. Thanks in advance.
 
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I use USAA to insure all my gear. Have you checked with your insurance company to see if they offer it for your gear?

Audiofreak71
 
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I haven't done but it's been discussed before. I think you need to get a rider on your home owners policy. Then you have to have your gear assessed by some authorized dealer (?) . Then have pics , serial #s for records. Anyone please correct me if I have that wrong.
 
If you have homeowners insurance you might check with your agent about a "rider" policy for your audio gear.
They may request you have an inventory with pictures, serial numbers and proposed "replacement" values. You'd want replacement value rather than market value.
 
nj pheonix said:
I haven't done but it's been discussed before. I think you need to get a rider on your home owners policy. Then you have to have your gear assessed by some authorized dealer (?) . Then have pics , serial #s for records. Anyone please correct me if I have that wrong.
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My insurance agent confirmed the above several years ago.
They don't really want to be in the collectable audio business, so they make it difficult.
 
Yeah, the problem isn't coverage, you can find that somewhere. The problem is where there is not really modern equivalent and not a lot of the same items being sold to establish firm valuation, coupled with the implication as rare or collectible items.

I think being completely transparent up front that you consider these as somewhat rare and collectible (which I presume is the whole point) and with your expectations should a loss occur. Particularly on the points of current and future valuation and what burden of proof/evidence you have to bear to be made whole in the event of loss. Made "whole" is key because unless both you and the insurer are on the same page today, so to speak, you will not like their opinion of what that means if it is left even remotely ambiguous.
 
One time, I had some nice audio equipment stolen out of a storage locker. Fortunately, it was all insured for "replacement value" and I had a list of all the equipment and serial numbers. Anyway, I found a local stereo dealer who was nice enough to provide me a list of comparable pieces along with the prices. That was good enough for the insurance company, ad they actually paid off.
 
Having been an insurance agent and agency owner for over 30 years let me shed a little light on this issue. There are generally 3 types of settlement formulas used by insurance companies for contents settlement -

1. ACV- actual cash value which is current replacement cost (of like kind and quality) less depreciation. This is the what many homeowners policies use unless you have upgraded to replacement cost.
2. Replacement Cost - which is exactly what it is, replacing your used or old item with a new one of like kind and quality.
3. Stated Value - you and the insurance company have agreed upon a value for that specific item and it is stated and described on the policy usually via a rider and you are paying an additional premium. Usually required is an appraisal or some other documentation establishing the value. This is sometimes called Appraised Value or Market Value coverage.

Where there can be controversy under 1 and 2 is agreeing on the equivalent item available today to be used as the replacement. Pioneer still makes receivers but nothing like your SX1250 that just got stolen. On the flip side, a new pair of Magnepan LRSs would be a big improvement over your old SMGs. Most times claims reps will listen to your story and if presented in a factual and verifiable manner, can be educated on these issues and make a favorable settlement. Also with Replacement Cost, you only get that when the item is actually replaced. Until then you get ACV or depreciated value. Stated Value always sounds good but is usually expensive, sometimes not offered, and requires periodic updating to accurately reflect rising values.
 
Is vintage hifi something that is routinely stolen from homes ?

I thought most burglars want to get in and out of a home quickly...grab cash, jewelry and raid the medicine cabinet.
 
I would think that despite the high value of some vintage HiFi items, the niche market for these would make the items undesirable. Generally thieves want cash or items that are easily and untraceably converted into cash. Obviously you might get one oddball who is out to steal your fully restored Sansui G-33000 and has a prospective purchaser (maybe even stealing to order?).

With items as rare as some vintage pieces it may not be possible sometimes to ever obtain a replacement in good order, or any replacement at all. Which makes getting an appropriate valuation a gilt edged priority.
 
After my neighbors house burned to the ground from a 3rd party rechargeable tool battery, I worry more about fire. Or natural disaster.
I can't really imagine a burgler hauling vintage gear up from the basement.
 
Yah, it's more about loss from fire, weather, natural disaster. In the event of a loss, how do you even go about replacing the collection? That could take a lifetime, even with places like Discogs.

My home has a fair market value of $xx according to the property tax bill. My insurance guy tacked on a couple hundred thousand over that so in the event of total loss by fire, tornado, etc, the claim paid would that amount to spend as I see fit. I could level the house, sell the lot, get a mobile home and buy a couple pairs of jeans, some t-shirts, a new rig and still have money to buy half a million dollars worth of vinyl. Buy after an ordeal like that, I'd skip the vinyl and become a minimalist.
 
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