Should you insure your collection and system?

[RenegadeMonster]

From what I understand with my renters insurance, my records are not covered at replacement value unless I get them appraised and have a rider. Meaning, if something should ever happen to my limited out of print records, I would only get the original sale price minus depreciate in value. Likely like 60% of what I paid for it. Everything is worth less to them than what you paid for it. Getting median sale price on Discogs mean nothing to my insurer.

As for my equipment. That is covered up to $5,000. I have an additional police for electronics that covers theft, damage and what not of my devices. Stereo and turntable included.

That $5,000 also covers my TV, MacBook, iPhone, iPad, Apple Watch and other devices. $5,000 is nothing when all those are put together. I have asked if they have a policy with a higher limit. They do not.

 

[Djxfactor511]

Pivoting back to the insurance topic, anyone have a particular insurance provider that they use and trust for it in the US? A few years back my home insurance provider was going to require pictures of each record and their estimated value in order to provide coverage specific to my collection and gear. Now that my collection is worth 3x more than when I first asked them, thinking I need to get my butt in gear and get these things insured.

 

[RenegadeMonster]

Pivoting back to the insurance topic, anyone have a particular insurance provider that they use and trust for it in the US? A few years back my home insurance provider was going to require pictures of each record and their estimated value in order to provide coverage specific to my collection and gear. Now that my collection is worth 3x more than when I first asked them, thinking I need to get my butt in gear and get these things insured.

Is your insurer specific on how you must obtain an estimated value? Mine requires to get each one individually appraised by a professional. The same way you would with rare baseball cards. They want a picture, condition, and appraisal value for each record.

So basically, that would mean be bringing everything to a place that can do the appraisal. And I don't know where to do that, and that would be a major pain in the ass to do. No way it's happenin in 1 trip let alone 20.

 

[Djxfactor511]

Is your insurer specific on how you must obtain an estimated value? Mine requires to get each one individually appraised by a professional. The same way you would with rare baseball cards. They want a picture, condition, and appraisal value for each record.

So basically, that would mean be bringing everything to a place that can do the appraisal. And I don't know where to do that, and that would be a major pain in the ass to do. No way it's happenin in 1 trip let alone 20.

Not sure if this would have changed because of the increase in value, but previously a picture of each record and discogs value was going to suffice. It was the picture part that made me not pursue it further.

No way I'm packing up 1k+ records and hauling them to some "professional" to tell me that the majority of them are properly valued.

 

[AnthonyI]

Not sure if this would have changed because of the increase in value, but previously a picture of each record and discogs value was going to suffice. It was the picture part that made me not pursue it further.

No way I'm packing up 1k+ records and hauling them to some "professional" to tell me that the majority of them are properly valued.

Its still such a grey area, my insurance guy, while offering answers, seems very non-comital and or completely transparent.......you know then you feel they're just telling you the "Readers Digest" version of the policy because they know you won't read the fine print, lol.

The "professional" appraisal is a crutch in my opinion, again, I think they kind of lean on the thought that the average person might have an appraisal done once, but not on a regular basis to track any change in value...........so of course everything is based on the last and or only appraisal you had done.

My agents a nice guy, but when it comes to this particular concern he's not making me feel all warm and fuzzy, lol. More and more I wonder if storing the more "valuable/hard to replace" albums separately is the best option.