[sfraser]

Hi, this thread  is aimed more towards the Canadian members , but any advice is welcome.  James, if this is too off in left field , please delete.

My wife and I are currently reviewing our home insurance policy and if our coverage is adequate for our dwelling and contents.  The topic of Hifi components came up and we came across some interesting points which we are still trying to get answers from our insurance company. I thought I would pose a few questions and see how other audio fan's are handle insurance coverage on their systems.

1. How many people have there components appraised ? If so how often do you require a re-appraisal?
 
2. How many people have special riders for their components?

3. How many people have "replacement cost" rider for their components?

Any input is welcome, and if you have not done so lately, I highly suggest everyone take a look at their current policy to ensure they are properly covered and there are no hidden limits when it comes to HiFi equipment.

Cheers,

Scott

[Mag]

  Not an expert, but as you say Insurance is pretty vague about Home Audio. A typical audio system doesn't cost thousands like an audiophiles system. So the answer they give you is based on that.
  One thing you need to do is get a camera, take a picture of every component, write the serial number down, price at purchase, etc.. I can also go to my Dealer to get info on a purchased component. Unfortunately I don't think Insurance would cover your music collection, which in my case would cost thousands to replace even though a lot are downloads or copies.

[Jon L]

What I wonder is if the insurance companies find out how expensive your audio equipment is, will they increase the insurance rate or worse yet, not renew your home insurance?

Those living in California and Florida may be more sensitive to this issue, as countless home insurance companies have left/leaving the states, leaving tons of homes scrambling to find new insurance. 

[Mag]

I was told for example if your house burns down. Insurance will cover the house but not your audio equipment as well. So if your stereo was stolen then it would be covered up to the value of your policy. You however have to have your equipment itemized,hence taking pictures of equipment serial numbers invoice, stored in a safe place.

[abk456]

There is almost always a difference between building insurance (pays for you to rebuild if your house burns down) and contents insurance (pays out if contents are stolen or destroyed). Often the two are packaged together with a name like "homeowners insurance". Contents insurance usually has an aggregate limit (everything stolen you get the maximum) and a limit for individual items often not high. Valuable items have to be individually listed and valued otherwise you get the item limit (say $500) for your D'Agostino amp. Obviously if you list individual valuable items, the premium goes up.
Your call.