Insurance for large system

[HughP3]

Allstate has informed me that they will not cover my system under contents. They will cover the building and room replacement.

If wbf members would not mind sharing, what solution has worked for you?

thanks!

 

[Alrainbow]

Allstate has informed me that they will not cover my system under contents. They will cover the building and room replacement.

If wbf members would not mind sharing, what solution has worked for you?

thanks!

I asked this in the past it’s jewelry you need a rider or even A another policy

 

[Lee]

Hugh, try Lemonade insurance. I believe they have something. Chubb used to have a Masterpiece policy that worked as well but it was expensive when I was in NYC.

 

[Audire]

We have USAA insurance (i.e. officer in military) that covers our entire system at “new” replacement value ($500,000). It’s at a reasonable rate. Home and cars combined less than $2900 per year. However, I’ve been a member since 1977 so our rates are low… Qualification is based on different criteria. See if you qualify:

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[rubinken]

Try AMICA insurance. No problems

 

[Republicoftexas69]

We have USAA insurance (i.e. officer in military) that covers our entire system at “new” replacement value ($500,000). It’s at a reasonable rate. Home and cars combined less than $2900 per year. However, I’ve been a member since 1977 so our rates are low… Qualification is based on different criteria. See if you qualify:

Enable Cookies | USAA | USAA

As are we, and my wife works on their banking side. Let’s us sleep easy.

 

[HughP3]

thanks everyone!

 

[steve59]

Good question, I nee to look into insurance for my system even if it’s still under $100k.

 

[Al M.]

Good question, I nee to look into insurance for my system even if it’s still under $100k.

My home owners insurance covers mine; I gave them a detailed list of components with new purchase price.

 

[Steve Williams]

State Farm here. I have an actual cash replacement value for anything, lost, damaged stolen fire etc.IOW if the article cost me initially $1000 to buy but actual cash replacement is now $1500. that is what they will pay me

 

[Gregadd]

i definitely recommend a rider. The problem you might want to think about is do theyy have an adjuster who can properly assess the value of your system. It may require you to enlistt the aid of an expert.

 

[Kingrex]

I have replacement cost through state farm too.

 

[Steve Williams]

I have replacement cost through state farm too.

I’ve had State Farm for over 30 years. What drew me to them was the Actual cash replacement value Years ago after returning home from a vacation we found our home has been robbed and many of my electrical components in my system were stolen I recall that one piece I had was no longer made but was replaced by a unit costing twice as much. The insurance replaced it with the more expensive piece

 

[Solypsa]

Serious question: does actual cash replacement cut both ways? Iow can be lower too if a ' suitable replacement ' is identified for rare / out of production items?

Have had this problem with cars that cannot easily be comped or bought.

 

[Steve Williams]

Serious question: does actual cash replacement cut both ways? Iow can be lower too if a ' suitable replacement ' is identified for rare / out of production items?

Have had this problem with cars that cannot easily be comped or bought.

Never cuts both ways AFAIK. In the claim I made they purchased identical new equipment to replace that which was stolen and for those which were no longer in production, they purchased the more expensive model which replaced the one which was stolen

 

[Gregadd]

This is a slightly trickier question than it appears.
Are you obligated to replace the item?
Suppose the insurance company was able to beat your best price. would you be obligated to accept the unit they purchase? Or could you demand a check and do whatever you please?
Even trickier. What say the unit was damaged and able to be repaired. Could you demand a new unit? Or would you be bound to accept a check for the reasonable cost of repair?
Here is hoping your insurance adjuster is an audiophile and a subjectivist. Who else would underwrite a $40k speaker cable.

 

[Gregadd]

Let us give a shou-out to Statefarm for giving auto insurance rebates during the pandemic.

 

[SCAudiophile]

State Farm here. I have an actual cash replacement value for anything, lost, damaged stolen fire etc.IOW if the article cost me initially $1000 to buy but actual cash replacement is now $1500. that is what they will pay me

Same here and they have been straightforward to deal with. Detailed records history with regularly updated pictures is encouraged.

 

[Gregadd]

Save your receipt photograph it on your phone.

 

[Another Johnson]

Read last year’s State Farm financial report and you may be unsure about their stability going forward.

I had a major problem getting them to honor the letter of the policy last year. The hierarchy of adjusters were focused on repairing the storm damage even though original materials were not available and it would have been a cosmetic mismatch. Fortunately my team had the horsepower to force the issue and I got full replacement with proper materials.

Regarding expensive collections, read your fine print. Often a fully scheduled rider or supplemental policy is a good idea. I used to cover my guitar collection with an all risks policy from a musical instrument insurance specialist.