anyone have experience with "replacement cost" insurance, and Allstate?


Well, thanks to a lightning strike I am without my Mark Levinson 326s. It is at the shop now getting looked at but I am not holding out a lot of hope. The 326s is not longer made, and I am worried about what Allstate will consider as a replacement.thanks for any advice you might have on this.
no_money
About 8 years ago I did. Lightning damage from a major storm that took out a few pine tree's. Also screwed up the power supply of an Oracle turntable---what I made my claim for. 

Amps and electronics were fine but plugged into  Tice power blocks. They sent like 2 different inspectors over--more concerned with a split tree falling on neighbors property than my turntable!! They had zero clue about the value of that kind of equipment.

They had me get estimates for repair costs to ship it to Quebec and they sure did not like those UPS costs. So they offered me a settlement that was more than fair---and I kept the tonearm. Send me a pm if you want the actual numbers. I guarantee you they had no idea that some turntables are purchased w/o an arm and getting a reputable place to set it up. 

you are going to have some major problems if there is not a Levinson dealer close by for repairs---don't use anyone else. And you know a Levinson dealer for a cost estimate will not be inexpensive. Make certain to include those packaging and shipping costs---it is definately a cost you have to incur for an estimate.
Hard to believe they won't be able to fix and restore it to better than new for a lot less than replacement. If Allstate balks in any way I would show them a few listings from say eBay or here, and the current Levinson model prices. 

Then when they cut you a check use it to upgrade to the one Keith Herron makes.

Yes, luckily I am close to a very established Levinson dealer. They are looking at it now. I had Transparent Power isolators on all the gear, they are fine... unfortunately I did not protect the incoming DTV line and it ran in there taking out the DTV gear, TV, my Cambridge audio streamer, pre amp and router. Luckily the 360s DAC, 37 Transport, 331 amp and speakers made it through.

I know Allstate is going to choke if they see a 10k replacement bill.

I do insurance replacement quotes all the time.  If you work with a good dealer they can include full installation and help you with how to talk to the insurance company.  Things like, " I purchased my original from an authorized dealer and I expect the same for support".  This keeps them from buying gray goods on the internet.
no_money
where are you located? Hope this situation fares well for your needs.Keep us posted on the developments.  Happy Listening!
Thanks Audiobunker, that's encouraging, and also why I pretty much only buy local from this B&M store. I have been going to them for over 20 years. They loaned me another streamer so I could test out the rest of the system.  They really go above and beyond.
no_money
Give your local dealer/retailer a shout-out as well.
Happy Listening!
There are two approaches insurance companies take. One it to indemnify the owner as best they can, without giving you more than what you had.

The other is to screw you over every way they can, even when you're entitled to it.

I hope you have the former and not the latter, working on your behalf.

All the best,
Nonoise
I used to handle insurance claims. If the item is no longer made, I’d have a Levinson dealer write something on their letterhead that says what a comparable contemporary model would cost and why they are comparable. That way, you’ve done the work for the claims adjuster, who just wants to get the claim settled asap for what’s fair and show his boss you didn't receive more than you had previously.
BTW, "replacement cost" requires that you purchase the new item yourself and then provide the receipt to the insurance company. When approved, you will be reimbursed.
As a 39 year State Farm agent Tuberist is “exactly” correct. The adjuster wants his job made easier. With a third party opinion that a given model today is the equivalent of your past model the adjuster moves on. 

Let me know now if you have any issues you shouldn’t!
Dave aka “Bogey”
Hi guys, what kind of insurance I should buy? I currently have homeowners insurance only... if someone can chime in and explain a little what kind of add on or insurance is a must for people like us who spend a lot of money in a Stereo system, speakers, electronics, etc.
Consult your agent. A normal policy should cover all of your possessions. This doesn't include the $100k in cash you had in the cookie jar, however. 
well, looks like the 360s DAC didn't make it after all... : (
dweller, that doesn't make a lot of sense? What if I was gifted all of the items? They would have a value of 0 dollars and be uninsurable?

As a 36 year adjuster, I mimic what the others have told you.

An adjuster's biggest concern is getting audited for not having proper documentation to support what settlement he achieved. Flood the adjuster with documentation that can be verified that will substantiate the value. Provide all alternatives as concerns repair vs replace so that the best decision can be made.

What a good adjuster will come to realize is that a Mark Levinson amp is like a car. The parts not destroyed have after-market value.

If the election by the carrier is to replace, they get the salvage of the Amp. If you negotiate to keep the salvage for parts [lest you do find a used replacement], then they pay "replacement cost LESS salvage value".

I forgot to discuss "replacement cost" HO Policy feature that’s important and one another mentioned. Some companies will pay you ACV or actual cash value for the item up front after replacement cost has been established and agreed. ACV means "depreciated" value or new cost less deduction for use you have gotten from the item. Once you show you’ve "replaced" the item they will pay you the remaining sum of replacement less ACV. This is a pain for the adjuster, who just wants to get the claim paid and closed ASAP since the adjuster’s "pending" claim counts are monitored and there is unpleasant scrutiny if the claim counts rise, under certain circumstances.
We have a system valued at ~ $250k retail, and have our homeowner's insurance covers our system as part of house contents. We did NOT take out a seperate rider for our system.
Our homeowner's policy provides coverage up to ~ $15k which is based on a percentage of the value of our home and our policy that insures it. Additional coverage would require a seperate "rider" on our policy (ie - supplemental insurance).
We've experienced 2 claims in the past 20 plus years, both with close lightening strikes (we live in NJ near the shore) and our insurance covered our equipment repairs both times - on both occasions it was to our digital front end gear.
On both occasions, our equipment was send to an authorized repair facility and this facility worked directly with the agent to ensure our equipment came back to use in good working order.
I would be remiss if I didn't thank our insurance agent, who handles the insurance for all our properties. We have very good coverage at reasonable premiums. I feel insurance is cheap peace of mind and am very grateful to our agent for making sure my family and I are properly protected. Big thank you Todd (our agent's first name) :-)
You've received a lot of good advice so far from insurance industry professionals. I had a lightning claim myself many years ago that damaged (repairable) a few of my audio components, plus a laptop, printer, microwave oven, alarm system, etc. So, here's some additional advice:

1) Think of an insurance company like the IRS, meaning the quality and.or quantity of your claim documentation is essential to a having smooth and satisfactory outcome to your claim. Whether this involves the repair costs or a replacement quote(s) for a current model that meets the "like, kind and quality standard," if the item can't be repaired.

2) The above (# 1) is why it is so important to keep your purchase receipts, owners manuals and original boxes to document what you had.

3) Depreciation will not be applied to a repaIr; but, it will be applied to replacement of an item. Some insurance carriers have discretion to not withold the depreciation if the amount is low enough, because it is not worth their while to re-open a file just to issue a check for $100 - 200. But, if the replacement cost of the item is considered "high dollar," then they'll likely withold the depreciation until you've provided proof that you actually replaced the item at or near the current replacement cost amount that you provided them and had previously documented.


 Based on experiences of friends and family I would not trust Allstate for any insurance matter my personal opinion. 

Dweller2 is part correct.

Most carriers will pay "Actual Cash Value" up front. If one is forced to obtain a replacement and invoke the "Replacement Cost" provisions of the policy [regardless of whether the purchased item is new or used], then the damaged owner will need to purchase whatever they need and submit the receipts to collect back the difference between ACV and RC.

I looked into getting coverage for my system a few years ago. State Farm, Geico, Chubb and Farmers. They all said that my system had to be on a rider that needed to be substantiated by their appraiser who was brought on by the adjuster. Long story short -  They were all were clueless on how to evaluate a audiophile system. The cost of the rider proved to be prohibitive.