depending on the insurance you have, the dedicated one will examine the current values against what currently available of the same class and built quality.
6 responses Add your response
There are two issues here. First, your insurance has to cover flooding. Many policies do not. Mine paid for items damaged by a backed-up storm drain because I had a special rider. It would not have paid if items was damaged by flooding from surface water getting in through window wells and etc. Second, unless you have replacement cost insurance, you probably don't have a good chance of getting made whole. If you don't, they'll most likely pay you depreciated cost which will almost certainly be very much less than what you think they are worth. The details of your policy are going to be what matters most, not our experiences. In order to establish original cost or depreciated value, Audiogon Blue Book is a good place to start unless you have receipts.
Insurance companies will always treat you poorly. The only exception is life insurance, dead is dead. If you have high end equipment it is always best to schedule those items in a separate rider, replacement cost, to the main policy and have the supporting receipts for their value made part of the rider. All systems that are installed in a basement should have flood insurance as part of their protection, especially if the value is in excess of $10,000.
It will depend on your policy if you have current value or replacement. In other words, your policy will likely dictate what's what. If you got your gear from a local HiFi shop, I suggest contacting them. They can provide the certified letter you'll need on model and purchase value, etc. and what replacement would cost.
Just do some homework on the specifics of the policy and go from there.
My policy clearly states replacement costs of belongings up to one million.But insurance company conveniently forgot to pay any attention to the adjusters remarks and pictures about the audio equipment and sent me a check! When I called them they said they overlooked that and will reopen the claim and refer it to an internal adjuster.