Insurance - your experiences

Hi everyone. In case of a “covered claim”, do yourself a BIG favor and prevent possible BIG headaches! 
At a minimum have a video of all equipment and your recordings - in fact video everything in your home! And update that video annually.

I’ve sold home insurance for the #1 home insurance carrier now for 40 years. The adjuster wants to pay you and fairly. Have a video and still pictures documenting your possessions. Imagine your home totally destroyed. How do you remember “everything” you had from a classic expensive piece of vinyl, to every pair of socks, or better yet “ALL” of your wife’s shoes!

After that big loss your adjuster will be so pleased as you made his/her job easy. As for equipment, as pointed out here, replacement cost will get you a new piece of equipment from the same manufacturer or if out of business, a comparable manufacturer. The carrier and adjuster might need your help in determining where in the product line your equipment was, your not going to get B&W 802 D3’s when you had B&W N804’s.

Last agreed value is generally for property of an intrinsic nature, items that appreciate over time, art, jewelry etc.. If the item depreciates over time your probably not going to be able to get agreed values, meaning why would a carrier pay you more than the item is worth?

Bottom line! Inventory everything. In the case of recordings be prepared to provide sources that show values and condition like Discogs, etc. 
With a good home insurance policy and your documentation, you should not have to worry with a covered claim. And in the case anyone is wondering - yes good carriers cover civil commotion/unrest.

Dave

Dave's got it right. Put copies of the pix on the cloud so you can access them no matter what.

If you have a good agent, her/his interpretation is probably correct - but only probably.  I have had agents tell me X, but - when I asked them to check with the insurance carrier - have told me that X is wrong, the truth is Y, quite different from X.

For those with million dollar systems and other very valuable easily moveable chattels such as antique collections, the question arises - should I insure at all.
Almost all top-end professional robberies start off as information leaks from insurance company records by bribed staff.  The amount of information insurance companies insist on (see posts above, lists of albums even) gives professional thieves everything then need for a designer heist, in many cases pre-sold.
Whilst a few such robberies aim at a particular article, often a painting, most bring two pantechnicons, overpower the owner and spend a couple of days loading at leisure.

I don't know if it is the same with all insurance company, but my house burnt to the ground, I had replacement value on the content and they gave me the full value of my album. They also replace my audio gear with today's comparable price gear as my stereo was vintage. The only thing that had a cap was computer and related items.I still remember it was clause H4 in order to be covered which I didn't have, they gave me $1500 flat rate. The rest they replace. I would ask the insurance company what is their policy.