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Separate Insurance Policy - LP's, Memorabilia, Etc

Afternoon All,

I was recently informed by my homeowners insurance company that not a single LP, poster, etc. I own is covered under personal property replacement.

They suggested Lloyd's Of London, which is a little ridiculous, since I'm not a store or franchise.

Can anyone out there make a recommendation for a place that's reasonable? I don't have a gigantic collection, but I certainly have enough where I need this stuff covered in case something happens.

Any help is greatly appreciated!
theunderlyingtheme
herman
2,215 posts
 
My State Farm agent told me that the only limit on art, albums, and stereo was the overall limit for personal belongings. They are not treated like jewelry and guns that do have limits. He said the trick is to have a good record of what you have and an appraisal on anything that is higher than normal in value.

I'll double check now that you 've brought it up though.

.
theunderlyingtheme OP
90 posts
 
My policy allows for "musical equipment" under the personal property section - so my guitars and (I assume) stereo equipment is covered.

But LP's, posters, etc. fall under memorabilia or anything where age/history/collectibility makes it valuable.

So a limited edition LP from 2008 wouldn't even be covered.
hifihvn
943 posts
 
I haven't ever had a claim,but I hear have good pictures of everything,and proof x2,of replacement cost also if it is covered somewhere.
djones1915
53 posts
 
Simply get a "Rider" as mentioned earlier for any item you have of special worth--only insure it for the replacement cost--NOT the appraised value--the insurance company will try first to replace the item with one of their "many" contacts, or just pay replacement value. Most policies have a normal $5000 max on electronics & jewelry. You must detail & "Rider" everything else above normal policy limits. If your INS company does not do this---change quickly.
mcondo
199 posts
 
I am an ex insurance claims guy, and I suggest you change your company to one of the majors. There should be no limit on LP's etc in normal policies, only the overall limit on personal property. Claims on such items would be based on their replacement cost - if in fact you do replace them. Herman's comment above is correct. You do need good records so you can help any adjuster document your items - photos, lists, etc are good.
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