Battra Posted April 19, 2017 Share Posted April 19, 2017 Hello. It occurred to me the other day that as my collection is growing in volume, it's also growing in value and I wanted to make sure that it was insured along with the rest of my home on our home owner's policy. Our agent said I needed to get the value independently verified by a "record trader" as suggested by her underwriter. These policies, personal affects policies (or some such thing) need professional evaluation. Well, our agent suggested taking in my collection to a record store in order to get them appraised. I'd like to know if anyone here has ever done anything like this and how they got the appraisal. Thank you. Quote Link to comment Share on other sites More sharing options...
Mars Posted April 19, 2017 Share Posted April 19, 2017 I would think that median discogs prices would be fairly accurate, eh? vinyl addict 1 Quote Link to comment Share on other sites More sharing options...
rooks Posted April 19, 2017 Share Posted April 19, 2017 lmao record store evaluation is like going to Pawn Stars to appraise your valuables. vinyl addict and MtrCtyWx 2 Quote Link to comment Share on other sites More sharing options...
somethingvinyl Posted April 19, 2017 Share Posted April 19, 2017 Would be interested in hearing someone go through this process. Quote Link to comment Share on other sites More sharing options...
RockPuppetz Posted April 19, 2017 Share Posted April 19, 2017 50 minutes ago, Mars said: I would think that median discogs prices would be fairly accurate, eh? THIS! This is the only way to get a genuine fair appraisal. They should accept this since its only showing you actual sales for the record rather than just what people say they are worth. Meanwhile a record store will be trying to give you as little as possible. Idk what to say about your one of a kind records/ ones never sold on discogs tho. MtrCtyWx 1 Quote Link to comment Share on other sites More sharing options...
youspinmeround Posted April 19, 2017 Share Posted April 19, 2017 Discogs value but you should have some pics. For example if you have claim to own 2000 records but can not support that in anyway, the insurance company will laugh at you Quote Link to comment Share on other sites More sharing options...
TheGhostOfRandySavage Posted April 19, 2017 Share Posted April 19, 2017 I talked to my dad about this a while ago (he's been in insurance for the last 25+ years) and he said you should be able to document at least how many you have, what they are, and be able to show value for them. So discogs list gives pricing and keeps track, and he said a photo of the entirety of your collection to show you actually own how many you're saying should be reasonable enough. I'm not about to cart ~1000 records anywhere to get them appraised. Mars 1 Quote Link to comment Share on other sites More sharing options...
Metal Mike Posted April 19, 2017 Share Posted April 19, 2017 I don't have too much to offer other than make sure you know if you're talking about replacement value. I'd hate to be offered iTunes download prices or repress prices for some OG shit. Quote Link to comment Share on other sites More sharing options...
TheGhostOfRandySavage Posted April 19, 2017 Share Posted April 19, 2017 2 minutes ago, Metal Mike said: I don't have too much to offer other than make sure you know if you're talking about replacement value. I'd hate to be offered iTunes download prices or repress prices for some OG shit. That's why I started keeping track on discogs. I can say exactly which pressing it is and show value on it. Makes me feel pretty comfortable even with some that have a 0 price because they haven't sold before, because with a total median value ~$18000 I can replace anything I really care about. Metal Mike 1 Quote Link to comment Share on other sites More sharing options...
ajhall04 Posted April 19, 2017 Share Posted April 19, 2017 I have a rider policy attached to my Homeowners Policy, much like jewelry, instruments, collections, etc. All my insurance agent requested was updated documentation of my collection, which includes my record players, jukebox, and records. Records I use Discogs median value, which they said would work for them. They have documentation of what I have with each year, I send them an updated spreadsheet. Talk to your insurance agent if you have one. Attached to my homeowners, the rider is only a few dollars a month. Mars, somethingvinyl and vinyl addict 3 Quote Link to comment Share on other sites More sharing options...
zacooper Posted April 19, 2017 Share Posted April 19, 2017 This is a great question. When i was doing my renter's insurance they told me the same thing that I'd have to get them professionally appraised as they are considered "collectibles" similar to artwork. Haven't yet figured out how to get that done. I'll have to reach out and see if Discogs would work for them along with my detailed collection spreadsheet. Quote Link to comment Share on other sites More sharing options...
shamrocks Posted April 20, 2017 Share Posted April 20, 2017 yeah i need to do this. ill look into it and report back if i find anything out, you guys do the same Quote Link to comment Share on other sites More sharing options...
Battra Posted April 20, 2017 Author Share Posted April 20, 2017 16 hours ago, The Ghost of Randy Savage said: I talked to my dad about this a while ago (he's been in insurance for the last 25+ years) and he said you should be able to document at least how many you have, what they are, and be able to show value for them. So discogs list gives pricing and keeps track, and he said a photo of the entirety of your collection to show you actually own how many you're saying should be reasonable enough. I'm not about to cart ~1000 records anywhere to get them appraised. Thanks. My agent switched back and forth between professional appraisal and my seeking out the values. We have about 300 +/- between the three of us and I'm not about to go into the Record Exchange or Vintage Vinyl and say, what's the fair market value of this? Yeah, just go ahead and stop what you're doing for the next 3 hours and work on this. Please and thank you. Quote Link to comment Share on other sites More sharing options...
tape Posted April 20, 2017 Share Posted April 20, 2017 Honestly, I'd think at this point a Discogs median value is about as close as you could possibly come to a fair value. If an insurance company wouldn't accept that in conjunction with photographs of your collection, and instead insists on an "appraisal", consider getting different insurance . Quote Link to comment Share on other sites More sharing options...
Battra Posted April 20, 2017 Author Share Posted April 20, 2017 2 hours ago, tape said: Honestly, I'd think at this point a Discogs median value is about as close as you could possibly come to a fair value. If an insurance company wouldn't accept that in conjunction with photographs of your collection, and instead insists on an "appraisal", consider getting different insurance . I already want a new insurance company. It will probably happen honestly. Quote Link to comment Share on other sites More sharing options...
One Hundred Fifty-Two Posted April 20, 2017 Share Posted April 20, 2017 17 hours ago, ajhall04 said: I have a rider policy attached to my Homeowners Policy, much like jewelry, instruments, collections, etc. All my insurance agent requested was updated documentation of my collection, which includes my record players, jukebox, and records. Records I use Discogs median value, which they said would work for them. They have documentation of what I have with each year, I send them an updated spreadsheet. Talk to your insurance agent if you have one. Attached to my homeowners, the rider is only a few dollars a month. This is the correct answer. tape and ajhall04 2 Quote Link to comment Share on other sites More sharing options...
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