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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.

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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.

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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.

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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.

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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. 

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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.

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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.

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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.

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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. 

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