Satan Posted July 30, 2012 Share Posted July 30, 2012 hey guys/gals. i remember a thread that had a video of some guy who insured his records for like $10/mo or year, i forget. can anyone link me to this so i can show it to my insurance agent so i can see if they offer ANYTHING of the sort? thanks in advance! or if anyone could offer any tips if they have their shit insured, thatd be cool too. Quote Link to comment Share on other sites More sharing options...
robotfactory Posted July 31, 2012 Share Posted July 31, 2012 it is just part of your homeowner's or renter's insurance policy. you would need to give your collection a dollar value to insure and then you would pay a monthly premium on that insured amount. it would probably be smart to keep a good list of your records and send it to your insurance company as well. withengineheart and bgdesign 2 Quote Link to comment Share on other sites More sharing options...
Shitty Rambo Posted July 31, 2012 Share Posted July 31, 2012 Dude I don't even have my fucking life insured. RowBearToe, 1876records, albert and 8 others 11 Quote Link to comment Share on other sites More sharing options...
mindovermatter Posted July 31, 2012 Share Posted July 31, 2012 It varies greatly. Our homeowners insurance would only cover the retail value of the record, which meant that if an LP was OOP and it went up in flames, it wouldn't be covered. Their policy is that I would go out and re-purchase items off of my list and they would reimburse me. However, they said that eBay wasn't a qualifying retail outlet for the purchase. She almost implied that it had to be brick and mortar for me to repurchase it. At this point I started scheming up ways for my local shop to purchase LPs on eBay and re-sell them to me...but that was outrageous and I gave up. Besides, I haven't been to a dentist in over 15 years - cavity free. Insurance is a scam. Quote Link to comment Share on other sites More sharing options...
icecream Posted July 31, 2012 Share Posted July 31, 2012 Dude I don't even have my fucking life insured. Quote Link to comment Share on other sites More sharing options...
jordan999 Posted July 31, 2012 Share Posted July 31, 2012 Renters insurance is between $100 and $150 usually. I submitted a claim and gave them a list of all my current records that were stolen out of my car and said they were all $15 retail (on average this is pretty accurate). Got a claim check with no further proof needed, no receipts or anything. I've also had my auto insurance with them for 10 years with no incidents, so they may have helped the ease of the claim. rudeboydh 1 Quote Link to comment Share on other sites More sharing options...
rudeboydh Posted July 31, 2012 Share Posted July 31, 2012 Renters insurance is the way to go. It's usually pretty cheap for a good bit of coverage. I got it because I've become terrified of tornados and shit here in Alabama. Quote Link to comment Share on other sites More sharing options...
withengineheart Posted July 31, 2012 Share Posted July 31, 2012 MCDELTAT 1 Quote Link to comment Share on other sites More sharing options...
withengineheart Posted July 30, 2015 Share Posted July 30, 2015 bump out of curiousity- does anyone here have their collections insured? If so, through which bank (US) and what is their policy for documentation? As far as I know there is one bank here in Norway that provides insurance for collections of valuable items however one must document the amount paid as well as picture documentation. I haven't looked to far into it but do try my best to keep up a GoogleDocs spreadsheet including the pressing information, the amount paid as well as the year of the purchase, mainly just because I find it interesting to see how value fluctuates over time but have recently been considering insuring the collection after hearing horror stories from friends of collections lost to fire and flood. I take it most insurance companies won't accept Discogs for example as ample documentation or am I mistaken? Anyhoo, just thought I'd throw the question out there again to any who may have some experience. Quote Link to comment Share on other sites More sharing options...
TheGhostOfRandySavage Posted July 30, 2015 Share Posted July 30, 2015 I talked to my agent when I got renters insurance here in the U.S. At the time I do collected Magic: the Gathering cards and had quite an expensive collection. I asked about my records and cards and he said they should both be covered. Anything like that out there? Quote Link to comment Share on other sites More sharing options...
withengineheart Posted July 30, 2015 Share Posted July 30, 2015 I do recall hearing that certain banks provide a similar service over here, and I guess the quickest answer to my questions would be to call them myself to figure out the parameters of what they cover. I suppose I was more-so curious as to the "documentation" aspect of insuring valuables in the eyes of insurance companies stateside or anyone with experience in the matter. Are pictures needed? Receipts? A spreadsheet? Or just the word of the insuree. "Yeah, I had like 50 Yesterday & Today butcher covers but my house burned down. Gimme money." Quote Link to comment Share on other sites More sharing options...
TheGhostOfRandySavage Posted July 30, 2015 Share Posted July 30, 2015 I do recall hearing that certain banks provide a similar service over here, and I guess the quickest answer to my questions would be to call them myself to figure out the parameters of what they cover. I suppose I was more-so curious as to the "documentation" aspect of insuring valuables in the eyes of insurance companies stateside or anyone with experience in the matter. Are pictures needed? Receipts? A spreadsheet? Or just the word of the insuree. "Yeah, I had like 50 Yesterday & Today butcher covers but my house burned down. Gimme money."I just keep running documentation of what I have and what pressing etc it is. For a while I was trying to slowly do photo documentation to be safe, but...eh. Quote Link to comment Share on other sites More sharing options...
rooks Posted July 30, 2015 Share Posted July 30, 2015 MY PORTFOLIO!!! INSURANCE EDITIONTM Quote Link to comment Share on other sites More sharing options...
distinctlydustin Posted July 30, 2015 Share Posted July 30, 2015 MY PORTFOLIO!!! INSURANCE EDITIONTM Someone who shouldn't be using the easy pass phrase will come and use it here. I'll say, job well done on your portfolio. Quote Link to comment Share on other sites More sharing options...
Guest Posted July 30, 2015 Share Posted July 30, 2015 MY PORTFOLIO!!! INSURANCE EDITIONTM Better than a 401k! Quote Link to comment Share on other sites More sharing options...
drds89 Posted July 30, 2015 Share Posted July 30, 2015 I have USAA for most everything, but they don't cover collectibles like art, coins, etc. in the homeowners' above a pittance, but you can get jewelry riders, computers (I think), and stuff like that. Records damaged just be retail price not 'replacement value.' So they recommend https://quote.americancollectors.com/AcctMgmt/S/Manage/ which is who I have used the past 3 years and hope to never need. I got hurt pretty bad in 2008, and all of a sudden those premium checks I had begrudged writing for 20 years became my best friend. Everyone has their own risk tolerance, very subjective. As long as you're with a good, high rated co., insurance is one of those 'evils' in life - like self-defense. You never know when you'll have the need, so be prepared. It's a balance and people can go way over the top, I know I know, I know... Again, risk tolerance is the bottom line. Quote Link to comment Share on other sites More sharing options...
1876records Posted July 30, 2015 Share Posted July 30, 2015 Dude I don't even have my fucking life insured. I can help with that... Quote Link to comment Share on other sites More sharing options...
One Hundred Fifty-Two Posted July 30, 2015 Share Posted July 30, 2015 Collectibles, jewelry, art, high end electronics...for all this type of shit you will need renters or homeowners insurance. If you feel you shit is more valuable that the normal person then you need a specific rider for your collection. I have it for my wife's rings. You need an appraisal. For like $10000 in coverage it's like $3 extra a month. Quote Link to comment Share on other sites More sharing options...
aviolentworld Posted July 30, 2015 Share Posted July 30, 2015 When my basement flooded a few years back the adjuster said I couldn't claim my records because they were considered collectables. I ended up calling my dude who works for an insurance agency and he said that didnt sound right. in the end we ended up faxing a spreadsheet with about 45 records and they gave us a certain amount per record. I think they gave us a low, middle and high price and just gave us the middle. Didnt ask for pictures, just the spreadsheet. couldn't tell you if it was because we had flood insurance but the best thing to do is call and ask. Quote Link to comment Share on other sites More sharing options...
futurepasttense Posted July 30, 2015 Share Posted July 30, 2015 I have my record collection insured through State Farm renters insurance. I provided them an inventory and value of my collection based on everything in Discogs and they accepted that, but they didn't seem very familiar with insuring record collections. Quote Link to comment Share on other sites More sharing options...
DC1221 Posted July 30, 2015 Share Posted July 30, 2015 I should look into insuring my records, but that might open a whole can of worms with my insurance company regarding what is and isn't covered by my renters policy. I guess it is better to know beforehand and fix it before finding out you're fucked after the fact. Quote Link to comment Share on other sites More sharing options...
rooks Posted July 30, 2015 Share Posted July 30, 2015 I insure the value of my record investment by systematically hunting down anyone who owns the same record as me and destroying their variants, thereby increasing the value of my surviving rare records. aflycon, poweredbytrust and KingTacoMunster 3 Quote Link to comment Share on other sites More sharing options...
psus2h Posted July 30, 2015 Share Posted July 30, 2015 I didn't read through everything. Have them appraised by a record shop and get a rider on your home owners or renters for the specific albums that you want covered. Quote Link to comment Share on other sites More sharing options...
KingTacoMunster Posted July 30, 2015 Share Posted July 30, 2015 I treat my collection like my butterfingers, Nobody better lay a finger on them. That's my insurance +hecollec+or 1 Quote Link to comment Share on other sites More sharing options...
ronniegwilliams Posted July 30, 2015 Share Posted July 30, 2015 I insure the value of my record investment by systematically hunting down anyone who owns the same record as me and destroying their variants, thereby increasing the value of my surviving rare records. Ah, the Highlander approach. "There can be only one!" Quote Link to comment Share on other sites More sharing options...
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