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Hifi equipment insurance

Mike Reed said:
My unlimited cover for a 3 bed detached fluctuates around £300 p.a., though that would be dependent upon area (as would all quotes).
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Is that for buildings and contents or just the latter? If it's both then that's a remarkably good price!
 
Just goes to show you need to check up on these things and my house contents is actually covered up to £150,000

I'll still be checking out John Lewis when renewal time comes around.
 
Just to point out (as a qualified insurance and risk professional for 30 years) an awful lot of "standard" home insurance policies have restrictions and limits of electrical items (incl audio). Restrictions as per the value of said items relative to overall sum insured - i.e. £25k of hifi with an overall sum insured of £30k, or a flat limit to elect items and that limit also has restrictions to the single item limit.
These clauses are usually buried deep and not easy to see... buyer beware and all that.
 
I checked with my contents provider (Nationwide) before I bought my Luxman 509x and was told that there’s no individual item limit and that it would be insured within my totally limit. Same with my music collection which I said was logged online. My system and music makes up the bulk of my contents worth.
 
Oh and there is often restrictions for media too - incl records and CD's.
I know this from many years experience arranging home cover for people with high value hifi !
Just make sure you check everything - record and document ALL your kit and media - and get confirmation in writing that it is all covered.
If they wont do that...those alarm bells are ringing.
 
We got flooded a couple of years ago (whole ground floor). Sickening experience. Managed to get the main hifi equipment and guitars etc upstairs so didn't have to claim for those but did end with quite a few items hit and lots of damaged infrastructure. Few reflections:
- Not sure how it would have worked if I had to claim for these main expensive items as there would have been an overall limit on them, but do think re the cost/risk aspect.
- It's ridiculously easy to under value the smaller stuff: everything. A batch of records and CDs were hit and you wouldn't believe how they totted up. Even cables (which I'd whipped out at speed and left on the floor) and ancillaries mount up quickly.
- Yes keep receipts where possible and register sales online. Take pictures of items too, in advance, and store off site. God forbid a fire but what else would you have. Thankfully we weren't required to show receipts as the items were still there.
- Following the flooding, I helped the loss adjusters out by photographing every single damaged item and did a huge spread sheet - one tab per room - with the item description, replacement cost, and weblink to replacement item. For things like old records I estimated a total value at average of £x each which they approved. I'm convinced this really sped things up in getting the payments processed and sorted, not least as they saw we were being fair and not taking the ****. Again doing this make you realise how much the totals mount up.
- Not affiliated, but we were with AXA insurance and they turned out to be fantastic. Can't fault the way they handled it. Our kitchen fitter said they're one of the easiest to deal with, and named some that aren't.
 
Just going through this process at the moment. Hiscox is crazy money this year for some reason, although probably the most comprehensive policy. Just been on the phone with LV (have cars with them). Their 'Home Plus' policy seems pretty good. No item limits, so as long as you are properly insured for the correct amount overall, you won't have any problem with expensive HiFi's (I checked with them). Buildings is unlimited as well.
 
ToTo Man said:
Is that for buildings and contents or just the latter? If it's both then that's a remarkably good price!
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As I wrote in my post, both. Unlimited cover is (hopefully) catching on, but to my knowledge few underwriters/agents do it. A few decades ago I had to work out the rebuilding costs from complex tables; what an absolute hassle !

Theoretically one still has to assess the value of one's entire contents; loft, garage, whatever; if you've been established for some years, that's an almost insurmountable task to accurately perform. Luckily, with unlimited cover, things are just so much easier and surprisingly (i.m.e.) not more costly either.
 
Mike Reed said:
They're a mutual, so profits are ploughed back into cheaper premiums (so the chap told me in November). Still weren't competitive on my car insurance, though; maybe next time.
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Have to say I'm quite impressed with them. Obviously the proof of the pudding is if you have to claim. They are not the cheapest by a long way but as we all know, there is no point having cheap insurance. For the level of cover versus cost they are currently looking pretty good, for me at least.
 
Mike Reed said:
As I wrote in my post, both. Unlimited cover is (hopefully) catching on, but to my knowledge few underwriters/agents do it. A few decades ago I had to work out the rebuilding costs from complex tables; what an absolute hassle !

Theoretically one still has to assess the value of one's entire contents; loft, garage, whatever; if you've been established for some years, that's an almost insurmountable task to accurately perform. Luckily, with unlimited cover, things are just so much easier and surprisingly (i.m.e.) not more costly either.
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How do you find JL's claims process, or have you not yet needed to?
 
ToTo Man said:
How do you find JL's claims process, or have you not yet needed to?
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Ha ha ! Haven't had a contents claim for nearly a decade, and that was all risks section (high index glasses broken by a smashed tennis ball;,Specsavers did me proud !). Even though it may well be a good reason for my marginally fluctuating premiums, my car insurance annual quotes, which oscillate between the AA and Saga, are always way more. As soon as I phone the other, I'm a new customer and receive rock bottom quotes.

Why oh why do these companies not realise that loyalty is regular business; just my take on it, of course. :) They think customer lethargy is more rewarding, similar to energy companies.
 
Barclays Bank insurance for house contents is now unlimited.

Hi fi does not have to be item listed, they are not within the scope of valuables.

Gary
 
I am with nationwide I also asked and was told all electrical equipment was covered no matter what value I've only got around 10 grands worth nowhere near as much as some of you but would be pretty pissed if anything happened and I wasn't covered. I've taken photos plus receipts and packaging so hopefully be ok should I be unfortunate enough to have to make a claim.
 
H20GNA said:
Barclays Bank insurance for house contents is now unlimited.

Hi fi does not have to be item listed, they are not within the scope of valuables.
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I've been a Barclays' customer for around forty years, and I didn't know this; shall have to investigate, though I'll stay with J.L. for another year regardless.

No, valuables are nothing to do with hifi, TV or anything similar, and are not even in the same contents section. My stamp collection needed to be insured as 'valuables' years ago and a (purely guesswork) valuation put on it. I have had an upper limit stated in the A-V section when I had (then) top Naim etc. a few years ago. It's an arcane world out there when seeking insurance cover.

I did claim for a knackered (accident) Shiraz cart. three decades ago under A-V, and had no problem; I believe they paid out the cost, but it didn't seem to affect my premiums then, if my memory serves. One thing I did find out was that nobody I was dealing with had a clue about hifi !
 
Go with Hiscox I have been with them now for 15 years or so and have had to make two claims for HiFi related issues. Nothing was required beyond sending a pic of the affected kit first claim for 2k approx and second for 6k on an old for new basis. They are very helpful and very fair.
 
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