Hifi equipment insurance

[Ponty]

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.

Yes they are an excellent insurer and I’d be the first to recommend them. However, this year they want £3K for buildings and contents (extremely low risk rural area with no claims), so I’m questioning the value proposition.

Chubb also come highly recommended.

 

[badger748]

To follow Ponty's comment - Chubb are excellent. They are very aware of high end audio. (no comment re Hiscox...)
The 'so-called' unlimited covers offered on cheaper policies are rarely that. READ the small print!

 

[jobseeker]

I’ve found AXA to be pretty all-embracing with decent limits so far.

 

[JensenHealey]

My Hiscox quote this year seemed alarmingly high - so a bit of shopping around is in order.

 

[Euan]

My Hiscox quote this year seemed alarmingly high - so a bit of shopping around is in order.

Mine too. But then I've had a couple of fairly high claims which they have paid quickly and without question. The renewal is nowhere near as high as Ponty's though.

 

[JensenHealey]

I had a very high claim with Hiscox about 5 years ago. Absolutely brilliant service though.

 

[Ptah]

Has anyone got any updates to this thread? I'm about to reinsure house & contents and have always been concerned that in spite of the young guy on the phone's assurances about cover, that a blanket £100k isn't really going to cover individual hifi items worth £2000+ or unlisted expensive box sets etc.
I'd be grateful for specific recommendations of recently engaged insurers. Upthread there seems agreement that AXA, Aviva and John Lewis were doing a good job - 3 years ago.

 

[paulbysea]

I think insurance companies vary widely in their response to hi-fi, cameras and other expensive bits of kit most people don't have. When I last renewed my contents policy, I was pleasantly surprised that my insurers were fine with my hi-fi system, clearly understanding that it has multiple components adding up to a significant sum. For older gear without receipts, as others have said my insurance provider advised, photos, serial numbers and if possible a valuation would assist if making a claim.

 

[Amber Audio]

I’ve moved my Business/WFH policies back to Hiscox and will likley do the same with my Home Buildings/Contents when due in a few weeks unless they insist on a burglar alarm, in which case I’ll likely stay with Nationwide Unlimited who made the right noises about unlimited cover bar a few very high value items and were OK without specifying the hifi/av and my record collection once I exlained I had invoices scanned, pics and was putting the LPs into discogs, CDs seem worth so little didn’t mention the boxes of ripped ones in the loft. I always went with a local broker and specialist high value outfit but they simply had no underwriter offers last year without me fitting an alarm.

Having a video/pics of the system, notes of serials and scans of invoices makes sense. Valuations of rare gear - I guess an Internet/eBay search would give a rough idea in most cases.

 

[Ptah]

CDs seem worth so little didn’t mention the boxes of ripped ones in the loft.

In the old days the man from the Pru would come round and value an item based on its replacement value (a lot higher than its actual market value), and in fact replacing a CD collection like for like would cost a lot more than you may think. I would certainly want mine properly covered.

 

[Amber Audio]

In the old days the man from the Pru would come round and value an item based on its replacement value (a lot higher than its actual market value), and in fact replacing a CD collection like for like would cost a lot more than you may think. I would certainly want mine properly covered.

They are covered by the general policy and as they are ripped and a backup kept offsite I can give them the list, doubt I’d be bothered cos all they do is take space, have no intention playing any ever again, but letter of copyright law means they should be replaced if nicked/burned I guess.

 

[Darren L]

Our insurance policy is a new for old policy, covers all hifi equipment and LPs and CDs, the individual hifi components are all individually named, photographed including serial no.s. As a few of the items are now out of production I had to give a value as to what it would cost to replace with a similar item of similar quality.

 

[Ptah]

Our insurance policy is a new for old policy, covers all hifi equipment and LPs and CDs, the individual hifi components are all individually named, photographed including serial no.s. As a few of the items are now out of production I had to give a value as to what it would cost to replace with a similar item of similar quality.

Which company?

 

[Darren L]

Which company?

I haven't a clue, Tracy deals with all this type of stuff, I just had to talk to the rep and then compile and email the relevant information, I will ask though.

 

[Ashley Canning]

Evening All

This has been an interesting discussion. I have worked in the insurance industry for over 30 years although mainly managing commercial property insurance portfolios. However, I have dealt with a number of home policies over the years and would offer my opinion as follows….

1. Hiscox have a strong reputation and I wouldn’t hesitate in recommending them but I do consider them to be for the mid to high net worth market. They aren’t the cheapest so if absolute price is a factor then better value might be had elsewhere.

2. I used to insure with Hiscox but now use Aviva under their AvivaPlus household contract. I think it’s online only and seems to offer a wide cover at a good price. My premium has also reduced by £20 a month this year! This contract has unlimited sums insured for buildings and contents and in my case a precious items limit of £50k. I can’t remember whether Hifi items form part of that limit but in any case that is more than sufficient for me.

3. I agree with previous comments that you should ideally insure buildings and contents with the same insurer. I appreciate that leased properties may present a challenge in this respect.

4. I disagree with a previous comment that the contents sum insured should include bathroom and kitchen fittings. I believe that the Buildings sum insured by definition includes fixtures and fittings. The Contents SI is basically anything that you take with you when you move. Obviously large fridges and other kitchen appliances could be included here but not the bath!

5. If you don’t understand exactly what you are buying then employ the services of a respectable broker and put your specific cover requests in witing. Over the last 20 years or so the Financial Conduct Authority (FCA) has put in place some very strict rules regarding the selling of insurance specifically designed to protect the consumer. However, the term Caveat Emptor still applies so if you don’t understand the small print or have some doubts address them at the start of the contract not after a loss has occurred.

I’ll stop preaching now, I hope this helps

 

[Mike Reed]

John Lewis were doing a good job - 3 years ago.

I've just renewed for the 10th year with my Premier Select J.L. cover, which is unlimited in both contents and buildings. The A-V section still covers the hifi for accidental damage (as have ALL my previous other company policies) but that 'unlimited' bit for a record or CD collection was what I found attractive, though no acc. cover on contents, though you can pay extra.. Had to talk the price down this year, which was challenging, trying to get a knowledgeable girl working from home (2 calls out, broken call-back promise and 1 call in). However, still just over the £300 mark; can't complain, I s'pose.

 

[Mike Reed]

This contract has unlimited sums insured for buildings and contents and in my case a precious items limit of £50k. I can’t remember whether Hifi items form part of that limit but in any case that is more than sufficient for me.

The 'valuables' single item limit normally (or, in my experience, always) refers to the general contents section. This may include a stamp etc. collection, antique artefacts and even valuable records. The section covering your hifi, TV and allied stuff (called audio-visual) is covered for accidental damage, regardless of whether your contents are; this may have a separate individual piece limit, but it's sometimes not acknowledged that any individual claim must be represented by its value as a part of your entire contents assessment.

I've known people who think £50K cover will do for their £25K+ hifi as they devalue the rest of their contents. As nearly all cover now is on a 'new for old' basis where appropriate, one needs to look at the big picture. Hence the peace of mind with having an unlimited cover; still, unfortunately, not that prevalent in the industry as far as I know.

Of course, there's also the 'all risks' cover (but don't think they call it that now) which covers stuff away from home. watches, cameras, spectacles etc. but the premium for this has always been a lot higher, understandably.

I disagree with a previous comment that the contents sum insured should include bathroom and kitchen fittings. I believe that the Buildings sum insured by definition includes fixtures and fittings.

Indeed, and I believe it has always been so; at least in my lifetime of seeking insurance on freehold property.

 

[Ian G]

Do you need receipts to make a claim?

I have about £30,000 worth of gear (I have got receipts!) and I was told by my insurance company that it would be included in normal household equipment, not as a specific item, like jewellery.

You need to check with your insurer on the maximum per item under normal household insurance. With mine it's anything over £2000 which has to be declared separately. You need to be very careful you are not under insured, as they penalise you until your eyes burst.

 

[Mike Reed]

You need to check with your insurer on the maximum per item under normal household insurance

Ian, I've just read Hipper's comment via your quote, which seems very odd to me. Maybe contents cover has fundamentally changed in recent years (no not in my policy), but ordinary contents cover has usually included an A-V section which is separately noted (and covered for accidental damage) so what Hipper was told would seem to have been ingenuous at best.

Have recently tried to converse with a J.L. girl (supposedly au fait with their covers?) and not only did she not understand insurance terminology (all risks, e.g.) but said that my requirements would be better served by a lesser policy which would also be cheaper. After hanging on for 15 minutes, it appeared that this 'lesser policy' would in fact be dearer !

Dunno if it's Covid related, but I've found it difficult in the past year or so to speak to anyone in any field who was knowledgeable about their job; this included the local council finance dep't who sent me on a wild goose chase.

 

[Ptah]

I've gone for Saga, with £100k contents including £35k valuables (pictures, art works, watches etc but not hifi), which should work as the hifi and records will be included in the general contents. Surprised that fences blown over by storms not covered.