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DVD Collectors Beware The Insurance Industry!!! Please Read!!


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#1 of 31 OFFLINE   Chuck Watwood

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Posted September 29 2003 - 11:08 AM

As many of you know, my entire DVD collection was stolen a few weeks ago.
Here is the link for those which may care for the history: http://www.hometheat....=&pagenumber=1

Today, I received a settlement from my insurance company which refunded approximately 85% of my replacement costs for my collection. For those not interested in reading the stolen dvd thread, I had nearly 700 DVD's stole, including over 600 individual titles, 31 Television season box sets, as well as a dozen DVD audio and a few SACD discs. It was quite an ordeal listing them all individually and I waited on pins and needles for the insurance settlement, expecting the worse. I only had receipts for 13.5% of them, however, affidavits from many people helped. Much to my relief, the insurance company was fair. I was somewhat satisfied with the settlement, which refunded $10,406 of $12,500 claimed, less a $250 deductible.
What bothers me is that they depreciated my DVD's based on a 10 year life. They lump them into the same category as magnetic recordings (audio and video) and phono records; media which degrade rather quickly. I know that digital media last much longer than that. Much of our membership have laserdiscs that remain in pristine condition many years later. I personally have Cd's purchased in the mid 80's which are perfect. My DVD collection didn't have a fingerprint. I watched them once, maybe twice, and put them carefully back into the case, in perfect condition.
I think that we, as a membership, should find some way to lobby the insurance industry to rethink digital media depreciation rates. It bothers me to think that if I have a fire or another theft in 10 years, my collection will have zero value. I hope it bothers the rest of you. Ideas and actions are welcome.
Chuck Watwood

Hello my name is Chuck and I'm an HT addict.

#2 of 31 OFFLINE   Dan Rudolph

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Posted September 29 2003 - 12:12 PM

I agree this is ridiculous. I have some CDs which are upwards of 15 years old and are as good as the day I bought them. The only way I can see this policy changing though is if one company did to get an edge over the others.
My Collection

#3 of 31 OFFLINE   Jeff Ulmer

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Posted September 29 2003 - 12:34 PM

This is the difference between replacement cost insurance (which costs more) and depreciated value insurance. The first replaces what you had with new product, the second depreciates it, so if you have a five year old product, they pay to replace it with a five year old product. of course, there is no provision for collectables which would cost many times their original price now.

It does pay to keep both records and receipts of your collection, along with any photo/video evidence you can as well.

#4 of 31 OFFLINE   Chuck Watwood

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Posted September 29 2003 - 12:36 PM

Jeff,

My home owners insurance is a replacement cost policy, however, not recorded media. I doubt that most replacement cost home owners policies include the replacement cost of many items. The replacement cost basically just means the home itself.
Chuck Watwood

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#5 of 31 OFFLINE   Jeff Ulmer

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Posted September 29 2003 - 01:45 PM

Chuck, you can have replacement value on items as well, I have run into this with business policies. Of course, the cost of insurance is nearly double.

#6 of 31 OFFLINE   Todd_Brown

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Posted September 29 2003 - 01:59 PM

I posted this in the other thread, but I'll add it here also. You guys might want to look at this company http://www.collectinsure.com/ they
only insure collectibles, and yes DVD's can be considered a collection. I have friends in the movie poster world who have used this company and been very satisfied. Frankly, most insurance companies aren't equiped or knowledgable enough to understand these type of claims. The rates are reasonable and you can opt for an automatic 1% a month value increase for new items added.

Todd
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#7 of 31 OFFLINE   Thomas Newton

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Posted September 29 2003 - 06:38 PM

Quote:
What bothers me is that they depreciated my DVD's based on a 10 year life. They lump them into the same category as magnetic recordings (audio and video) and phono records; media which degrade rather quickly. I know that digital media last much longer than that.

Your DVDs should last much, much longer than 10 years, but that is because they are optical, non-contact discs that are small enough that they should escape LaserDisc-style "bit rot". The data on them could be analog (like the LaserDisc video on a 5" CD-Video disc) and they would still tend to last for a very long time.

Conversely, floppy discs are "digital media", but are not known for extreme reliability (relative to CDs).

#8 of 31 OFFLINE   Josh Steinberg

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Posted September 30 2003 - 01:43 PM

Honestly, I'm surprised they gave you that much, but I'm glad you were able to get a good portion from them. Good luck rebuilding!

#9 of 31 OFFLINE   Glenn Overholt

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Posted September 30 2003 - 03:10 PM

On first thought, they should be classified the same as PC software, but it has a much shorter shelf life because no one is going to want software more than 2 years old.

Glenn

#10 of 31 OFFLINE   Thomas Newton

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Posted September 30 2003 - 04:49 PM

Quote:
On first thought, they should be classified the same as PC software, but it has a much shorter shelf life because no one is going to want software more than 2 years old.

There's plenty of software older than two years old that appeals to hobbyists, especially when it comes to games.

Whether you can find it (try locating a copy of M.U.L.E., or NetTrek, or the hardware to play either on) is another question. The OOP problem for software is in many cases even worse than the OOP problem for movies and books.

#11 of 31 OFFLINE   CharlieC

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Posted September 30 2003 - 06:43 PM

Best of luck in replacing your DVDs Chuck!!!
Hope you do not oppose CH too much and $10,406 should be plenty to replace the DVDs.

#12 of 31 OFFLINE   Glenn Overholt

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Posted September 30 2003 - 07:00 PM

The question is if one can get full value if they are 10 years old and stolen, or if insurance degrades them just becaue they aren't wanted by mot PC users.

And Chuck, When you're done buying everything that is in print. let us know what is 'hard to get', so we can make it a little easier for you.

Glenn

#13 of 31 OFFLINE   Gordon McMurphy

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Posted September 30 2003 - 10:48 PM

Congratulations, Chuck! Posted Image What DVDs are you gonna replace first?


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#14 of 31 OFFLINE   Chad A Wright

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Posted October 01 2003 - 01:57 AM

When I first read the thread title, I was afraid the insurance company had screwed you out of a lot more money. Congratulations on getting what you did, and good luck with replacing those dvds. Wow, a $10,000 Best Buy shopping spree. At least that part will be fun Posted Image

#15 of 31 OFFLINE   Mark Zimmer

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Posted October 01 2003 - 02:15 AM

Don't forget to apply for a Reward Zone card if you do spend the $10K at Best Buy....that would get you an additional $400 in gift cards!Posted Image

#16 of 31 OFFLINE   Stephen_Ri

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Posted October 01 2003 - 03:27 AM

It looks like you came out OK anyway. I would consider making the best of it by updating to HD-DVD. Many people are a little worried that their collections will become obsolete; you don't have that problem now.

#17 of 31 OFFLINE   Qui-Gon John

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Posted October 01 2003 - 04:46 AM

I'd use Columbia House for the bulk of them, as many as you can. Tkae your list you now have, and start opening accounts and marking them off. You can get 6 when you sign up. Buy 2 more to fulfill, then cancel and repeat. Plus you can have 2 open accts at the same time, so you can work through your list faster.

#18 of 31 OFFLINE   Terry H

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Posted October 01 2003 - 06:38 AM

What bothers me is that they depreciated my DVD's based on a 10 year life. They lump them into the same category as magnetic recordings (audio and video) and phono records; media which degrade rather quickly. I know that digital media last much longer than that. Much of our membership have laserdiscs that remain in pristine condition many years later.


You may want to check into changing you carrier or getting additional coverage. I called my insurance company and they assured me that replacement means exactly that - no depreciation. Exception: antiques and collectibles. In that instance they pay actual cash value. I suppose if I owned a pile of oop criterions I might have a problem, but I don't. The good news for me is that my dvds won't be worthless (for insurance purposes) in 10 years.

#19 of 31 OFFLINE   Jonathan Perregaux

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Posted October 01 2003 - 06:51 AM

Idiots. I bet you had DVDs that would be worth a mint on E-bay due, such as those from the Criterion Collection. Some are worth many times more their original value.
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#20 of 31 OFFLINE   Jeff D Han

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Posted October 01 2003 - 10:04 AM

I'm glad to read that you have received a settlement
check that should rebuild most of your collection. If
you open accounts through Columbia House, you will be
able to get some of your replacements at a cheaper cost
than you originally paid for them. I had three active
accounts with them at one point.

Your insurance company didn't offer to buy replacements
for you? When I had some of my laserdisc collection ruined
by water, they bought replacements for me and gave me a
check for OOP titles.

Happy shopping!

You will rebuild your collection, right?
Pretty please, with sugar on top,
clean the f**king car.





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