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Insurance for DVD collections question


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7 replies to this topic

#1 of 8 Eric Huffstutler

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Posted March 27 2006 - 05:42 AM

I tried doing a search for "insurance" and came up with little to use so posting my question here...

My gripe is when you have a insurance policy in place on something like DVDs, why will they only pay $1 (devalued) each as opposed to replacement value? If I have a $15,000 DVD collection that took years to put together and contains many OOP titles, some even limited editions or numbered units, how do they expect you to replace everything "equally" on $1 per disc especially when you may have to get replacements on auction sites?

Is there such thing as replacement value insurance for DVD and CD collections? Any suggestions for a non home owner?

Eric

#2 of 8 Dave Scarpa

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Posted March 27 2006 - 07:47 AM

I Doubt it. If you're looking for return on investment it's hard, you should see what stores like Gamestop and EB's are paying for older DVD's like .44 fro some titles, I'l take them out and burn them first. The problem is the glut of titles out there, the flood of previewed titles from Hollywood and Blockbuster haver really devalued the market. The insurance company will not pay what you payed its a shame really.
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#3 of 8 Rolando

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Posted March 27 2006 - 08:12 AM

Well I don't think he is looking to get what he paid for it. He just wants to be covered to replace it.

I think that is reasonable.

If he paid say $100 for American Werewolf in London but can now get the Special Edition for $10 he will be happy with it. However if he paid $30 for The Killer Criterion and cannot get another one for less than $100 then that is what his inssurance should cover for that title.

I think it is fair. He does not want to make money from his loss nor does he want to be paid out what he shelled out for his collection. He just wants his collection back.

Isn't that what insurrance is? I lose it, you replace it?
Rolando Avendano

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#4 of 8 LaurenceGarvey

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Posted March 27 2006 - 08:27 AM

My house was broken into about 3 years ago, and approximately 250 DVDs were taken (they grabbed a couple of shelves off my bookcase; at the time, that was about 1/8 of my total collection). I was ready to settle with the homeowners' policy folks for cash, but they INSISTED I had to replace all of the discs and send them the bill. Yep. (By the way, I save every receipt for every DVD I've ever purchased, which helped a lot to show them I had what I said I had, the pictures of my home's interior aside). So I went to Fry's and went to Best Buy and went to eBay and I bought 250 DVDs and they reimbursed me. By the way, they didn't care what titles I purchased: so let me tell you, a lot of cheap DVDs got replaced by Criterions! I was just fortunate that they didn't take my Criterion shelf or, what would've been even worse, my Region 2 shelf, which was loaded (still is) with Laurel & Hardy -- I would've been annoyed having to order those from Germany again!

#5 of 8 wally

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Posted March 27 2006 - 08:57 AM

Every receipt Laurence? That's amazingly good planing.

Anyone know if DVD Profiler (or similar) would be the next best thing where you could show every title, date/place purchased, purchase price?

#6 of 8 JohnMor

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Posted March 27 2006 - 10:31 AM

I have renter's insurance, and they told me that I am covered for replacement cost, whatever that may end up being. I have most of my receipts for proof, but not all, although my insurance agent said they wouldn't be required on my policy.

Just make sure to get "Replacement Value" instead of "Cost Value" on insurance (if offered by your insurance company...)

#7 of 8 Jeff_CusBlues

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Posted March 27 2006 - 11:45 AM

Replacement value is the way to go. You don't need receipts for a claim either. It certainly won't hurt, but not needed. If you have a huge collection, pictures will help (but put them in a fireproof place or off site). And as stated earlier, insurance companies pay replacement cost on a reimbursement basis. I think they will pay actual cash value up front and reimburse for replacement cost. They will not pay collector value unless you somehow insure your collection as collectibles. That is just how insurance works.

#8 of 8 CraigF

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Posted March 27 2006 - 02:27 PM

Yup, replacement value insurance pays for replacement. An Excel spreadsheet was good enough, they said lots of people do that. BTW, they checked with some retailers to make sure I actually had bought quantities of discs from them, but not actual titles. I had all the receipts, but they didn't ask for them, too much paper I guess. And I had pics. They insisted on replacement: no replacee, no monee.

That $1 per disc thing, that sounds like if CD's are stolen from your car or something. I forget, there's something in my car policy about that but a residential policy "upgrade" overrides that clause. That $1/disc would obviously not be a replacement value policy though. Some things stolen from your car are covered under house insurance if the items are "normally" in your house (like DVD's and CD's could be). JIC that ever happens to you...a replacement value home policy should cover that stuff, doesn't cost much more.