Home Theater Insurance (1 Viewer)

[Type A]

Anyone ever crunch the financial numbers for the electronics they have in their home? Based on MSRP I came up with $35,500 in mine. Obviously no home owners or renters insurance policy is going to cover that kind of replacement cost so has anybody got the proper insurance coverage for their home theater gear? Who's your provider and whats the premium? Does it have replacement cost coverage? What perils are covered?

 

[schan1269]

I have Farm Bureau, have had it 20+ years.

They don't even blink when I mention what I have in the house and what to replace it with. Helps if you, every once in a while, walk around your house with a video camera as proof to what is there.

But several years ago the main water pipe broke leading into the house, had 3 inches of standing water(concrete slab house). Luckily I was home when it happened so I had already set up water extraction(so that there was no stagnant water...mold).

They cut me a check for for 7 rooms of carpet, 4 beds frames, washer/dryer, TV(projection in the living room, only TV "sitting on floor"), stove, 3 chairs/couches.

If I hadn't been home, they would have added, at least, 12 speakers and various tables. All of which I was able to get moved to the garage or outside.

But lightning strikes, or whatever, I've never had them balk at anything I offered up as replacement.

The only time I ran into problems was during a tornado where the shed I had was damaged(tornado passed within 1/4 mile) and while the tools in the shed were fine the racks etc were not. I had to file a county/state/FEMA claim.

 

[schan1269]

Oh yeah...particulars(not going to mention my premium as it covers 3 houses...as I've never done the breakdown)

The only "disaster" not covered is tornado. Most insurance companies don't even offer it(as your county/state is supposed to provide that...if you want it. In Indiana you can get tornado coverage as part of your taxes. And if a Federal Disaster area is declared, then insurance is out the window anyway...at least that is a rider on my Farm Bureau says...they step back in cases where FD takes over)

I've never run across "replacement value" issues. They wait on me to come up with replacements(along with the video proof of what I had) and simply write a check. They do no legwork.

 

[Dan Driscoll]

I specifically asked my agent about my A/V gear and computers and they said it was all included under my personal property coverage. She recommended that I document everything at least once a year or anytime I make a change and keep a record of the serial numbers. I had a spreadsheet and photos, as well as all the original receipts.

Policies and law vary, so you should always check with your own agent to confirm your coverage.

 

[Type A]

Thats interesting. Im hearing that standard personal property coverage only covers so much in any one category. Like "electronics" is usually a $2000 to $3000 max kinda thing and its not designed to cover an extensive investment. Kinda like a photographer, special coverage would be required for $20k worth of camera gear. This is Progressive, they offer me a great rate for liability on the 55 truck I use as a daily driver. Ill be curious to see what they want for coverage on electronics tho, they wanted values and I had no idea what to tell them. Do I tell them the $3400 I spent for a projector with a three year warranty or 10k MSRP? I dont pay retail on anything but yet replacing stuff I might be forced to. Just as an example you wont find a refurb RS60 for what I paid, not even close. Thats pretty standard for most of my gear, most everything Ive purchased still can not be found for as cheap as I paid (even on the used market, ironic eh?). Not trying to toot my own horn, Ive just be very patient and lucky in the 'screamin' deals' category and I have serious doubts I could duplicate these deals in the event of a incident.

 

[schan1269]

I bought, for 11 years, all my AV gear at wholesale, plus 3%.(not counting my freebies either...for meeting sales goals)To give you an idea, Pioneer, Yamaha, Onkyo, Hitachi, Toshiba, Sharp Aquos that you bought on Amazon, was shipped by us(contrary to belief, Amazon does not stock everything).I was buying stuff at prices below what Amazon was paying us. Twice a year, we were allowed "cost purchases". Yeah, I use retail.

 

[Dan Driscoll]

Again, it depends on the insurer, policy and maybe state where you live. In our case my electronics, as well as my wife's jewelry and my tools, are covered under our personal property coverage. We have replacement coverage and chose a coverage amount high enough to cover replacement in the event of a total loss, after the deductible, using retail prices.

I believe you can also get coverage that reimburses you for the amount you paid when you bought the item.

 

[schan1269]

And, to this day, as long as it is for me...and not for a customer, I can walk into almost every AV place(including Best Buy)...and get wholesale.The store manager at a close Best Buy used to be one of my employees. I'll buy from him and pick up at whatever Best Buy I'm in, if they won't play ball...so to speak.

 

[schan1269]

Like Dan says.Depends on your state. Indiana makes insurance payouts easy. Tell them what you got, you get paid.I had a Chevy G30 extended luxury van that was totalled. I dealt with their insurance(other drivers fault) company for not even a day.They lowballed(mainly from not knowing exactly what I had...to them a half-ton cargo van, till they knew better). They even covered the damaged peripherals in the van(TV/stereo/stove).But yeah, I've never had issues getting rightfully paid.