So I went to my Allstate agent to get a Schedule C insurance policy on my rig and certain components within and he said that I could not get an insurance policy for "Sparky", my rig.
He told me that they insure musical instruments such as a guitar and an amplifier and that I could get coverage for the computer as well, just not coverage for the rig. Now, I have a considerable amount of $$$ tied up with spare amps, spare IC's, PC's, CDP's, VCR's, DVD's yada, yada.
I told him, "OK, well my rig is hooked up to the computer via the Velo SMS-1 and that if I purchase a guitar, then use the rig as the amplifier, then I will be covered right?" His answer, "No, that's not how it works". Huh?
Frustrated, I told him that I'm not liking his answers [after an hour and 1/2 of talking] and that I would like him to refer me to an insurance company that WOULD insure my collection. He said that there is not an insurance company out there that would provide such coverage. WHAT??? Am I missing something???
Now, granted I may be reading him incorrectly but I got the feeling that he was taking me as a customer that wanted to participate in insurance fraud. The statement that got me thinking about this was...."Being in the insurance industry as long as I have been, I can tell what certain peoples motives are". WTF???
What in the HELL is he talking about? Motive? What motive? I have no stinkin' motive! I want coverage, which I THOUGHT I was getting with a whole house replacement policy [which he says I have], but not when it comes to Hi-Fi. I was told that if I had a TOTAL loss of the house from a tornado, hurricane or fire that I would be covered for the rig....here's the kicker...."at a depreciated value"......So what does replacement value mean to him? ARRRGHHH!! He told me that was for furniture, appliances, clothes, etc...and that that would all be replaced at full replacement value.
Now, seeing as I have a lot of vintage gear here I asked him, "OK, well the used market of some of what I have is just now getting to the point to where [even non-refurbished] prices are starting to top that of the equipment when brand new, so that's current market value right?" His answer, "No. It is the depreciated value of twenty year old equipment". So I asked him that "if I purchased an amplifier at $600.00 and got it completely overhauled for $300.00 [plus shipping across the country both ways] that I would receive close to $100 or less, given the age?" His answer, "probably less, given the age and depreciation factor". Regardless of whether or not all monies paid toward each item was well documented or had receipts.
Soooooooooooooooo, it looks as if my insurance agent is not the person I need to speak to. I want replacement value for my rig if it were to get stolen, or at least the most amount possible in the unlikely event that something DOES happen.
Where do you guys get coverage?
This is VERY important to me as I have devoted 30 years plus in the building of my rig and countless dollars to achieve where I am at and don't plan on stopping anytime soon, but when the cost of this hobby exceeds 20% of the total worth of your house....it's time to get serious about proper coverage.
It's time for me to get serious. Thanks in advance for ANY useful information and help in this regard.
Tom, the extremely happy but frustrated audiophile.