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vince
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HiFi Insurance

Hello;

I've been building my HiFi and record collection for decades and it is worth roughly 100k$. Recently I purchased a new, German, turntable. This got me thinking that I should insure my kit. So I asked my home insurance company to write me a rider for my HiFi and camera gear. They (Guard) declined.

So I thought I'd speak to the company that insures my camera gear. They (Hartford) also declined to write a policy on HiFi gear.

Anybody have thoughts on this matter? I'd like to be insured. Perhaps somebody has found an insurer.

vince
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HiFi Insurance

I can't be the only one with this question...

geoffkait
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It sounds like you answered

It sounds like you answered your own question. Value of HiFi gear is highly subjective. HiFi is probably like exotic cars, as soon as you drive it out of the showroom the value drops like a stone. Insurance for HiFi is like a racket within a racket. Lol

Old Audiophile
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Just a thought

Not sure this will be helpful. I find it hard to believe there isn't an insurance company on this planet that wouldn't be willing to insure your collection for the right premium. Afterall, they insure other works of art. I would advise you keep shopping around. My guess is that an insurance company willing to do this will require some sort of expert evaluation or assessment of the value of your collection. Good luck!

geoffkait
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That’s not a bad idea except

That’s not a bad idea except for one minor detail, works of art are insurable because they are a known value AND their price goes up generally speaking, whereas HiFi values are all over the map, and the value plummets as soon as you take it out of the showroom. It’s also not like some classic cars that are worth a king’s ransom. Now, an enterprising audiophile might think he can buy HiFi at 1/2 price and insure for full value, I wouldn’t be surprised to hear that.

Old joke: How to you make a small fortune in HiFi? Answer: Start off with a big fortune.

vince
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markets

Markets determine value. There is market for both new and used HiFi gear. And there is a market for both new and used LPs. The value of these things is known.

I'm not trying to insure art, this implies I have the master tapes and the rights to exploit them, I do not.

I can get insurance on the HiFi, albums and photo gear, if I incorporate. It is a pain in the neck and I would rather purchase insurance as an individual.

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