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Collections VS insurance
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Iscariah



Joined: 23 Feb 2008
Posts: 1648
Location: Norway

PostPosted: Fri Feb 01, 2013 3:47 pm    Post subject: Collections VS insurance Reply with quote

SO...Ive been having discussions with a wide range of insurance companies about insuring my collection of vinyl. I have a really good deal through my union about this but they keep saying I should get a listing online.
I was thinking to use Discogs because it also lists what it costs to eventually buy another copy. Any other ideas? My co-workers house burnt down and I tell you...its hard to list up what you have if you did not make a list in advance.
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scentofdeath



Joined: 14 Aug 2011
Posts: 769

PostPosted: Fri Feb 01, 2013 3:50 pm    Post subject: Reply with quote

No doubt about it, Discogs is a great place to keep track.
And I believe you have options on Discogs if you want to make your collection public or private on the database.
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NK7
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Joined: 07 Oct 2012
Posts: 1340
Location: Beograd, Srbija

PostPosted: Fri Feb 01, 2013 4:02 pm    Post subject: Reply with quote

Are there insurance companies actually offering these kind of deals? About 5-6 years ago I was working with one, actually the biggest insurance company we have in Italy, and no way in hell we would ever insure stuff like that unless you signed for a bigger (read, more profitable) deal including your own house and everything inside it.

Besides, will the company ever take discogs/popsike links as valid proof of a certain record's value? I doubt it. I think you'd need to hire an expert in the field/surveyor like those stamp collectors do. The point is, where do you find one for metal vinyl?
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Demoniarch



Joined: 12 Mar 2008
Posts: 5808

PostPosted: Fri Feb 01, 2013 4:08 pm    Post subject: Reply with quote

Insurance?
Now that is cult.

Mommy, I lost my stuff... can you give me another? Laughing



I tell you, somethimes the people that live with a mere car load of stuff may very well be the smart ones.
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Iscariah



Joined: 23 Feb 2008
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Location: Norway

PostPosted: Fri Feb 01, 2013 4:09 pm    Post subject: Reply with quote

My insurance for inside the house belongings is unlimited, but I need to make a list of things I have there.
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Iscariah



Joined: 23 Feb 2008
Posts: 1648
Location: Norway

PostPosted: Fri Feb 01, 2013 4:12 pm    Post subject: Reply with quote

Demoniarch wrote:
Insurance?
Now that is cult.

Mommy, I lost my stuff... can you give me another? Laughing



I tell you, somethimes the people that live with a mere car load of stuff may very well be the smart ones.


quite sure if your house burnt down you would be abit regretful you did not make a list of your inventory. Seriously, but hey! ....that wont happen to me!

..and for the record if you live with a mere car load of stuff, statistics will tell you that your maybe not very smart in the first place to have been ending up in such a situation. You know. Money. Future prospects. Education.
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Demoniarch



Joined: 12 Mar 2008
Posts: 5808

PostPosted: Fri Feb 01, 2013 4:20 pm    Post subject: Reply with quote

Iscariah wrote:
Demoniarch wrote:
Insurance?
Now that is cult.

Mommy, I lost my stuff... can you give me another? Laughing



I tell you, somethimes the people that live with a mere car load of stuff may very well be the smart ones.


quite sure if your house burnt down you would be abit regretful you did not make a list of your inventory. Seriously, but hey! ....that wont happen to me!

..and for the record if you live with a mere car load of stuff, statistics will tell you that your maybe not very smart in the first place to have been ending up in such a situation. You know. Money. Future prospects. Education.


I knew a guy with his 2nd class power engineering, never owned more than a truck load of stuff, his need for earthly possessions was meager to say the least. Smart guy, driven for success at work, never wanted a wife or kids or shit to pack around. Interesting guy. Lost touch of him years ago, but know his sister through other people... apparently he relocated and retired at 40 something on some tropical island paradise.

If my house burnt down I would be out my entire lifes work financially wise, but hey... I can always steal from someone else that worried over this shit more than I do/did. Razz
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Humus



Joined: 05 May 2007
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PostPosted: Fri Feb 01, 2013 10:43 pm    Post subject: Reply with quote

Iscariah wrote:
My insurance for inside the house belongings is unlimited, but I need to make a list of things I have there.


I've posted the same thing here just a few weeks ago I think.
Insurance companies will let you insure whatever value you want. I can insure my property for a few hundred thousand euro's if I want. That doesn't mean they will pay me out that amount if my place gets burnt down by a fire. At that moment they'll say: 'now show us proof that your belongings were worth that amount'.
Same for records. I got this from my nephew who works in insurance. I can insure my collection if I want, but if the insurance company ever needs to pay me out I'll need to proove my collection was worth that amount. And they will for sure not accept some excel-list, or a collection on discogs. You'd need a sworn estimator to value your collection, but who can value a metal collection?

Bottom line is, insurance companies will take your money with a smile. But when it's time to pay out they'll do everything to avoid that. And when you're insuring some mid 80's obscure South-American private press vinyl record, it's not that hard for them to argue that the price is not €xxx like you say it is.
Burder of proof is upon the policyholder, so in my opinion the insurance you'll be getting is just something that makes you feel comfortable but holds no real value or insurance.
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AmaLurra



Joined: 13 Mar 2010
Posts: 1944
Location: UK

PostPosted: Fri Feb 01, 2013 10:48 pm    Post subject: Reply with quote

Humus wrote:
Iscariah wrote:
My insurance for inside the house belongings is unlimited, but I need to make a list of things I have there.

Bottom line is, insurance companies will take your money with a smile. But when it's time to pay out they'll do everything to avoid that.


Sadly this is the world we live in.
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hevosrunkkari



Joined: 18 Nov 2011
Posts: 298
Location: Finland

PostPosted: Sat Feb 02, 2013 1:58 am    Post subject: Reply with quote

Insurance is the biggest pile of crap there is (except car insurance which is mandatory by law here). If my records burn some day, so be it.
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Stalinorgel
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Joined: 08 Aug 2011
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PostPosted: Sat Feb 02, 2013 2:12 am    Post subject: Reply with quote

I guess insurance policies differ from country to country, no clue about the Norwegian system.
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Sv.



Joined: 18 Jan 2009
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PostPosted: Sat Feb 02, 2013 2:20 am    Post subject: Reply with quote

Humus is right, at least for the Belgian system.
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Weltering in Blood



Joined: 24 May 2011
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PostPosted: Sat Feb 02, 2013 2:33 am    Post subject: Reply with quote

Humus wrote:
Iscariah wrote:
My insurance for inside the house belongings is unlimited, but I need to make a list of things I have there.


I've posted the same thing here just a few weeks ago I think.
Insurance companies will let you insure whatever value you want. I can insure my property for a few hundred thousand euro's if I want. That doesn't mean they will pay me out that amount if my place gets burnt down by a fire. At that moment they'll say: 'now show us proof that your belongings were worth that amount'.
Same for records. I got this from my nephew who works in insurance. I can insure my collection if I want, but if the insurance company ever needs to pay me out I'll need to prove my collection was worth that amount. And they will for sure not accept some excel-list, or a collection on discogs. You'd need a sworn estimator to value your collection, but who can value a metal collection?

Bottom line is, insurance companies will take your money with a smile. But when it's time to pay out they'll do everything to avoid that. And when you're insuring some mid 80's obscure South-American private press vinyl record, it's not that hard for them to argue that the price is not €xxx like you say it is.
Burder of proof is upon the policyholder, so in my opinion the insurance you'll be getting is just something that makes you feel comfortable but holds no real value or insurance.


Was just going to type this. They'll gladly take your money, no doubts on some very pricey plan due to the nature of the insured items, but good luck jumping through the endless hoops they'd inevitably put in front of you should you ever need to claim. Imagine trying to satisfy them that your copy of INRI is actually worth 1300SEK?
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Voidwards



Joined: 13 Oct 2010
Posts: 22

PostPosted: Sat Feb 02, 2013 2:49 am    Post subject: Reply with quote

As someone already said, you as a policyholder will be required to prove that the items were in your possession. It's probably a bit harder with rare niche stuff like BM/DM/Thrash vinyl. Depending on country and availability, you can of course inquire. I can well imagine some companies offering special cover for antiques or collectibles, don't count on that stuff being included in your normal House & Contents cover. There's usually exclusions or limitations on antiques and collectibles, and a normal H&C cover will not be adequate for those type of items.

Collectible or particularly rare vinyl may very well require a special add-on cover. Just check with them what the requirements are for you to actually prove the value, and what they will accept as proof. It won't be a unique situation for most companies I imagine as there's loads of valuable record collections out there that people have been taken out policies for, so I'm sure you'll find some company willing to quote - just ensure they give you good information on how to establish the actual worth of the collection.
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Xeniteia



Joined: 13 Feb 2008
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Location: Rhône Valley, France

PostPosted: Sat Feb 02, 2013 2:59 am    Post subject: Reply with quote

Voidwards wrote:
As someone already said, you as a policyholder will be required to prove that the items were in your possession.


That's the main point. You need to have photos, etc. My insurance can cover my collection. You just have to pay more for more value, but in case of a problem you have to prove you owned these records, and a simple list may not be enough.
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