• BackDrawerRecords over 4 years ago

    Does anybody know of a good company where i can insure my record collection??
  • dj_julie over 4 years ago

    dj_julie edited over 4 years ago
    I think normal household policies will cover it. My friend done this a few years back and the insurance company sent a guy round to check it out. You must get in writing in your contact with them which records you own, the condition they're in and also that you do not need to provide receipts them should you ever need to claim on the policy. (who keeps receipts for every record they have?)
  • ittf over 4 years ago

    I have been thinking of trying http://www.hiscox.co.uk/ they are supposed to be good.

    I would be interested to know how much house contents mainly consisting of a large record collection would cost!

    Haven't got around to getting a quote yet.
  • la-voie-du-sabre over 4 years ago

    the fee you'll be paying depends, obviously, on the amount you want to be insured for. afaik beyond a certain amount, it falls in the 'art/collection' are, hence with higher annual fee
  • cypherism over 4 years ago

    ittf
    www.hiscox.co.uk

    They only insure 12" cox !
  • la-voie-du-sabre over 4 years ago

    at least two previous threads on the subject: here and there
  • ittf over 4 years ago

    [quote=cypherism][/quote]

    that's scraping the bottom of the barrel.

    so i'll resist the temptation of asking what i should do with 2000 7"s and 100 10"s!
  • moshka-medicine over 4 years ago

    my home insurance covers my records. the insurance person said my list here at discogs is good enough proof that i own it, surprisingly
  • siman91 over 4 years ago

    siman91 edited over 4 years ago
    I work with many insurance companies and have seen 3 record collections go up in flames all of which resulted in low payments. The best example was not records but a guy who collected toy trains whos collection was worth £200,000 plus. However the insurance company paid out every penny they were due to ie the sum insured which was £60,000 including all of his furniture etc.

    When you purchase insurance, the insurance company will assume a value for rebuilding your property and replacing your contents, these are called 'sum insured'...YOU are responsible for ensuring these are correct. For most high street deals your house rebuild cost should be fine however contents are usually well below where they should be ie £40,000 ish. I have seen some as low as £10,000!! Just do a quick calculation yourself......

    Carpets, £3,000 ish
    Sofa's £2,000.00 ish
    TV's x2 £2,500 ish
    2x beds £4,500 ish (yes we have 1 very expensive bed and 1 normal)
    Dinigroom suite £2,000 ish
    Livingroom furniture £2,000 ish
    Computers 1x desktop 3x laptops £2,500 ish

    Thats £18.5k without even thinking or adding personal items, electrical good or my music etc. it is scary how quickly it adds up. Fitted kitchen, bathrooms and wooden floors are considered as part of the building. Please also note that the policy will read 'new for old' meaning many policies will pay the new value for the records ie as if say cd's as vinyl is not available. This may be great for £1 records however is useless for the Jack Rabbits or Melodious Myles of this world.

    The other loophole insurance companies exploit is the maximum value for a single item as in most policies a collection is considered as a single item! £1,500 is quite normal for this.

    Solution, discuss with your insurance company. Mine is rare as I have unlimited sums insured ie that the insurance company will have to pay what ever it costs to replace. The records are classified and mentioned on the policy as circa 2500 individual items and not a single collection meaning I would not fall foul of the maximum single item value clause.

    If youve got any specific questions I would try and answer them however the best people to speak to are the insurance companies...assume nothing, always check first.

    s

    ps...Hiscox are great as are NFU.
  • ringorider over 4 years ago

    Mine is covered in the house insurance, just mentioned it when i got the quote.
  • TIM over 4 years ago

    Strangely my tiesto records are not insurable.
  • cypherism over 4 years ago


    ittf
    that's scraping the bottom of the barrel.

    lighten up, its a joke, obvious yes but still a joke
  • slaneydore over 4 years ago

    Done mine on normal household policies
  • ittf over 4 years ago

    sorry cypherism, i was trying to be funny too.
  • cypherism over 4 years ago

    I take it all back
  • LEVIGAN over 4 years ago

    Part of my record collection suffered serious water damage. Made up a list of the damages and included their value based upon the English Record Collector Guide. You never know :) Much to my surprise the insurance company told me it was covered by the house policy, didn't ask further questions, and refunded the full amount. I was very surprised. A fellow-collector explained that our Dutch insurance companies rarely investigate claims under $2000+. But that was 10 years ago...
  • defunktrecords over 4 years ago

    wonder if they would look at your collection on discogs and pay according to an average value of each item?

    [quote=moshka-medicine][/quote]
  • cicerobuck over 4 years ago

    hmmm, I intend to go that route soon too, but my collection's average value on discogs is way over 100 000$, and many of its more pricey/rare items have never ever been sold or for sale on discogs. What do you guys think I should do?
  • siman91 over 4 years ago

    cicerobuck, you MUST speak to your insurance company. Unless you specifically come to an agreement with your insurance company they will assume a value which will be much less than you consider fair. Nearly ALL insurance companies will not insure the contents to any property for over £80,000 including your collection, furnishings, clothing etc. Beware if the insurance company feel that you intentionally underinsure then they may apply the right to average the claim or even void the policy meaning nil payment!!

    LEVIGAN, finances for most insurance companies have changed hugely and they will investigate any claim over a certain value (usually £1000 ish) or a claim where they are not comfortable.

    defunktrecords, many insurance companies demand a list and valuation countersigned by a record dealer. Discogs is great news for us and the insurance companies as it is a live database and allows us to store a list remotely.

    Remember you are dealing with insurance companies, the same companies who will kick out a vehicle claim if they find you did not declare you had alloy wheels on the car or had put a spoiler on the back. Same principles apply to your houshold insurance but just with larger numbers.

    s
  • Murrolo_again over 4 years ago

    I have my collection classified as a special additional item on my home insurance - £50k. I'm not exactly sure that would replace my collection however.
  • dj_julie over 4 years ago

    dj_julie edited over 4 years ago
    ^ and would that even be factoring in the shipping costs?
    Dunno how many records you have but an average collection of say 2000 @ an average of £4.00 each delivered is 8 grand in postage alone....
  • kleez.one over 4 years ago

    dont insure it, just a waist of money imo
  • ijonny over 4 years ago

    Mine is included in my renters insurance
  • BackDrawerRecords over 4 years ago

    Thank you for all your help, i think i'm going to go with Hiscox. The premium is £125 for the year,, £10,001 - £25,000 sum covered, Hiscox does require some minimum security requirements though.
  • bitonti over 4 years ago


    kleez.one
    dont insure it, just a waist of money imo


    in some sense this is true especially if the records are not easily replaceable. Would you really trade the whole collection for a stack of cash? it's not as fun or exciting.
  • cicerobuck over 4 years ago

    If I'd add all the time and energy spent getting all those records and was to lose all of those, I'm pretty sure there wouldn't be enough money to fund the psychiatric ward sessions I'd need after that.
  • techni-cue over 4 years ago

    a question in need of an answer. my brother and his mates thought it would be a good idea to use my large and expensive, treasured collecton and equipment to mix in my rooom and in local pubs and has consequently damage most of the equipment and rare records. oh and also burt all of my receipt (i was one of those who did have every receipt) do you kill him - sue the balls off him - or put him in a wheelchair? some of the damaged records where v limited
  • nickacid over 4 years ago

    there must be specialist insurers who insure just collections of random stuff?
  • ringorider over 4 years ago


    [quote=Murrolo_again][/quote]

    50,000 for 449 records, must be some very rare records ;)
  • techni-cue over 4 years ago

    - ringorider -
    i agree. think i would have them in a safe that was temperature controlled
  • siman91 over 4 years ago


    BackDrawerRecords
    Thank you for all your help, i think i'm going to go with Hiscox. The premium is £125 for the year,, £10,001 - £25,000 sum covered, Hiscox does require some minimum security requirements though.


    Are you sure? Records are considered very low risk due to their size and specialist demand......your not exactly going down the pub to sell a record collection unlike a tv etc. I would question their judgement there unless you are including your audio equipment too?

    S
  • ittf over 4 years ago

    thanks for the info BackDrawerRecords, glad my suggestion worked. i think i will take the plunge and get a quote for buildings and contents, records hifi everything.

    although a load of cash would not be sufficient compensation for the loss of a large record collection, esp when you think of the time and effort (never mind the cost) a lifetime of record collecting involves, imagine the loss without the money!
  • Murrolo_again over 4 years ago


    techni-cue
    - ringorider -
    i agree. think i would have them in a safe that was temperature controlled


    ringo can get away with his comment because he knows me and knows I have a lot more records than those I have bothered to add to my collection. :D

    You, however, do not and therefore can't. ;)

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