That Escalated Quickly (aka Common Records Turned Rare)

nolalady said:
Please tell me more.
How do you go about getting a quote for insurance?
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Depends on your coverage and company. Mine is large enough that it’s a separate policy from my homeowners, so I’m talking with the new company’s underwriters who are still working on how to appraise it. I’ll pay closer attention and let you know exactly what I did/submitted etc. once I get it quoted and written. Maybe I’ll start a thread or something detailing what they wanted for anyone doing the same.

In the past I’ve been able to just jack the “personal contents” value of my homeowners or renters to cover it (or attach a rider), which for a lot of people is enough.
 
Corycm said:
Depends on your coverage and company. Mine is large enough that it’s a separate policy from my homeowners, so I’m talking with the new company’s underwriters who are still working on how to appraise it. I’ll pay closer attention and let you know exactly what I did/submitted etc. once I get it quoted and written. Maybe I’ll start a thread or something detailing what they wanted for anyone doing the same.

In the past I’ve been able to just jack the “personal contents” value of my homeowners or renters to cover it (or attach a rider), which for a lot of people is enough.
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Yeah mine is just included in my contents. But my value is lower than most I think. Under $30,000 usd
 
Corycm said:
Depends on your coverage and company. Mine is large enough that it’s a separate policy from my homeowners, so I’m talking with the new company’s underwriters who are still working on how to appraise it. I’ll pay closer attention and let you know exactly what I did/submitted etc. once I get it quoted and written. Maybe I’ll start a thread or something detailing what they wanted for anyone doing the same.

In the past I’ve been able to just jack the “personal contents” value of my homeowners or renters to cover it (or attach a rider), which for a lot of people is enough.
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What's the upkeep look like if you buy/sell/trade fairly often?
 
Mather said:
Yeah mine is just included in my contents. But my value is lower than most I think. Under $30,000 usd
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The biggest thing to watch for is how the underwriting values it. Collectibles are weird, because depending on how it’s written, say your original, never-opened, butcher-paper Beatles album could be valued at the average price of a used record for replacement rather than the market/appraised value, which means $10 instead of $texas. I ran into that early in my collecting life before I had any exposure to insurance. When I realized if my entire collection went up in smoke, I’d get $8 for each album lost it made me a little wheezy.
 
Corycm said:
The biggest thing to watch for is how the underwriting values it. Collectibles are weird, because depending on how it’s written, say your original, never-opened, butcher-paper Beatles album could be valued at the average price of a used record for replacement rather than the market/appraised value, which means $10 instead of $texas. I ran into that early in my collecting life before I had any exposure to insurance. When I realized if my entire collection went up in smoke, I’d get $8 for each album lost it made me a little wheezy.
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Yeah from what they said, my home rebuild cost and contents are all covered for a lump sum 1 million. Since the house rebuild is no where near the cost. The contents amount is high enough that they would be fine at cogs value. But I never trust insurance companies since their main job is to figure out how NOT to pay for anything. So I should probably revisit it.
 
I’m also guessing that specific vinyl collection insurance is such a niche market that getting it in a country of 5 million people might be tricky. I have seen it advertised in the U.K. but never here.
 
Joe Mac said:
I’m also guessing that specific vinyl collection insurance is such a niche market that getting it in a country of 5 million people might be tricky. I have seen it advertised in the U.K. but never here.
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It’s just a supplemental policy, like jewelry, etc. Usually low $ (so low commission) because the exposure risk is so low, so a lot of agents don’t like to mess with it.
 
Corycm said:
It’s just a supplemental policy, like jewelry, etc. Usually low $ (so low commission) because the exposure risk is so low, so a lot of agents don’t like to mess with it.
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Yeah I asked about it with BelAir before, they just said it falls under contents value. I think they said I could go the appraisal route with an outside party but it didn't seem to provide much benefit. But again, if it came to it I'm sure they'd screw me over somehow...
 
Corycm said:
It’s just a supplemental policy, like jewelry, etc. Usually low $ (so low commission) because the exposure risk is so low, so a lot of agents don’t like to mess with it.
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Ah fair enough. I did try to add the whole collection as a “named item” with a set value on my home insurance like you would jewellery but they said that’s for individual items so they weren’t going to do it unless an individual piece was more than €5k. Instead they say to raise the total contents insured amount by the value of the collection. The idea that they baseline value when I have some pretty expensive pieces now is a worry though!
 
Everyone I asked about insuring a collection said it was a hassle. Some companies want a paid, official appraisal of your collection.
Imagine the time and cost of that! They won't take Discogs valuation.
 
djdavedk said:
Everyone I asked about insuring a collection said it was a hassle. Some companies want a paid, official appraisal of your collection.
Imagine the time and cost of that! They won't take Discogs valuation.
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That’s kinda normal though. If you want to specifically cover named pieces of jewellery over the individual limit threshold you generally have to get an official valuation from a jeweller and often it has to be redone every so often to keep the piece covered.
 
djdavedk said:
Everyone I asked about insuring a collection said it was a hassle. Some companies want a paid, official appraisal of your collection.
Imagine the time and cost of that! They won't take Discogs valuation.
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As much as I want to take the "it can't happen here" approach, that mentality took a hit for me after I've seen comedian Jacy Catlin's house burn down in Wisconsin. Said he had about 30+ years worth of record collecting and other media go up in flames. Can't imagine.

volumeone.org

[UPDATE, VIDEO] Comedian Jacy Catlin’s House and Work Go Up in Flames

Chippewa Valley comedian and artist Jacy Catlin and his family are safe after a devastating fire resulted in a total loss of their house near Fairchild over the weekend ...
volumeone.org volumeone.org
 
Melt Face Molly Drop said:
As much as I want to take the "it can't happen here" approach, that mentality took a hit for me after I've seen comedian Jacy Catlin's house burn down in Wisconsin. Said he had about 30+ years worth of record collecting and other media go up in flames. Can't imagine.

volumeone.org

[UPDATE, VIDEO] Comedian Jacy Catlin’s House and Work Go Up in Flames

Chippewa Valley comedian and artist Jacy Catlin and his family are safe after a devastating fire resulted in a total loss of their house near Fairchild over the weekend ...
volumeone.org volumeone.org
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Also, he said in an Instagram post today that he got a bill for $8,000 from the Fire Department. Talk about adding insult to injury. Just what the hell do our taxes do?
 
Joe Mac said:
Same just had to bump my contents covered by €40k (somewhere between median and maximum). The were only concerned if an individual item was worth more than €5k
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That’s interesting. I’ve been contemplating adding my collection to my homeowner’s insurance plan and always imagined I’d list the estimated value at the Discogs minimum (about $12K in my case) to keep the premium down. Max value (currently $43K) makes no sense for my collection because it includes a fair share of beat-up albums.
 
bettim84 said:
That’s interesting. I’ve been contemplating adding my collection to my homeowner’s insurance plan and always imagined I’d list the estimated value at the Discogs minimum (about $12K in my case) to keep the premium down. Max value (currently $43K) makes no sense for my collection because it includes a fair share of beat-up albums.
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If the worst was to happen I’d want to be able to replace the majority, if not all, of it.
 
There was some talk of Rihanna's Anti here a few weeks ago and it got me thinking I should work my way through the box set again. I picked this up back in 2016 for £90 new and sealed, which I remember thinking was 'pricey' at the time (oh how times have changed). What makes this set baffling is that copies of Anti alone have recently sold for £300 on eBay, the EXACT same pressing as the one in this set.....which can be found for £300.

Anyway, its actually a fantastic set and certainly a no-expense-spared package. Each album contains its own lyric sheet and is housed in a thick card jacket (many are gatefold or tri-fold). The box is an upright holder which the thick laminated card box goes over. Also includes a chunky photo-book (including album artwork), slipmat and download code for the full set.

£90 in 2016 - around £300 now.
Anti alone has been selling for £300.

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