gshyoung Posted December 9, 2022 Posted December 9, 2022 Hi everyone Just wondering what is the most cost efficient way to have audio gear insured? The total value of my gear is <$30K (Chord Hugo2, MScaler, Focal Stellia+Utopia, Violectric V550 + aftermarket cables). I have Home and Contents insurance with NRMA, but according to the fine print, the most they will pay out for any single item is up to $2K, and we all know that $2K doesn't go very far in this hobby! Any recommendations? Cheers
BRS Posted December 9, 2022 Posted December 9, 2022 Insurer should allow you to specify items insured in the home only the same way you might do for a peice of art. That is, anything above the 2k limit you mentioned. The insurer may ask for a valuation but proof of purchase should be adequate. Its odd they limit to 2k when a reasonable dining table and chairs will be above that. Same for lounges. Best to call them and ask how you can adequately insure any item above 2k. 1
075Congo Posted December 9, 2022 Posted December 9, 2022 The whole issue of Home and Contents Insurance is a puzzling one. I was advised recently that my Bank would no longer offer H&C Insurance and that a group called Honey Insurance could offer a policy. I was invited to read through 65 pages of fine print and if satisfied sign on the dotted line and receive a FREE GIFT as well. The Premium quoted was at least $300 less than last year. As you can imagine I went on full alert. After reading the 65 pages (twice) it was more a "non-insurance policy" Exemption after exemption......claim limiting....etc. The cost of adding approx $50K of audio equipment is outrageous. SO! I'll need to engage an Insurance Broker and see what my options are.
gshyoung Posted December 9, 2022 Author Posted December 9, 2022 So I just gave NRMA a call to clarify what the coverage is. So hifi equipment falls under General Contents and my total sum insured under General Contents more than covers the total value of my equipment. There is no maximum payable limit per item, and provided I can prove the value of the items (receipts, serial numbers, photos etc.), there wouldn't be any issue claiming the full value of the loss. 2
BRS Posted December 9, 2022 Posted December 9, 2022 On 09/12/2022 at 1:50 AM, 075Congo said: The whole issue of Home and Contents Insurance is a puzzling one. I was advised recently that my Bank would no longer offer H&C Insurance and that a group called Honey Insurance could offer a policy. I was invited to read through 65 pages of fine print and if satisfied sign on the dotted line and receive a FREE GIFT as well. The Premium quoted was at least $300 less than last year. As you can imagine I went on full alert. After reading the 65 pages (twice) it was more a "non-insurance policy" Exemption after exemption......claim limiting....etc. The cost of adding approx $50K of audio equipment is outrageous. SO! I'll need to engage an Insurance Broker and see what my options are. Expand The old too good to be true scenario. My thinking is, If someone is offering something you didn't ask for then most likely it's not what you want or need. To be honest I apply this to almost any scenario I can think of and it's definitely saved me quite a bit of pain and money over the years
MattyW Posted December 11, 2022 Posted December 11, 2022 (edited) Mmmm, I can probably find the invoice for everything but my speakers and power amp. PayPal invoices. Also my Aurealis cables. Some were bought on the classifieds. I may need to review my insurance policy I guess. Edited December 11, 2022 by MattyW
BRS Posted December 11, 2022 Posted December 11, 2022 Usually it all goes to pot when you have a claim because the onus is on you to prove what you owned that was lost or damaged. Paid receipts or pictures with brand, model and serial number can help here.
075Congo Posted December 11, 2022 Posted December 11, 2022 What sort of claim situation are we thinking about.......fire....flood.....theft?
Tone Malone Posted December 11, 2022 Posted December 11, 2022 A good outcome @gshyoung I think NRMA has become a bit less prescriptive of their caps by category in recent years for home & contents. I'm a firm believer in keeping an eye on insurers' changes to T&Cs, calling them each year to negotiate if there any major premium increases, and then proactively changing insurers if the policy doesn't work for you. 1
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