Okay, if your at all concerned about an uninsured loss of audio equipment or a media collection, then you need to do one simple thing: go see your insurance agent.

Alot of what has been posted so far is only half right.

1. A "renter's policy" if for people who rent. It only covers personal property and not the building itself (although that is not entirely true). A "homeowern's policy" covers the house and the contents. Both policies cover other sundry losses.

2. Both policies generally come in two flavors: Depreciated value or Replacement value. Depreciated will pay you what the stuff was worth at the time of the loss. Replacement value will pay you what it costs to replace the loss. Depreciated coverage is less expensive and many unscrupulous agents may sell you that unless you specifically ask for replacement coverage. Regardless, the insurer will almost always have the option of replacement over payment. i.e. If they can get you a set of replacement speakers for less then retail, they are free to send you the speakers rather than the cash. Either coverage will benefit from the diligent record keeping described by Peruvian.

3. Remember an insurance policy in nothing more than a contract between you and the insurerer. Accordingly, if you don't buy the coverage, you aren't entitled to squat. A policy generally consists of two documents: 1) a declarations page, or "dec sheet" for short and the policy book. The dec sheet is a single page that particularly describes the coverage you bought. The policy book is usually a small "onion" paper booklet maybe 20 to 50 pages depending on insurer that contains all the legalese and fine print. Both documents make up the policy contract and should be read together to determine your coverage. AND YOU SHOULD READ YOUR POLICY PRIOR TO SUFFERING A LOSS NOT AFTER SUFFERING A LOSS.

4. THIS IS IMPORTANT: Not all insurance is the same. It varies widely from state to state and company to company. Many specialty items such as $5,000 speakers will need to be covered by a "rider." A rider is a specific coverage bought subsequent to a specific disclosure of a piece of property. They are especially employed for property that is often stolen. Most commonly you will see it as a "jewelry rider." This is why it is so important to see you agent.

5. Finally, and most importantly, insurance companies make money by collecting premiums, not paying out claims. Remember, these are the fcuk sticks that looked at Katrina and said "I don't see no wind damage." They will try to screw you, so govern yourself accordingly.