Investment + Insurance?

[SlumpBuster]

Sorry, my banal attempt at humor. Gustav Klimt was a painter. Until recently one of his paintings was the most expensive ever sold for like 120 million. My point in the post was that most people would not pay a $120 for a Klimt, let alone 120 million dollars. Similarly, many people would pay cash money to haul away some of our audio monstrosities, let alone compensate you tens of thousands of dollars for an insurance lose.

In the movie Back to School, starring Rodney Danderfield, there is a joke. Rodney, having just caught his wife cheating on him during a party they are throwing at his house, returns to the party. A man, standing below a painting by Klimt, remarks "Your wife was just showing me her Klimt." Rodney, having no idea what a Klimt is, states "You too? She's been showing everybody." "Yes, its a remarkable painting," says the man. "Oh yeah, the painting. Thanks," retorts Rodney.

My reference to Klimt made me think of the joke. By no means a reference to your wife, if you have one.

[Groundbeef]

One other thought to keep in mind w/insurance. I often obtain riders for expensive electronics (DVD Camcorder, Laptop, etc) even though my homeowners insurance would cover the loss if it is stolen or lost.

The main reason is that a rider does not require you to pay your deductable for your homeowners insurance. Also, the loss does not go against your insurance, so no raise in your rates. This is because you are actually paying for individual coverage of the item.

Riders are a bit expensive generally about $1 per $100 in coverage for yearly coverage. But, the lack of rate increases if you suffer a loss may negate the higher cost. Anyway, just my 2 cents worth.

[hermanv]

My house burned down last year. I listed all my 2 channel electronics, my home stereo, DVDs, CDs tapes and Laser Disks. All listed and itemized by brand age and cost (a lot of damn work, for which you will not be compensated) my insurance company insisted on detailed itemized lists not all of them do.

Some companies will look at your coverage limit and say it to you "this looks like 85% destruction how about 85% of the dollar amount of your coverage" and you negotiate from there. Other's like mine, want to negotiate every last item, teaspoon, paper back book and Martin Logan speaker.

They look at replacement cost and depreciation using "experts" to valuate each item and offer you some percentage of that (they are not required to use licensed experts, but you are). I challenged some audiophile item valuations by submitting actual used prices paid over the last 5 years (this is available from Audiogon for a small fee). So far they have come around. They don't allways, many companies assume you wont make as big an effort to collect as their permanent paid staff does to stop you. They might make you get appraisals.

If they can prove you are a "collector" then you probably need to have a seperate rider, just having expensive stereo equipment does not let them off the hook, after a long tussle (no courts or lawyers) they paid.

So far we are 15 months into the process, my house is just starting to get rebuilt and I have probably been paid for about 60% of my possesions that were listed. We didn't list them all. We lived there for 35 years and like many, had accumulated vast armies of stuff.

[Bernd]

Wow, what a nightmare to have your house turned into charcoal. That's one of my biggest fears.
I have, as you, amassed large amounts of stuff and have a couple of large music collections.
I wish you a speedy rebuild and may that be the worst thing that will happen to you.

Peace

Bernd