Insurance or lack of it.....

ChrisNic

Well-known Member
The subject of insurance has reared its ugly head again in my household and im wondering what other people do about it. The system I have has cost me a lot of money to put together and it obviously needs to be insured should something awful happen and I dont think that it is properly covered under my parents standard household policy. None of the items are listed in the policy and I think my dad is just burying his head in the sand over it.

How have other people dealt with insuring their kit and more importantly how much does it cost?!?!? I brought up this subject before but im sure it needs revisiting because its easily fogotten about.
 

la gran siete

Distinguished Member
cheapskate2003 said:
The subject of insurance has reared its ugly head again in my household and im wondering what other people do about it. The system I have has cost me a lot of money to put together and it obviously needs to be insured should something awful happen and I dont think that it is properly covered under my parents standard household policy. None of the items are listed in the policy and I think my dad is just burying his head in the sand over it.

How have other people dealt with insuring their kit and more importantly how much does it cost?!?!? I brought up this subject before but im sure it needs revisiting because its easily fogotten about.

i think household insurance covers you up to a certain maximum for each individual item -say £2000- and a sum total for the lot - say £30000(all household items that is). It would be worth checking out the policy and if you have to extend coverage for something worth £3000 you could pay the extra.check the policy and then ring the relevant insurance company if you have to. I wouldnt take out seperate insurance because I reckon on paying a lot more that way.
As for costs I always go through a broker.
 

liveforav

Well-known Member
I was checking for insurance quotes quite recently. To be honest, it seems that most companies allow you to add on individual items of high value without to much being added to the cost.

As an example, two bedroom flat in Edinburgh, full insurance (buildings & contents) is less than £300 (that's with some no claims thrown in)

It's the contents bit your concerned with & most policies have a minimum 'total' contents value of about £15'000, so count up cost to replace carpets, furnishings, appliances and av equipment etc.

If it's more than they've got it insured for its easy to up the minimum cover, even an extra £15'000 won't dent the cost too much, maybe £20 - £50 extra a year??

Worth paying to get your gear covered!
 

ChrisNic

Well-known Member
It would appear that items over £1,000 have to be listed on the policy so Im going to have to force him to list all the components on the policy. The total cover is pretty high on the policy so im hoping that listing the seperate bits wont have too much of an impact on the cost. Just added up the value of my kit and it has cost me £12k and would cost a fair bit more to replace with new, 18!!!!!!!
 

liveforav

Well-known Member
IMHO its unlikely to cost anything to add specific items.

I did this on my last policy with some av kit, engadement rings, wedding rings etc.. mounted up to about 9 grand, no extra charge from the insurance company.

dunno about 15 grand though!!!
 

stealther

Active Member
Quite simple really If the insurance company want extra tell them you will look else where. I have to declare anthing over £2k but I have unlimited cover and new for old replacement. Due to the area I live in have had to claim 3 times in as many years and my premium has not increased above the rate of inflation in that time.
 

BobBob21

Well-known Member
As with others my AV equipment is just covered by my home content insurance. My policy limit for a single item not listed is £1500 so havent needed to itemise any specific things.

Need to check your high risk provision is enough - this can either be a fixed amount (as it is in my policy) or it can be a percentage of the total sum insured - make sure you include your parents high risk items too.

Also worth checking on the accidental damage cover - most home insurances include this "free of charge" for entertainment equipment and an optional extra for everything else - though a growing number are now withdrawing this so it may be worth while considering adding it as a covered peril.
 

Daddy k

Distinguished Member
STEALTHER!

ur quote! too true my friend too true!

it must be causing more tension than were ever there in the 1st place!

by 2007 i wont be able to celebrate xmas incase i offend a "INSERT UR RELIGION/BELIEF OF CHOICE HERE" who to be honest often love the festive cheer, xmas trees, excesive amounts of food and a week of naff tv just as much as "INSERT UR BELIEF/RELIGION VIEWS ON BABY JESUS HERE" do


by 2008 ill be sending happy universal holiday cards that will have a picture of aliens in a crib with a disclaimer saying: not based on actual events or persons ;)
 

OneEyedStuart

Distinguished Member
cheapskate2003 said:
The system I have has cost me a lot of money to put together and it obviously needs to be insured should something awful happen and I dont think that it is properly covered under my parents standard household policy. None of the items are listed in the policy and I think my dad is just burying his head in the sand over it.

There's no doubt that your kit should be covered and you have to convince your dad to include this on his policy, detailing any expensive items you have.

His premiums would more than likely increase however I would presume that you were going to offer to cover his additional costs ?

Regards
KH
 

mjn

Distinguished Member
cheapskate2003 said:
It would appear that items over £1,000 have to be listed on the policy so Im going to have to force him to list all the components on the policy. The total cover is pretty high on the policy so im hoping that listing the seperate bits wont have too much of an impact on the cost. Just added up the value of my kit and it has cost me £12k and would cost a fair bit more to replace with new, 18!!!!!!!

I'd be more concerned with the fact that you have £12k worth of AV stuff, yet still live with your parents!! :eek: :eek: :)
 

stealther

Active Member
mjn said:
I'd be more concerned with the fact that you have £12k worth of AV stuff, yet still live with your parents!! :eek: :eek: :)

Didnt want to bring it up but I did think the same thing.:) Decided not to say incase theres a good reason for it.

PS Being to lazy to do your own washing is not a good reason:D
 

ChrisNic

Well-known Member
Lol, its only worth as much as a reasonable car!! Im still only young anyway and will be moving out in a few months when work dictates.
 

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