Hifi Insurance

Is that really any item, or is that “valuables”?valuables are usually clearly defined, e.g money, jewellery and works of art, but you must check the policy/schedule of your own policy. If not just valuables £1000 is indeed very, as HH said.

The other thread will give you some indication of other people’s policies, meanwhile maybe as suggested ask @Richard.Dane to combine.

Thanks Mike. Should really have searched the forum first I suppose. My excuse…new on here.

I read the referred post but it didn’t mention if Naim offer a registration service with their supplied boxes, new or used. Be good if they did provide this service. Would save a lot of heartache for Naim owners don’t you think?

AFAIK, Naim have a registration for UK Naim owners who wish to register to obtain an extended warranty on their new Naim kit.

They also have a record of serial numbers, which gives details of the piece of equipment and also tells to which dealer or distributor it was originally sold.

When I worked at the factory there was also a register of serial numbers of any kit that was reported to Naim as stolen. I assume this is still in effect.

As far as providing proof to an insurance company, I would advise that you keep receipts and take lots of photographs.

This may be of interest to UK members. I use Immobilise National Property Register. I’ve uploaded all details and photos of my hifi as well as other electronics and artworks etc. You can download certificates of all your property which makes things a lot simpler for reporting to the police and insurance company should anything happen to them. It’s also free to use.

This is an important point.
Some insurers are only interested in declaration of VALUABLES above a certain limit and this would normally include jewellery etc. but not hi-fi.
Other insurers might stipulate any ITEM above a certain value (e.g. £1000) must be declared separately. Your Naim items then obviously fall within this stipulation.
The answer is always to check your policy wording.

Thanks for all the input so far!! It’s certainly narrowed down the search for quotes when I renew.
Currently I have Premium Direct Line insurance, and after speaking to them there is no individual item limit applicable except for valuables - jewellery/watches/artwork etc.
So the hifi is covered, but to raise my £100k contents limit means having a serviced and monitored alarm system fitted.

Suggest you push back on this and suggest they refer you to their higher-value contents team - i.e. for cover >100k.

When I did this, the requirement for an alarm fell away (perhaps as I don’t have many valuables) - albeit their premium was uncompetitive when compared to AVIVA.

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I buy equipment that is extremely heavy :grinning:

When I lived in a major UK city 15 years ago some insurances asked for alarm, but at that time didn’t need it monitored or professionally installed - I wouldn’t want to pay the cost of an inferior common or garden installation with monitoring when I can make it better for a lot less.

Where I live now I have had some quotes requiring alarms, but not significantly different from others not requiring, and that is with contents that is quite a bit in excess of £100k, though unlimited insurances don’t ask the total.

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I assume that wasn’t serious as a reason for under-insuring because theft is virtually impossible … but just in case anyone thinks it coukd be a good idea, unless at the time of taking out the insurance you specifically tell the insurance company of the things you have that you don’t want insuring, if you make a claim for anything else the insurance company will include everything in total value, and if on that they assess that you are under-insured you’ll only get that proportion of anything that is lost. (And even very heavy things can still be damaged in a fire!)

Exactly my thoughts. My German Shepherd is a far greater deterrent than any alarm system, but unfortunately not approved by insurers…

Is he any good at putting out fires?

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Presumably not until he’s had a big drink after last going walkies

Yes, that was said in jest.

However, the bit about heavy equipment is not entirely incorrect. Would take 2-3 people to lift one of my speakers, and that’s with a bit of equipment (ropes etc). Having said that, the house and contents are insured for fire and other disasters, though if such a thing would happen, the last thing I’d probably miss is the hifi as it is ultimately replaceable (at huge cost, granted, but still replaceable).

First trip out in a morning and I swear he could fill a bath…
But on a serious note, a monitored burglar alarm wouldn’t save much in the event of fire, and in my view is no deterrent to scumbag thieves, if they want to get in they will - I just try to make sure they will have a hard, noisy, messy time doing so.
Another tip if you have it installed - the very first thing a prepared burglar will target upon gaining entry is the CCTV hard drive, so keep it in the most obscure place you can think of…

I’m sure that the biggest variable in domestic insurance is how much the insurer can get away with. My parents’ joint buildings and contents cover had swelled to £750 before I took over financial management and renewed with a very slightly downgraded policy at £107…

Self-insurance is worth considering when premiums are getting high. I’m very circumspect about claiming for anything under a couple of grand as the insurance industry will make damn sure you pay that back in premiums, although perhaps not quite as damn sure as in motor insurance.

But you need to be careful that you are covered against substantial or total loss. By all means, reduce the premium by increasing the ‘excess’ to whatever level you are comfortable with, but savings under this head are quite modest, however worthwhile.

Agreed, that’s why I have buildings insurance, because a total loss would be catastrophic however vanishingly small the risk (how many people of the tens of millions of property owners in the UK ever suffer a total loss?). But insurance for say £10-15k worth of hi-fi? If the premiums are £250 per annum, and the probability of a total loss over 50 years is 100% (which it wouldn’t be) it’s a wash.

My Hi Fi is a multiple of that £15k, and when all the rest of house contents are reckoned, I could not take the risk of a total loss, however remote. Bear in mind that if you only insure for 50% of house contents and you suffer a total loss, you will, in effect, receive only 25% in the event of a claim.