This topic has featured as recently as late 2021, BUT there’s been a big change for us UK residents.
About 7 (yes, seven) years ago a forum discussion on insurance led me to insure with John Lewis. Lots of nice things said about their customer service and the fact they weren’t bothered how much your hifi was worth (with ND555s now running at GBP 25,000 to replace, this becomes vital).
This was tested in 2018 when a water leak above my lounge occurred and the claims adjuster (a very nice Dutch man, btw), sat in the lounge whilst discussing appropriate remedies, noticed the Hifi and asked what it was worth. The water leak was the other end of the room and my Naim gear had remained dry throughout. When told the replacement value would exceed 100k, he smiled and, being the good claims adjuster he was, looking for reasons not to pay the cleim, he checked with the underwriter. All was OK. My hifi was insured regardless of its value. Happy days.
BUT all that’s changed. I’ve recently installed security cameras and a maintained alarm system - features you’d think would reduce risk, but NO… Premium nearly DOUBLED from GBP460 to GBP 940.
And the point of my posting ? - if you, like me were pursuaded that John Lewis was a good Home Insurance provider, then be aware, thay’ve changed their underwriters from Royal Sun Alliance to Great Lakes. (From British to American, if I’m not mistaken). And their stance is phenominally more aggressive where both pricing and claims handling is concerned.
Totally ‘off piste’ but if this is typical of American insurers, and if our NHS were to fall into US hands (as parts of it are already) and become an insurance-based pay-for service (which is a recurring nightmare for me), then I can’t help feeling the cost of insuring my Naim gear would pale into insignificance.
Apologies to anyone thinking this is a political comment - it probably is.
NFU Mutual are excellent home insurers. Up to £250k they do not require an alarm (not where I live, at least). Their customer service is excellent and they have a stellar reputation.
If you recap the 80’s and 90’s it was fairly common that break-ins would occur and they would remove your TV and HiFi. With cheaper TV’s I don’t think that happens as often, and I’ve never heard of Naim HiFi components being stolen. I can’t see someone easily running down the street with two hiccups in their hand.
So I suppose rather than theft, you are more likely insuring for things like fire/water damage which should be a lower risk, and hence insuring a HiFi should cost less - one would like to think at least.
A lot of the insurance companies like to to insurance house contents up to a value that you have to decide. Has anyone every really gone around the house and try and add things up, as I couldn’t. So I tend to look for unlimited. Of course that doesn’t mean all high value items are covered, but does save you having to guess at a figure
Burglers have moved with the times - they now use motor vehicles and work in twos, my mate tells me (he was a full time burglar - always prefered night shifts, he says, but gave it up when Naim introduced the 40kg NAP500)
I’d suggest the time has come to re-visit the market. @Stilts advocates NFU, I’ve gone with Aviva, doubtless other alternatives will surface. Good hunting, @Cohen1263 It took me a good couple of days to get sorted, but now peace has returned, my PC has cooled down and the phone company is rubbing its hands as they look at my call times ! (call times as in listening to insurance companies’ “lift musac”)
I can’t say never - I bought my lp12 from someone in 1995 who had had one stolen (along with his Naim amps) enough times for the insurer to refuse to continue cover. Sure enough the Axis I p/exd was stolen a few weeks later. Sadly I didn’t take him up on his offer to buy his 52/250 as I knew nothing about Naim at the time
When we had a fire claim in 2010 the adjuster checked that everything in the house didn’t breach what we had cover for, so it’s important to keep cover up otherwise an adjutant will be made of there is a claim
I renewed with JL on Monday, contents only, 5% increase on last year’s premium, which pretty much matches the index-linked increase in cover. I wonder why mine didn’t change materially where yours had a massive hike.
I’ll answer that for you @Eoink , I’d had my renewal quote at about the 5% you had, and I did actually renew my policy and pay the first month’s premium (£38). Then, after renewing I thought I’d let them know about the cameras and the maintained alarm, so I phoned them. After entering these ‘changes’ to my ‘material facts’, I was told my premium had increased by £13 - which surprised me ! OK, poo happens, end of call, but at least they now have all the material facts. Three minutes later, same call handler calls me back, very apologetic - my premium is now £82/month. (I felt sorry for the poor girl TBH). It seems that a ‘change’ to your material facts generates a total new evaluation by their UNDERWRITER’s system. And the new premium for me was GBP940, up from GBP460.
So, you’ll find that if you make any correction, good or bad, to your material facts, your whole premium will be re-evaluated - at Great Lakes prices !!
I’d say “try it and see”, but you’ve never done me any disservice, so please don’t. Now you’ve renewed, just keep your head below the parapit and your fingers crossed, and try to ignore the fact that a friend of mine had an extremely bad experience with a storm damage claim with John Lewis, eventually settled, but after months of denial and only after contacting their CEO.
So, here’s hoping you don’t have cause to test their claims handling, @Eoink !
Blessings, Roger
Thanks for that @roger, that makes it very clear, and very disappointing. I appreciate you taking the time for me.
One reason I went with JL was they didn’t mandate a police station linked alarm, I do have an alarm, but liked the flexibility as other “high value” policies mandate it.
I hope I don’t have to claim this year (for the obvious reason that I don’t want to have a theft/accident), given your warning I’ll review the market at the end of the year.
Just out of curiosity, I logged into the JL quote site to see what they’d offer a new customer. I came up against the same brick wall you describe - once my total contents value exceeded their ‘avarage’ £50k, it was ‘No thank you, sir. We don’t want your risk’. One wonders what our cousins across the pond have to go through when it comes to insurance ! Great Lakes is, after all, a major US player as far as I know… and they’ve sneaked into one of our best loved* providers here in the UK. (* no statistical evidence for this, it’s just my opinin)
The subject of hifi insurance has been discussed today. I was alarmed to read that John Lewis (with whom we’re insured) now has a ‘blanket £15k single item limit’. That contributor has moved to Aviva and has enjoyed a reduction in premium. £15k wouldn’t go very far with 500 series kit.
I currently have my house insurance with Saga and whilst they are not the cheapest it does offer very broad coverage for the fee. My cameras are insured in and out of the house, saving me a separate camera policy. They didn’t blink when I told them about the hi-fi except for the LP12 because it was 40 years old, suggesting I took photos and got a valuation of it done as it would smooth the claim process.
I’ve just panicked and gone to re-read my JL contents policy documents, I can’t find a £15,000 restriction. These are the terms in my policy.
“Art and antiques - £25,000 for a single item, pair or set unless specified
!! Jewellery and watches—£10,000 for a single item, pair or set unless specified
!! £15,000 for theft from any unattended motor vehicle. !! Personal Money— £10,000
Restrictions on cover continued…
!! Any voluntary or compulsory imposed excess will be detailed within your policy documents or schedule of insurance
!! Any one quad bike, go-kart or off road motorcycle - £10,000 !! Any one trailer or non-motorised horse-box - £5,000
!! Damage caused by chewing, scratching, tearing, vomiting or fouling by pets up to £5,000
!! Homes left unoccupied or insufficiently furnished will have restrictions for theft, malicious acts and escape of water
!! Second / holiday / let homes will have restrictions for theft, malicious acts and escape of water
!! Home Cyber - Your home systems must be protected by anti- virus software, where available, which is updated regularly in accordance with the provider’s recommendations.”
Don’t panick. But give them a call and ask the question “Can you confirm there’s no limit on the value of my HiFi equipment that you’re covering?” That should settle your mind, and as long as you don’t make any changes, you’ll be all set for the year.
Let us know what they say to you - it should be a simple “No, there isn’t”.
Their number, which I now know off the top of my head - 0345 608 9001 !
Hi @paulbysea , would they have blinked if you’d mentioned an ND555, a NAC552 and a NAP500 as well as an LP12 ? (I’m noticing Klimax LP12’s are best part of 20k nowadays).
If not, then I’m with you on the “worth paying that bit more” wagon, and that would put Saga on the list of possible alternatives for a few folk.
I think the £15k limit was discovered when he came to renew his policy. I assume that his previous policy was fine, which is why we too are currently insured with JL. We shall see what happens when we try to renew.
You can read the recent posts in the Kabin if you wish. I note that another from this forum has commented favourably about JL insurance over there too.
