'Extras' on contents insurance...

Ok...

So I'm looking at contents insurance...

We have a really large CD and DVD collection. We own at least 10 TV series box sets (full series, all seasons type things, plus some rare and difficult to find items), plus a HUGE cabinet of CDs, another one of DVDs, as well as am array of PS2, Wii, and computer games.

Without adding it all up, all I know is that replacing them would be WAAAAAAAAAAY more than the 'usual' cover... they give you the option of extra cover, which I think would be the way to go...

How how do you know if you are valuing right? If something happened, how do they assess it? We certainly don't have receipts for them all... should I take a guess, or should I really get into it, write them all down, and work it out?

is it better to overestimate, and have them knock you back, than to underestimate and have them tell you they've only paying this even though they would have paid that...? (on writing that, obviously overestimating is the way to go?)

Oh, and should I be taking photos of everything, scanning recipts for TV, fridge, freezer, washing machine etc...?

Ring them up and ask them what do they like to see for proof of ownership. When we upgraded our TV set-up I called them to add it to the policy and they did not want proof at that stage, just if we made a claim. We bought it all on interest free, so both GE and **** Smith had records in their systems of what we had purchased, plus we took photos. I think even credit card statements can be helpful in the case of a claim for the bigger items.

There was a thread ages ago about how much they will payout depending on how much you cover. It can be tricky if you under insure, but at the same time they don't want you to over insure either.

I did insurance investigation years ago, mostly motor vehicle, but I did the odd burglary claim. We looked at various things for proof of ownership. So, for example, if someone stole all your DVDS, we would look at where they were stored. If you had one dinky little shelf, then we would suspect that you were trying to claim more than you had. Same with the TV. If you had a small entertainment unit, but were claiming a massive tv with all the accessories, it would look suss. Even if you don't have a list of all your DVD's, a photo of them all would still be helpful in a claim of proof of ownership.

ETA: I do know for jewellry, if it is being listed as a specific item, they wanted a copy of the valuation certificate

Leash - there are programs you can put the info in, and then provide to your insurance company every few months when you update. i use DVD profiler for our DVD's - it gives you the option to put in what you paid (i put an approx figure - as far as i could remember for some of them) - and then printed an "insurance report" - it's nearly 23k worth of DVD's (we have a huge collection, some limited box sets and stuff)

for CD's there are similar programs - send me a PM if yoou want the details of the programs. i'm in the process of doing all our books too seeing we have about 3k worth of just kids books!

ask your insurer if they will accept something like this as "proof" of your collection - they may ask for photos as well.

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So, for example, if someone stole all your DVDS, we would look at where they were stored. If you had one dinky little shelf, then we would suspect that you were trying to claim more than you had.

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Eesh - we keep all ours in folders! Mind you if they nicked the folders, we'd still have all the empty DVD cases in a box in the garage.. I'm sure that'd be proof enough hehe. Mind you, we don't have extra cover for them.

I wonder what they do for electronic stuff.. like say our AppleTV.. we could purchase/download HD movies on it and store them on there... if they nicked the AppleTV they'd be taking more than just the unit.

Argh - Leasha - you're a pain making me think of all this! ;)

I used to sell insurance (how embarrasing :redface: ) but the things we would tell our clients is,
1. walk around the house with a video camera (borrow one if you need) and film everywhere, including cupboards, wardrobes, drawers, book/cd/dvd cases and around the yard. Then store the disk at a friends house so if there is a fire or something like that you'll still have a record.
2. it isn't unusual for a normal home to have insurance cover of $80k and upwards, so if anything I would suggest over insurance rather than under insurance. It doesn't cost that much more and it is way better than not getting everything if you do make a claim and are under insured.
3. You normally don't need to specify (ie tell them exactly) what you have in the house unless you really really want to have it on your policy. Speak to them and check to see if they have any limits on items, or it will be in your policy book (if you can find it, I always lost mine)
Goodluck and I am happy to answer any other questions if you need :)