BONUS TRACK
Life is risky. Accidents happen. That's what insurance is for. But have you insured your record collection? It's not as straight forward as you might think and cataloguing your collection and knowing what you have - and how much it is worth - is the most important step you can take to make sure you're covered in the event of a disaster.
And don't assume your collection is covered under your house insurance. My record collection is automatically insured under a kind of catch-all miscellaneous umbrella on my home insurance policy up to a maximum of $30,000, which I am told is pretty standard. But any more than that would need a special rider.
And record collections can add up in value, especially if you have a lot of rare records.
And don't assume that just because you've made a list of a bunch of records your insurance company is going to believe you actually owned them and cut you a cheque. A detailed inventory is absolutely necessary, but photographs of you collection should also be considered essential in helping you prove your claim. Make sure you take pictures of any particularly expensive and collectible items in your collection, too, and maybe even consider having them covered separately under a rider.
You can also do what I did and invite your insurance agent over for an evening of beer and music.
Remember: even if your collection is insured for loss by a rider attached to your homeowner’s policy, any claim will still be subject to the policy’s coverage limits and deductibles. And - again - you will need proof that the collection actually existed.
That means you will need an inventory of your collection. If you haven't already compiled one, get on Discogs right now and get started. It's free.
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