What Value to declare

LuBo

I have got house insurance which I need to make a claim on.
I had quite a large music collection which has been built up over the years, I listed it on the policy for £2,000 which is what it is worth (after depreciation). The policy is with a company that I have found out are notorious for not paying. The premium I pay is obviously for the value of contents.
Am I right in having insurance for the value of the music rather than the cost?
Working it out the replacement cost of my collection is going to be close to the £2000, the cost new would have been close to £7000. Will they try to claim that it is the new cost I should have insured for?
The policy is NOT a new for old.

I don't want to ask the insurance company as like I said they appear to try to wriggle out of paying.

Lubo

gordikin

Expand on your music collection value, 2k = 200 X £10 cds for example?

LuBo

It is a mixture of CDs and Vinyl.
About 400 CD Albums costing average of £13 each £5200 (some are double, triple, box sets)
About 150 LPs average cost £10 £1500
So value now was about £4 or £5 each, maybe a bit less.

Lubo

dacouch

Are they a private collection or are they used professionaly eg as a DJ?

LuBo

They are private.

Lubo

dacouch

I would suggest you discuss the matter with the Loss Adjuster who will probably advise you to assign a certain value to each format eg £10 for each single CD Album etc. They can then take it from their.

Insurers often use specialist companies who replace lost albums etc so they may refer the list to them.

Which Insurer is it

LuBo

I would not like to name the company until the matter is closed.

Lubo