Contents Insurance cover for a large CD, DVD and Blu Ray collection.

Belenus

I have a very large music collection, built up over more than 40 years, of about 3,000 CDs and about 900 DVDs and Blu Rays. It is difficult to value it. Many would be impossible to replace. Many were bought second hand in specialist shops and on eBay etc. If I place a nominal value of £10 per disc, that totals £39,000.

When I take out Contents home insurance I request a total sum insured of at least £80,000 as that should adequately cover all our normal contents plus that music collection.

I use the MSE/MoneySuperMarket insurance comparison tool which asks for specific items such as jewellery, laptops etc. I have never thought of my music collection as a single item and I have always assumed it would be covered within the £80,000 cover.

I have just taken out a new policy which, on reading the schedule, has a maximum claim limit of £200 for Records, CDs etc. This is obviously inadequate for my requirements. Perhaps I missed that limit on filling in the proposal form although I have just redone the form and I cannot see anywhere I can list my collection.

I can cancel the new policy at no cost under the 14 day cooling off period.

I want to ensure that my music collection will be covered in the event of a total loss but I also want a competitively priced policy.

Is that maximum claim limit of £200 for Records, CDs etc normal.

How can I take out a policy that will cover my collection without going to a broker who, in my experience, quote 3 or 4 times more than the results on the comparison site.

Thanks

Aretnap

It probably should be declared as a high value item. Many if not most insurers will consider a "collection to be a single item - MoneySupermarket for example includes options for "comic collection", "stamp collection", "wine collection", "coin collection" etc. Not "record collection" for some reason, but you can declare it as "other item" and see what quotes you get. That should mean that any insurer that offers quotes will cover it.

DullGreyGuy

Belenus said:

I have a very large music collection, built up over more than 40 years, of about 3,000 CDs and about 900 DVDs and Blu Rays. It is difficult to value it. Many would be impossible to replace. Many were bought second hand in specialist shops and on eBay etc. If I place a nominal value of £10 per disc, that totals £39,000.

When I take out Contents home insurance I request a total sum insured of at least £80,000 as that should adequately cover all our normal contents plus that music collection.

I use the MSE/MoneySuperMarket insurance comparison tool which asks for specific items such as jewellery, laptops etc. I have never thought of my music collection as a single item and I have always assumed it would be covered within the £80,000 cover.

I have just taken out a new policy which, on reading the schedule, has a maximum claim limit of £200 for Records, CDs etc. This is obviously inadequate for my requirements. Perhaps I missed that limit on filling in the proposal form although I have just redone the form and I cannot see anywhere I can list my collection.

I can cancel the new policy at no cost under the 14 day cooling off period.

I want to ensure that my music collection will be covered in the event of a total loss but I also want a competitively priced policy.

Is that maximum claim limit of £200 for Records, CDs etc normal.

How can I take out a policy that will cover my collection without going to a broker who, in my experience, quote 3 or 4 times more than the results on the comparison site.

Having multiple of something doesnt automatically make it a "collection" else almost everything you own would count as a collection and "high risk" by most insurers definitions as most have a collection of shirts, shoes, plates etc. Obviously your choice to describe them as a collection means it's more likely to have a problem. 

Unfortunately the Ombudsman doesnt provide much guidance on when something goes from just owning a lot of CDs to it being a "Collection", searches show many more cases of arguments over if a collection of bank notes should be treated as Cash or a Collection and about proof of ownership. I'd argue that things that are practical and used are less likely to be deemed a collection unless by having a "set" the value becomes greater than the sum of their parts. 

In short, before buying your replacement policy check with the insurer in question if they would deem it a "collection" and if LPs, CDs, DVD & Blu-Ray would count as a single collection or 2 or 4 etc. 

Many policies have inner limits that you cannot change, having an inner limit of £200 for CDs is unusual but potentially understandable, at least 20 years ago. This is why insurers tell you to check the policy before buying it, its a non-advised sale so up to you to check its suitable for your needs.

You have a right to cancel during the cooling off period, there is no requirement for them to offer a fee free cancellation. They've incurred costs and so these can be passed on. 

Half the people quoting on aggregators are brokers, just most people arent good at spotting who's an insurer and who's a broker. Traditional brokers typically won't be on there but the razor thin margins on mainstream home insurance means its not cost effective to have a human involved in the sales process so they tend to aim at MNW and above where customers arent as price sensitive but instead want good cover and service and so willing to pay for it. 

I'd suggest avoiding the bottom feeders and maybe look at something like M&S home insurance, which gives you £100k of contents insurance and £25k of valuables with a single valuables limit of £10k however valuables are defined such that only stamps, coins and medal collections count as valuables. 

I know this website loves cheap but sometimes its better to pay for value rather than buy cheap junk

Grumpy_chap

Does the OP have a lot of CDs and records, or does the OP have a collection of CDs and records?
How can the determination between "a lot" and "a collection" be assessed?

Let's consider stamps.

If I buy a bulk purchase of 1st and 2nd class stamps, then I have a lot of stamps.
There is nothing special about any of the stamps.
The stamps have a practical purpose and use.
The stamps are not stored in any special way.

If I purchase unique and rare stamps at auction or accumulate over time, then I have a stamp collection.
There is something special about the stamps.
The stamps have no practical purpose or use.
The stamps will be catalogued and stored in some suitable presentation manner, but also protected against exposure to the elements.
Some of the particularly rare and valuable stamps I might even have stored and only handle with gloves (if handled at all).
The collection of stamps will be in some kind of climate controlled environment.  Maybe simple cases and desiccant pads to protect against moisture or maybe fully climate controlled air conditioned vault.
The collection of stamps will be protected against damage from risks such as fire and flood / water damage.

Now, is there any special about the OP's CDs and records?
How does the OP have the CDs and records stored, handled, used?
If this really is a valuable collection, then the best insurance will be a sealed and fireproof storage that protects against damage occurring.

This thread makes me recall the (I think now confirmed hoax) tale that was doing the rounds a few years back of the individual who insured a "collection" of cigars against fire risk and then claimed the "collection" has been destroyed in a series of small and contained fires (when the cigars were smoked in the normal way) which apparently paid out but was then followed by an arson claim against the individual.