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General discussion (archive)How much would you insure games for?(11 posts)solved(11 posts)solved
(11 posts)solved
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This is my favourite topic
Posted January 23, 2012
Random thing, I've been updating my insurance for moving in with some friends and my estimates for our possession have pushed us out of being able to be insured. We have large collections of DvDs, CDs and games. I'm being thrown by the fact that they have to be insured at the price it would be to buy them new, is that a new game/CD price i.e £40 for pc and 10-15 for CD or the cost to find that exact item new (which in some cases would roll up to the hundreds as old games can only be got 2nd hand).

Does anyone have any advice on this (Or where to find decent shared renter's insurance), as currently I seem to be stuck at only being able to get a maximum of 85k content insurance (as we are 5 people renting together so therefore higher risk than families..) unless I pay the landlord to install a £400 alarm and bringing the insurance to over 2k.

Thanks
This question / problem has been solved by reaver894image
Posted January 23, 2012
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kazmar: Random thing, I've been updating my insurance for moving in with some friends and my estimates for our possession have pushed us out of being able to be insured. We have large collections of DvDs, CDs and games. I'm being thrown by the fact that they have to be insured at the price it would be to buy them new, is that a new game/CD price i.e £40 for pc and 10-15 for CD or the cost to find that exact item new (which in some cases would roll up to the hundreds as old games can only be got 2nd hand).

Does anyone have any advice on this (Or where to find decent shared renter's insurance), as currently I seem to be stuck at only being able to get a maximum of 85k content insurance (as we are 5 people renting together so therefore higher risk than families..) unless I pay the landlord to install a £400 alarm and bringing the insurance to over 2k.

Thanks
most insurance is based on replacing like for like, if a game was £40 new and is now £10 in the shops, its insurance value is £10.

/ex car insurance complains staff
Posted January 23, 2012
CDs, DVDs, games... Do you really need the physical copies? Rip everything and put them on a nice external HDD.

Why waste money for absolutely nothing?

"Insurance"
Posted January 23, 2012
85K for tenants' contents is a lot of insurance. That's several times greater than typical limits. Yeah, if you are in a shared living arrangement and have a lot of stuff that must be valued at replacement cost, insurance is going to be expensive and come with conditions like alarms.

In the US, you can opt for "actual cash value" for goods you do not really want to replace or could not replace, and this is generally much less than "replacement cost". In the UK, I believe "replacement cost" is standard. If you could list the replacement cost for each title, and total that up, I don't think the insurer would object.
Posted January 23, 2012
well if its cost so low to get a fire alarm and bring down the costs to that much then do that.

if you have a packaged mint game of something very rare, you might want to insure it but if it are games that can still be purchased on ebay for a tenner. why bother to insure it.
Posted January 23, 2012
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lugum: well if its cost so low to get a fire alarm and bring down the costs to that much then do that.

if you have a packaged mint game of something very rare, you might want to insure it but if it are games that can still be purchased on ebay for a tenner. why bother to insure it.
It's a burglar alarm (and I'm getting tempted to), the problem is, if we under insure and we make a claim, they'll send someone over and if the stuff left in the house plus what we claim for is over our insurance we won't get anything. And since from other peoples experiences they can be hand wavy with all dvd's being costed at £20 and CDs similar, a good media collection can cut into it by 7k.
Posted January 23, 2012
Your best bet may indeed be to store a digital copy of everything you have and keep it in a safe somewhere. As for protecting what you do own physically, that's a massive price for a bunch of CD's. If you're really worried about all of them being lost or stolen at some point, consider a bank safety deposit box. It'd may be cheaper than insurance, and the contents should have their own bank provided insurance to go with it. Insure a dozen or so cd's/disks to keep at home with you at all times and cycle through them.
Posted January 23, 2012
There's a real problem here that can't just be done away with by making good backups, or storing goods safely. In the US, it's called "underinsurance", in the UK, I think it's called "average" (an old term from the days when cargo was carried on sailing ships).

If you are underinsured (that is, not all your property is covered by insurance -- and in the UK, personal property is customarily covered at "new for old", which an American would call "replacement cost") and suffer a partial loss, your payout will be reduced by your underinsurance.

Say you have possessions that your insurer reckons are worth £20K, but you have insured them for just £5K. Now £4K of them are destroyed when a pipe breaks, and you file a claim. Even though your loss is less than the amount you insured for, you will be averaged, and your payout will be just 4 x (5 / 20) = £1K.
Post edited January 23, 2012 by cjrgreen
Posted January 23, 2012
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kavazovangel: CDs, DVDs, games... Do you really need the physical copies? Rip everything and put them on a nice external HDD.

Why waste money for absolutely nothing?

"Insurance"
Because then you get to keep the money and are under no legal requirement that you actually replace the items that were lost or stolen. You've paid for the license, the insurance will give you money to purchase new copies, but if you have back ups you don't have to buy new ones no matter how much the RIAA might protest.
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cjrgreen: There's a real problem here that can't just be done away with by making good backups, or storing goods safely. In the US, it's called "underinsurance", in the UK, I think it's called "average" (an old term from the days when cargo was carried on sailing ships).

If you are underinsured (that is, not all your property is covered by insurance -- and in the UK, personal property is customarily covered at "new for old", which an American would call "replacement cost") and suffer a partial loss, your payout will be reduced by your underinsurance.

Say you have possessions that your insurer reckons are worth £20K, but you have insured them for just £5K. Now £4K of them are destroyed when a pipe breaks, and you file a claim. Even though your loss is less than the amount you insured for, you will be averaged, and your payout will be just 4 x (5 / 20) = £1K.
That's interesting to know. It's also worth noting that one should always know whether a policy covers replacement value or the original value. It does make a difference, normally you get replacement value, but if you're willing to pay a bit extra you can sometimes get a policy that replaces the item with a new one rather than just a comparable model.

Normally, one doesn't really need a new one as a comparable model is just fine, but if you need a new one, one can sometimes find a policy which will cover the original price.
Post edited January 23, 2012 by hedwards
Posted January 23, 2012
avatar
kazmar: Random thing, I've been updating my insurance for moving in with some friends and my estimates for our possession have pushed us out of being able to be insured. We have large collections of DvDs, CDs and games. I'm being thrown by the fact that they have to be insured at the price it would be to buy them new, is that a new game/CD price i.e £40 for pc and 10-15 for CD or the cost to find that exact item new (which in some cases would roll up to the hundreds as old games can only be got 2nd hand).

Does anyone have any advice on this (Or where to find decent shared renter's insurance), as currently I seem to be stuck at only being able to get a maximum of 85k content insurance (as we are 5 people renting together so therefore higher risk than families..) unless I pay the landlord to install a £400 alarm and bringing the insurance to over 2k.

Thanks
Why don't you do an inventory (what they're called here, google or ask your agent the term there)? Once you've done it ask them to write you a policy based on it.
Posted January 30, 2012
thanks for everyone's help, I split the insurance into 3 polices and that seemed to fix it and drop the price down to ~600 for everyone from 2K+, it seems the systems just won't let you go above 85k on one policy without building insurance (it was 100k but because of the "high chance of riots in London" they dropped it")

Now back to gaming
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General discussion (archive)How much would you insure games for?(11 posts)solved(11 posts)solved
(11 posts)solved