The Good News
I’m buying a house! That’s pretty awesome. Part of the process is to get insurance. One thing of value I have that I would like insured is my record collection. I currently estimate the value of my collection at about $20,000. I came to this figure by starting to catalog my entire collection on Discogs. I have 7 full record shelves and have fully cataloged 2 of them. Discogs tells me:
Collection Value Range
- Minimum: $3,821.63
- Median: $5,491.27
- Maximum: $8,481.81
I have accounted for 30% of my collection. About 30 of the items in my collection have no price associated with them, so let’s assume 100 items will have no price when I’m done. Currently, 379 records have prices making the average value of each one $14.48. Adding 30 x $14.48 to the Median brings it to $5925.67. Math tells me my collection is worth about $19,752.23.
The Bad News
None of that matters. The insurance company told me that I need to have proof that I own these records. They also recommended that I take a video of the entire collection so I can show ownership. Not just a video of the whole collection – I should pull out records and show the condition so a correct value can be assessed. So that’s exactly what I plan to do here. I will be keeping a collection of videos of records that I own for insurance purposes. If my house burns down in a fire, I highly doubt the insurance company is going to actually look at these videos and give me the true value of my collection. No, I assume they will low-ball me with something like, “Well, used records sell for like $1 each, so here’s your check!” However, I am doing what they asked in hopes that if anything happens I will have some recourse. Also, if I lose my collection, it will be nice to have video of the things I used to own for nostalgic purposes. After all, that’s really why I own most of them, anyway.