Insure Your Collection!!!!

[theantiquetiger]

After reading about the collection stolen, I figured this would be an important topic.

I recently talked to my insurance agent about my LSU collection ($10,000+ collection) against fire and theft.

He said the most important things are pictures and documents of everything. My homeowner's covers everything up to $2500 per item, so I am OK with coverage (except maybe the Omega LSU watch). I have pictures of everything in my collection and a list of the replacement value of each item (replacement, not what you paid for it).

Check and see what your homeowner's covers per item (I think $2500 is a close norm), and if you have anything over that, you will need to get a policy for that single item (I insured my wife's wedding ring for $60 a year, $9,000 coverage).

I do not know the replacement value for my LSU watch is, so I need to do some research on it (kind of hard since pretty rare item).

This also goes for anything in your house over the single item coverage of your homeowner's. So, all you guys with those 60" HD TVs, you TV may not be covered.

As for you apartment renters, there is renters' insurance. I had it years ago. It was really cheap ($20 or so a month) and covered all my stuff, and any damage that maybe done to adjoining apartments due to fire, etc.

[theressa]

Yes, sound advice. Take pics of everything. Room by room. If you need more depth, take individual pics.
Save invoices or get appraisals.
The more leg work you do, the better your chances of getting reimbursed in a loss.
I value what I got too!
Here's another tip. Get a different shipping address! Get a UPS or PO box. Never use your home address for collecting!

[toys2cool]

That type of insurance is expensive here

[GAFan]

Don't forget to store the pictures someplace safe. It won't help in a fire if the pictures burn up with the collection.

[theantiquetiger]

That type of insurance is expensive here

You should have homeowners', so unless you have a VERY RARE item, you should be covered, just document what you have.

Don't forget to store the pictures someplace safe. It won't help in a fire if the pictures burn up with the collection.

Store the pictures online, i.e. photobucket.

[toys2cool]

You should have homeowners', so unless you have a VERY RARE item, you should be covered, just document what you have.



Store the pictures online, i.e. photobucket.

nope, here the homeowners doesn't cover collectibles,you have to pay a lot extra for that, and if things like TV's get stolen you have to have the receipt and documentation of the item and only pay you what's worth at the time it was stolen. It's ridiculous

[Wee67]

nope, here the homeowners doesn't cover collectibles,you have to pay a lot extra for that, and if things like TV's get stolen you have to have the receipt and documentation of the item and only pay you what's worth at the time it was stolen. It's ridiculous

I got a rather inexpensive rider with my renters' insurance. Talk to your agent and find out.

[cjefferys]

I've been meaning to look into this. I have homeowners insurance, but insurance is very tricky. I kind of doubt my collection would be completely covered, i.e. they wouldn't give me the amount of money necessary to rebuy everything in the event of loss. The insurance company's definition of "replacement value" can be very different from yours, so I guess you really have to ask detailed questions regarding this. Replacing a TV is a more clear cut situation compared to replacing an old, rare action figure. I've heard that there are insurance companies that specialize in collectibles, so that might be a good thing to look for.

Photos are a very good idea. I've taken pics of most of my stuff and have them hosted on line (some I've shared here ). And not using a home address for your mailing transactions is also smart. I use a US mailing address at a UPS Store for most of my stuff anyway, so the extra safety is a bonus.

[Marvelmania]

I've spoken to my agent in the past about such insurance. This was about a month ago and I was told that insurance to cover my toy and comic collection is much different and would be an added expense. and right now my home owner's policy would only cover a very small percentage of what I have. I'm supposed to get back with her about it this month.

[sauce]

My homeowners' insurance covers my stuff. I just gotta take pics and document what it is and estimate fair market value. Action Figures don't fall under the "rider policy" categories with my insurance company.

[wolfie]

This all sounds like a minefield to me. I bet loads of folks including me think that there collections are covered under the house contents insurance and that may not be true.

[Bizarro Amy]

Renter's insurance doesn't cover collectibles. Some companies may have additional coverage available, but if it doesn't there are collectible's insurance companies out there. You can get their brochures and talk to their reps at conventions.

[Nostalgiabuff]

I am an insurance adjuster. Most policies provided limited coverage on collectibles...the policy gives $2500.00 aggragate for various types of collections/collectibles. If you want to insure for more you have to pay more. The coverage on contents is subject to specific perils listed in the policy. If you damage is not caused by one of those you are SOL.

[Ghostwriter71]

May I suggest taking pics of your collection and store them in a safe place somewhere else other than your home, i.e. a safe deposit box at your bank. Failing that, as sometimes none are available, then maybe a friend or family member has a safe in their home. Heck, store them at work if you have your own office/cubicle/desk, whatever.

[toys2cool]

May I suggest taking pics of your collection and store them in a safe place somewhere else other than your home, i.e. a safe deposit box at your bank. Failing that, as sometimes none are available, then maybe a friend or family member has a safe in their home. Heck, store them at work if you have your own office/cubicle/desk, whatever.

I say save the pics on photobucket where you can have access to them at anytime from anywhere