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Author Topic: Insurance for Collections  (Read 1162 times)

Thirdfloor

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Insurance for Collections
« on: September 18, 2010, 11:14:38 PM »

Has anyone here had their collection appraised for insurance purposes?  If so what company/type of company did you go through?  What was the relative cost of the appraisal?  How indepth was the process?  Do they inspect every piece for quality, or do they just catalogue it's existance as part of the collection?  

Does anyone have a collection insured without appraisal?  If so how was the value determined?

Any information at all would be helpful.

Thanks
« Last Edit: September 22, 2010, 11:41:26 PM by Thirdfloor »
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Thirdfloor

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Re: Insurance for Collections
« Reply #1 on: September 24, 2010, 06:59:44 PM »

Is there no one on this site that has their collection insured?  :confused0024:
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fishfan

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Re: Insurance for Collections
« Reply #2 on: September 24, 2010, 09:39:50 PM »

mine isn't specifically insured as a collection, just under my contents insurance along with all the other stuff in our house.
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Thirdfloor

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Re: Insurance for Collections
« Reply #3 on: September 24, 2010, 11:20:57 PM »

mine isn't specifically insured as a collection, just under my contents insurance along with all the other stuff in our house.


If you had to make a claim, do you have any idea as to how the value and inventory would be determined?  What documentation would you use to provide proof as to the contents of your collection?
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richd

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Re: Insurance for Collections
« Reply #4 on: September 25, 2010, 05:58:09 PM »

For my collection, I have a spreadsheet with the name of each item and retail cost or what I paid in the secondary market (estimated for some, actual for others once I started the sheet). I then e-mail this to myself and leave it in my inbox (in case fire destroys my computer and local backup it's on the mail server). I also have pics too.

I asked my insurance agent about this once and here's the deal: Generally speaking, toy collection items fall under contents insurance for your house. If you have a record, such as the above, a claim wouldn't be a problem. If your items are significantly above market value, you might need an appraisal - otherwise, I wouldn't spend the money.

If you're talking really high-end collectibles, there might be a limit to how much is covered unless you have a specific waiver extending coverage. For most star wars collectors, this isn't the case.  :kar:

Rich
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Thirdfloor

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Re: Insurance for Collections
« Reply #5 on: September 25, 2010, 09:42:47 PM »

Thanks for the information. :)` :snowtroopers:
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ambasah

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Re: Insurance for Collections
« Reply #6 on: September 26, 2010, 02:00:50 PM »

there is a company in the US that specifically insures high end collectibles, but unfortunately they are unable to help for those north of the border and I have been unable to find a comparable service in Canada. as for my collection, I have a pic of each and every piece on photobucket. My collection is covered under my home insurance if the unthinkable happens.
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RyDel

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Re: Insurance for Collections
« Reply #7 on: September 26, 2010, 02:18:26 PM »

My basic renters home insurance covers about 2500 in collectibles. I asked my broker if that could be added to and she said absolutely. If you want more coverage for collectibles that they can increase it for a fee obviously. She didn't have an exact number at the time but she said it would only be a few bucks more per month to add another 2500 hundred dollars of coverage. I haven't done it yet, but I probably should.
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brianakarobin

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Re: Insurance for Collections
« Reply #8 on: September 26, 2010, 02:58:15 PM »

Yeah, mine is under my regular insurance.  I use microsoft access to track my collection, with pictures and prices for each item.

fishfan

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Re: Insurance for Collections
« Reply #9 on: September 26, 2010, 08:48:05 PM »

Is there no one on this site that has their collection insured?  :confused0024:

Lots of Pictures
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