Collection Insurance

danjaq_0ff · July 2009

Anyone here have there Collections insured ? or is it just contence of the home insurance? would be greatfull of any advice.

Cheers. :007)

DBS · July 2009

I have my various collections insured through my homeowner's insurance. They are not specifically called out in my policy, but I have photographed and documented them, and included their value in my overall policy. I hope this info is of some help.

Kind regards,
Craig

danjaq_0ff · July 2009

DBS wrote:

I have my various collections insured through my homeowner's insurance. They are not specifically called out in my policy, but I have photographed and documented them, and included their value in my overall policy. I hope this info is of some help.

Kind regards,
Craig

Thanks Craig, will see what they have to say.

Youknowthename · July 2009

I´ve looked into a separate insurance; it´s hard. Some collectables are easier to value than other and there is no real landmark. For instance, a cardboard display can be much sought after and thus valuable. The insurance company however might look upon it as fairly worthless as it's 'only a piece of cardboard'. Upscaling your general home insurance is the easiest way, and do as DBS did: photograph and register. Sadly enough you are likely to never gain the same collection again, so any money paid due to the loss of your collection will be Dutch comfort.

danjaq_0ff · July 2009

Youknowthename wrote:

I´ve looked into a separate insurance; it´s hard. Some collectables are easier to value than other and there is no real landmark. For instance, a cardboard display can be much sought after and thus valuable. The insurance company however might look upon it as fairly worthless as it's 'only a piece of cardboard'. Upscaling your general home insurance is the easiest way, and do as DBS did: photograph and register. Sadly enough you are likely to never gain the same collection again, so any money paid due to the loss of your collection will be Dutch comfort.

hmm so maybe no point insuring it then -{

Asp9mm · July 2009

It's a nightmare insuing stuff, especially if it is over 10k. You have to get valuation certificates and other stuff, which is nigh impossible if it is a one off.

danjaq_0ff · July 2009

Asp9mm wrote:

It's a nightmare insuing stuff, especially if it is over 10k. You have to get valuation certificates and other stuff, which is nigh impossible if it is a one off.

Better get some security then, :v land mines

cheers asp i wont be bothering with insurance -{

DBS · July 2009

When it comes down to it, a lot of our collections are irreplaceable, as YouKnowTheName points out above. Insuring it will only replace the monetary value of said collection (and in some instances, only part of the total value). While that might not offer much comfort, it's definitely better than nothing at all. If anything, you can use that money to start a different collection.

And yes, land mines are a good idea.

Kind regards,
Craig

cpoulos62 · July 2009

The cost of adding a rider under ones existing Homeowners or renters insurance runs about $9 per $1000 insured. This is rediculous unless u have a nominal collection. But if your collection is nominal, then why insure it. You need to use a specialty company.

I would highly recommend using Collectables Insurance Services. They are underwritten by Lloyd's.

I am insured for almost $250K and pay about $600 annually. It covers all of my collectables including coins, stamps, memorabilia and file art. They also cover other items such as firearms, jewelry and others. I have been a customer for nearly 10 years. I find this to be the best blanket policy available.

danjaq_0ff · July 2009

Cheers guys, i will have to look in to this a bit more me thinks, less of the mines and trip wires lol

bugger :v

Collection Insurance

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