Collectibles Insurance - anyone have experience?

[memorabiliaunlimited]

hello all - i was wondering if anyone has had any experience with Collectibles Insurance? their premium is about half of what every other insurance carrier has offered, which seems too good to be true. has anyone had a claim with them and do they actually pay? any information would be helpful. thanks!

[stitzerfse]

They are an insurance agency- not an actual insurer themselves. Shoot me an email if you're looking for more info on the differences and what types of things you should look for w/ a carrier.

[joshmiller0]

I use this company: http://americancollectors.com/

[sorklora]

I use Collectibles Insurance as they were recommended by my Homeowner's Insurance company and have great standing in the insurance world. While they aren't the actual insurers, they are owned by Global Indemnity plc which has only 'A' rated insurance companies under its control, so you are getting a top notch company. They also do not have a deductible like other companies do, and have been around for longer than most collectible insurers. I am sure other companies are good, as well, but this is the company that is consistently recommended by other insurance companies who don't cover collectibles.

[danesei@yahoo.com]

When you say "Collectibles Insurance," do you mean Collect Insure?

Also, does anyone know if there are any insurers that accept claims for sun/acid or other aging damage?

[memorabiliaunlimited]

yes - Collectibles Insurance Services, or Collect Insure.

i did a lot of calling around looking for a company that will insure sports memorabilia. suffice to say, almost NO ONE wants to do it LOL. i was recommended Collectibles Insurance Services from the insurance broker that does my regular homeowners insurance, and so far everything appears to be good. their premium was literally half of the cost of every other quote i received, and their deductible is very low - $200-$250 (cant remember off the top of my head). the do not require an appraisal up front, you just have to provide proof that you owned the item in the event of a loss and then you are reimbursed with the market value (that determination will probably be fun LOL, but i will cross that bridge, if ever, when i get to it).

thanks to all who gave any advice. if you have any questions about how i got my policy, feel free to shoot me an email and i will tell you all i can.

[johnsontravis@ymail.com]

Two thoughts:

Are collectibles not covered under normal homeowner or renters insurance?

I don't think they would cover something like aging damage. That sounds like trying to claim your laptop because it is old and doesn't work right.

[danesei@yahoo.com]

Two thoughts:

Are collectibles not covered under normal homeowner or renters insurance?

I don't think they would cover something like aging damage. That sounds like trying to claim your laptop because it is old and doesn't work right.

Yeah, I didn't think anyone really would cover sun damage, but I figured it was worth asking. As for the first part, it depends on your policy. Some require you to add a collectibles rider and get additional coverage, then you need to catalogue everything (usually with pictures or descriptions).

[Jags Fan Dan]

Two thoughts:

Are collectibles not covered under normal homeowner or renters insurance?

I don't think they would cover something like aging damage. That sounds like trying to claim your laptop because it is old and doesn't work right.

I have said this before on this forum. I have adjusted property claims for 14 years. The HO3 policy that most homeowners would have does not have any exclusions or limitations on memorabilia. However, if you have an extensive, high dollar collection, you would need to consider what happens if your entire house burns down. Will you have enough coverage for all of your regular contents and your collection? Also, if you have a piece (or more) individually that are very high value, a rider makes sense because it is an agreed value (if you insure the piece for 15k and it is damaged, you get 15k) and it is in addition to your other contents limit.

[joshmiller0]

I have said this before on this forum. I have adjusted property claims for 14 years. The HO3 policy that most homeowners would have does not have any exclusions or limitations on memorabilia. However, if you have an extensive, high dollar collection, you would need to consider what happens if your entire house burns down. Will you have enough coverage for all of your regular contents and your collection? Also, if you have a piece (or more) individually that are very high value, a rider makes sense because it is an agreed value (if you insure the piece for 15k and it is damaged, you get 15k) and it is in addition to your other contents limit.

I have geico.. they told me if something were to happen to a game used jersey they would replace it with a retail jersey

[Jags Fan Dan]

I have geico.. they told me if something were to happen to a game used jersey they would replace it with a retail jersey

Who told you that? If it was an agent, I would not believe it. Most do not know policy coverage very well, and usually the only way to talk to an adjuster is to file a claim. If you can document you had a game used jersey with a market value of $500, I don't know how I could pay $150 for a retail jersey and still convince you, my boss, or the department of insurance that I made you whole with that settlement.

[sorklora]

Two thoughts:

Are collectibles not covered under normal homeowner or renters insurance?

I don't think they would cover something like aging damage. That sounds like trying to claim your laptop because it is old and doesn't work right.

I was told my Homeowner's insurance carrier would cover a certain amount, but like was mentioned, if you have a decent collection, it won't cover all and may not cover specific items, so a third party insurer is best.

[Jags Fan Dan]

I was told my Homeowner's insurance carrier would cover a certain amount, but like was mentioned, if you have a decent collection, it won't cover all and may not cover specific items, so a third party insurer is best.

I would advise everyone to read your policy. Look at the "special limits on certain types of property" section (usually near the front of the policy) and see if it mentions sports memorabilia / collectibles. Check the section of "property not covered", also usually near the front. I am warning you, agents typically do not know policy language very well, and they are usually working on commission and are motivated to sell you more coverage. Any one who wants me to look at your specific policy and provide my opinion, I will be happy to if you scan your policy and email it to me. PM me and let me know.

[sox83cubs84]

An insurance company called American Collectors can be reached at 855-606-8362. They have special rates for AMAC (Association of Mature American Citizens) members.

Dave Miedema

[joshmiller0]

An insurance company called American Collectors can be reached at 855-606-8362. They have special rates for AMAC (Association of Mature American Citizens) members.

Dave Miedema

That's what I had suggested... the thing I like about them is that I don't need an appraisal for anything worth under $2000... luckily for me nothing is worth that much other than the personal value and how much it means to me.... premium is fairly low too... I think it's like $130 for anything under $20k

[joelsabi]

Go this link thru PSA and thought of this thread.

http://collectinsure.com/what-we-insure/sports-cards-memorabilia?utm_source=PSA&utm_medium=email&utm_term=INSERT_EMAIL&utm_content=INSERT_MESSAGE_NAME&utm_campaign=INSERT_MESSAGE_SUBJECT

[TigersCubs84]

I would advise everyone to read your policy. Look at the "special limits on certain types of property" section (usually near the front of the policy) and see if it mentions sports memorabilia / collectibles. Check the section of "property not covered", also usually near the front. I am warning you, agents typically do not know policy language very well, and they are usually working on commission and are motivated to sell you more coverage. Any one who wants me to look at your specific policy and provide my opinion, I will be happy to if you scan your policy and email it to me. PM me and let me know.

Thanks for this info and offer Dan. I have a bit of a different situation, with homeowners and renters. After reading your post I dug up my renters, low and behold, 2500 limit on sports cards. Never mentioned bats, etc. Agents didn't know squat as you inferred. Agent is decent folk, well thought of, high end clients, "oh, you'll have plenty, blah, blah blah". I'll be checking into this pronto!

[sorklora]

Go this link thru PSA and thought of this thread.

http://collectinsure.com/what-we-insure/sports-cards-memorabilia?utm_source=PSA&utm_medium=email&utm_term=INSERT_EMAIL&utm_content=INSERT_MESSAGE_NAME&utm_campaign=INSERT_MESSAGE_SUBJECT

That is who I use and who'd I'd recommend. As a previous poster mentioned, your homeowner's will cover some of your stuff, but in total loss, it will not if you don't have specific coverage for that stuff. My insurer actually told me to go with this specialized insurer as they know my collection outweighs my homeowner's policy.