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!
Collectibles Insurance - anyone have experience?
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Re: Collectibles Insurance - anyone have experience?
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. -
Re: Collectibles Insurance - anyone have experience?
I use this company: http://americancollectors.com/Comment
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Re: Collectibles Insurance - anyone have experience?
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.Comment
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Re: Collectibles Insurance - anyone have experience?
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?Comment
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Re: Collectibles Insurance - anyone have experience?
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.Comment
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Re: Collectibles Insurance - anyone have experience?
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.Comment
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Re: Collectibles Insurance - anyone have experience?
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).Comment
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Re: Collectibles Insurance - anyone have experience?
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.Comment
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Re: Collectibles Insurance - anyone have experience?
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.Comment
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Re: Collectibles Insurance - anyone have experience?
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.Comment
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Re: Collectibles Insurance - anyone have experience?
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.Comment
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Re: Collectibles Insurance - anyone have experience?
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.Comment
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Re: Collectibles Insurance - anyone have experience?
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 MiedemaComment
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Re: Collectibles Insurance - anyone have experience?
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 $20kComment
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