Insurance for your collection?

[porsche544]

Hi forum members,
I've been collecting for almost seven years and have a collection worth $15-$20k. Should I be looking to insure these items? Has anyone have good or bad experiences with insuring their collection? What's the best and most reliable company out there in the northeast? Any help is appreciated.

Thanks
Gerald

[geoff]

That is a very good question.Something i would not mind knowing myself

[mwbosoxfan]

I visited with my local insurance agent with whom I carry my homeowner's and car insurance. He indicated to me that special items, such as jewelery and collectibles with some value can and should be listed separately on a schedule in addition to the blanket amount covering the normal contents of your home. Most homeowner's policies do not have a problem with this. He suggested that the more extensive the information provided on the schedule, the easier it would be to insure, and more importantly, receive settlement in the unfortunate event of a loss. He indicated that provence of value is very important. Original invoices, published price guides, or letters from reputable dealers are necessary in order to properly insure collectibles with extreme values. Obviously, multiple sources to corroborate the value of rare items would be beneficial.

[Eric]

That is also the case with my collectibles insurance.

I am with Chubb, and every few months I send them an updated Excel sheet listing the items in my collection and any additions/deletions.

On that list I provide details on the item- player name, year, item, amount paid, where i got it and any provenance.

I like the fact that they have the items insured with each item specifically listed in the statement.
Eric

[jonincleve]

i use a personal articles policy through state fram insurance. i have an excel spreadsheet that i update yearly for cards and twice a year on memorabilia. on high dollar items i keep detailed photos plus i keep receipts on who and where i buy it. i actually put this information on a cd and store it at my sisters house and the insurance agent gets a copy. for memorabilia i look for items that sell at auctions and ebay that are close to mine. example a 1984 buddy bell jersey sold on ebay for $800 or so dollars a couple of days ago. i have an 82 and a 83 buddy bell jersey from his ranger days so i make sure i am in that ballpark for insurance purposes and i have some information to back it up with my insurance agent. as long as i have proof on cost and value i am good. i had to use my insurance policy about 10+ years ago. i had some of my sets stored in standard cardboard boxes. i did know it but we had a small water leak that dripped on the backside of the boxes and the water soaked it's way through the cardboard from back to front. i lost a topps set run from 1967 to 1980. once i made the claim and they came out to look at wet nolan ryan and tom seaver cards, they charged me the deductible minus what i was able to sell the 'wet' sets for and paid me the difference. just my information on the subject.

take care and good luck
john

[byergo]

State Farm sucks. I know, I used to work for them. You are without question not getting a market competitive rate with them on ANYTHING.

Time to shop around...

[gatorcollector]

Just wondering what you all think about insuring your collections? Do you just stick with your regular homeowner's insurance? Has anyone purchased extra insurance specifically for your memorabilia?

[GrndSlm]

I have been trying to insure my game used memorabilia for years. But, since I live in South Florida, the yearly Hurricane scares have made most insurance companies shy away from collectibles. I have the items appraised and still the companies are unwilling to insure me. Does anyone know of a company that understands the collectibles market? Just for the record, South Florida has anohter system threatening us with Hurricane Ernesto !!

[GrndSlm]

Oops, I forgot to place my email address.

Juan Iglesias
GrndSlm@aol.com

[webb17]

whats up juan its jeff kranz. r u still with livan. i live in arizona now.. try lloyds of london www.webbsite17.com
jeff