Insurance for your collection?

[CampWest]

Re: Insurance for items

check this thread

http://www.gameuseduniverse.com/vb_forum/showthread.php?t=25020&highlight=insurance

[stdrwt11]

Insurance for items

Anyone have insurance on their items or is it covered in your house insurance? I do not own too many GU items but I have seen some people who own thousands of dollars worth of stuff. I do however collect autos and was wondering if collectors get items insured? I am thinking about do so for my items just in case. Thanks.

[nogloss]

Re: Insuring your collection, suggestions?

Do make sure you compare before you add to your homeowners. The quote I received from my homeowners was 3 to 4 times higher than by taking out a policy through CIS. As stated earlier, I can not vouch for how they might handle a claim (Knock on wood).

[Jags Fan Dan]

Re: Insuring your collection, suggestions?

If you insure your collection I would suggest you photograph or video all the items. Also good to make copies of any paper work you have that shows value. Then put pictures or video and any paper work in a place that is safe so if there is a fire or some other damage it won't be destroyed. A safety deposit box is a good place if you have one. That way if you need to make a claim you will have proof of collection and value if the insurance company contests the value.

This is a great point that I left off. If by some chance you should have a claim, documentation of what you had is key. Adjusters certainly understand if your house burns down, you may not have paperwork. But photos uploaded to a photo sharing site like Snapfish or any of the others could sure come in handy in that event.

[justinwc80]

Re: Insuring your collection, suggestions?

This is whats great about the forum, all the various backgrounds and expertise, thanks guys!

[karamaxjoe]

Re: Insuring your collection, suggestions?

To clarify, I am an insurance adjuster and have been for over 8 years, I know just about every homeowners policy that is written pretty well. I also know that reading an insurance policy probably seems like reading a foreign language for most people. Here is what you guys need to do before you go throwing money at some special coverage for your collection. This is going to be long, so all apologies in advance.

1. Look at the coverage you have. It may very well be sufficient. Here is how you do this: First, ballpark the value of your collection based on what documentation of value you think you could provide if it were gone. Ballpark the value of the rest of the stuff in your house (furniture, clothing, electronics, etc.). Is your Personal Property limit high enough to cover it all? If so, you may be fine, but keep reading. If not, you may need to increase your Personal property limits, or it may be a moot point. Read on.

2. Look at your policy. Yuck. It sucks to try to read it. But here is what you need to look for: Find the section titled "Special Limits On Certain Personal Property" or something similar. Read it. It is not in Greek. There may or may not be a limitation on sports memorabilia. I am insured through Farmers (I do not work for Farmers) and in their "NEXT GENERATION HOMEOWNERS POLICY" I can tell you, as a claims adjuster, there is no limit on sports memorabilia, only on "Cards and comic books". So if you have valuable sportscards you will likely need to purchase additional coverage. But there is no limit on my bats, jerseys, etc.

3. Next, find the section of your policy titled "Property Not Covered" or "Types of Property Not Insured". It should be just before or after the last section you looked at regarding special limits. You will likely not find anything about sports memorabilia in there. Remember, if it is not listed in either of these two sections, the property is not excluded or limited in any way under the policy.

4. What do you need to insure your collection against? If it is flood or earthquake, you likely will need to purchase additional coverage as nearly all homeowners policies exclude these two things. Flood means a real flood (lake overflowing, river or stream overflowing), not a pipe burst or water heater blowing up, those are almost always covered losses. Sump overflows are typically excluded and they are not a "flood", so if your stuff is on the floor of a basement, you may need to purchase additional coverage.

Remember, in insurance policies, ambiguities or omissions are sided with the policy holder. If the policy does not say your items are limited or not covered, you're good. And most of the time, your PE limit is going to be ridiculously high so you may not need to increase it.

If any of this is unclear or you have questions, fire away. I will help all I can.

I have the exact same Farmers policy. I can't wait to read it tonight. Thanks Dan!

[cjclong]

Re: Insuring your collection, suggestions?

If you insure your collection I would suggest you photograph or video all the items. Also good to make copies of any paper work you have that shows value. Then put pictures or video and any paper work in a place that is safe so if there is a fire or some other damage it won't be destroyed. A safety deposit box is a good place if you have one. That way if you need to make a claim you will have proof of collection and value if the insurance company contests the value.

[Jags Fan Dan]

Re: Insuring your collection, suggestions?

To clarify, I am an insurance adjuster and have been for over 8 years, I know just about every homeowners policy that is written pretty well. I also know that reading an insurance policy probably seems like reading a foreign language for most people. Here is what you guys need to do before you go throwing money at some special coverage for your collection. This is going to be long, so all apologies in advance.

1. Look at the coverage you have. It may very well be sufficient. Here is how you do this: First, ballpark the value of your collection based on what documentation of value you think you could provide if it were gone. Ballpark the value of the rest of the stuff in your house (furniture, clothing, electronics, etc.). Is your Personal Property limit high enough to cover it all? If so, you may be fine, but keep reading. If not, you may need to increase your Personal property limits, or it may be a moot point. Read on.

2. Look at your policy. Yuck. It sucks to try to read it. But here is what you need to look for: Find the section titled "Special Limits On Certain Personal Property" or something similar. Read it. It is not in Greek. There may or may not be a limitation on sports memorabilia. I am insured through Farmers (I do not work for Farmers) and in their "NEXT GENERATION HOMEOWNERS POLICY" I can tell you, as a claims adjuster, there is no limit on sports memorabilia, only on "Cards and comic books". So if you have valuable sportscards you will likely need to purchase additional coverage. But there is no limit on my bats, jerseys, etc.

3. Next, find the section of your policy titled "Property Not Covered" or "Types of Property Not Insured". It should be just before or after the last section you looked at regarding special limits. You will likely not find anything about sports memorabilia in there. Remember, if it is not listed in either of these two sections, the property is not excluded or limited in any way under the policy.

4. What do you need to insure your collection against? If it is flood or earthquake, you likely will need to purchase additional coverage as nearly all homeowners policies exclude these two things. Flood means a real flood (lake overflowing, river or stream overflowing), not a pipe burst or water heater blowing up, those are almost always covered losses. Sump overflows are typically excluded and they are not a "flood", so if your stuff is on the floor of a basement, you may need to purchase additional coverage.

Remember, in insurance policies, ambiguities or omissions are sided with the policy holder. If the policy does not say your items are limited or not covered, you're good. And most of the time, your PE limit is going to be ridiculously high so you may not need to increase it.

If any of this is unclear or you have questions, fire away. I will help all I can.

[jayt1234]

Try Chubb Insurance

You can get a quote for a valuable articles policy without any underlying coverage. Will be most likely the most expensive option (if they will write sports collections) but most home insurance policies limit scheduled items to jewelry, guns, silver, golf equipment, stamps, cameras, musical instruments and art work. If not Quaker Special Risk is also an option as they are a surplus lines company that will insure homes and risks standard carriers will not touch.

Jay

[WadeInBmore]

Re: Insuring your collection, suggestions?

My collection is insured by CIA (collectibles insurance agency) as well. They are a pleasure to deal with and their price IMO is right...i believe its something like 220 for a they year for a $45000 policy or in that neighborhood. The people are really friendly and this is probably the easiest insurance policy I've ever obtained in my life (process that is). They cover theft, damage, etc. Highly recommend them.

HOWEVER, I've never had to file a claim (knock knock knock) so I guess I am only speaking on oneside of their service. I supplied them with a spread sheet of all my items in the house; that came recommended over time but was not needed immediately.

They understand collectibles and their values. Check em out

http://www.collectinsure.com/

wade

[justinwc80]

Re: Insuring your collection, suggestions?

Wanted to bring this back and see if anyone else has had any experience with different companies.

[corsairs22]

Re: Insuring your collection, suggestions?

My collection is insured by CIA. Since I have never made a claim, I'm not sure how to rate their service, especially I am not a dealer but am but a collector. I would be interested to learn if anyone has any experience with them.

http://www.collectinsure.com/

[mvandor]

Re: Insuring your collection, suggestions?

Ask your home insurer about adding your collection to your policy, or an articles policy.

Sorry, I rushed through your post. My insurer is State Farm via a separate Articles Policy, however, my home insurance is with them, not sure they'd cut just an Articles Policy.

[xpress34]

Re: Insuring your collection, suggestions?

I'm actually working with my agent right now to do exactly that - Insure my collection.

I live in Colorado and different states have different Insurance rules, so check with you agent...

What I have to do is purchase a seperate policy with a declarations rider and the cost will depend on the Estimated Value of my Collection. Because I have been Incorporated in my State as a Memorabilia Company and with letters of recommendation from local shop owners and such, AmFam will accept my appraisals on my stuff - I don't have to go and pay someone to appraise it.

You can also use the Internet to verify your appraisals and such.

That said, I have been working for a while on an extensive Excel Spreadsheet with each item (Jersey, Bat, Hat, Card, etc) listed along with descriptions and identifiers and with PHOTOS imbeded in the spreadsheeet.

I have a great Homeowner's Policy and an Umbrella Policy, but in the Great State of Colorado, Collectibles have to be covered seperately.

All the best -

Chris

[mvandor]

Re: Insuring your collection, suggestions?

Ask your home insurer about adding your collection to your policy, or an articles policy.