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Insurance options?


Palantirion

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Hey guys. My collection has increased to the point where I believe it prudent to aquire insurance beyond my homeowner's personal property coverage (AAA). What insurance options are there for collections? My concerns revolve mostly around protecting the replacement value of the items, which means not depreciating them out of step with the market but indexing reasonable appreciation. What companies best understand this?

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8 minutes ago, Palantirion said:

-Thanks, I'll give them a call. Any tips? Things I should ask/avoid? And have you had to file any claims with them? How did they perform?

Never had to file a claim (and i hope i dont for now :lol:) but reviews tend to be positive. just let them approximately how much you would like to cover and what you collect. 

Edited by anubis20
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Well, AAA is completely useless. Was bounced around to a few different departments until I got a local office that basically told me to pound sand. Every item would need to be appraised, as opposed to only higher value items. So that's a deal breaker. Was also told that my homeowners personal property coverage is not a blanket amount but subdivided into categories and each has limits - very low limits. And collectibles as a category are more covered at all, despite obivously being personal property.

Americancollectors answered their phone, and was easy to deal with. Their quote seems a bit high, but I need to get others.

Collectinsure didn't pick up their phone, presuably it was after hours but their message didn't say what time zone they are in or what their hours are. I'll try them tomorrow.

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  • 3 years later...

Sorry to necro this thread! Does anyone have any experience claiming figures under their normal household contents insurance? Or do you have to get separate collection insurance?

Thankfully I don't need it yet, but I was talking to my home insurance company today and discovered to my horror that they do not cover toys/figures at all. Zero. Stamps and coin collections. But if you have $1000s in toys, too bad. I've seen guys post on here saying they have over $80K in toys. Are you all using special insurance or are you just assuming that your home contents insurance will cover it?

I'm in Canada so Canadian info would be best, but many U.S. companies operate in Canada as well so all info is welcome.

Thank you!

 

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On 12/12/2017 at 4:16 PM, anubis20 said:

I use collectibles insurance services. 

https://collectinsure.com/

 

On 12/12/2017 at 4:18 PM, Palantirion said:

-Thanks, I'll give them a call. Any tips? Things I should ask/avoid? And have you had to file any claims with them? How did they perform?

I use them too. My homeowners wouldn't let me add them even as a rider. But they will insure me for court costs/damages if I shoot someone (defense shooting) to the tune of $10M for $110/yr. Goofy companies.

I did a bunch of research on them before I went with them. Firstly, there aren't many choices. So they're pretty much it of homeowners won't cover you. They got great reviews online from what I could find. the only negative review I saw was from someone who doesn't understand how insurance works. They even cover your toys while being transported (this is for the show crowd).

I've got $100K in coverage for just under $500/yr I think. I can't remember exactly.

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I just renewed my home owners policy and they recommended separate insurance for collectibles. 
 

I should probably catalog my stuff and buy a policy until I can save enough to replace everything myself. 

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3 minutes ago, ErikElvis said:

I believe mine is through American collectibles insurance. Would cover my WW2 collectibles and my guns if I sent them all of the serial numbers. But not sure how I feel about that. 

I always thought the serial number thing for insurance was kinda weird. How would they know you gave them the right ones?

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4 minutes ago, sqidd said:

I always thought the serial number thing for insurance was kinda weird. How would they know you gave them the right ones?

You got me. Maybe they just verify with the manufacturers it was real. But that would be difficult. Maybe it has something to do with a police report for lost guns.  I really dunno. 

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19 hours ago, ErikElvis said:

I have like 40k in coverage with a company connected to USAA

That's good to know. My wife and I have USAA for our cars and we were looking to switch to them for our home insurance as well. If they can help with covering my collection, that would be great!

Did USAA handle the transaction, or did they give you the contact info and you called the 3rd party/affiliated company?

 

Thank you

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My stuff is covered under my regular house insurance, but part of why I take regular pictures and post them to FB is specifically to have a record of everything I have in case, gods forbid, there is a loss. It does make sense to make sure your house insurance covers it *and* is high enough to match the collection.

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2 hours ago, Bad Larry said:

That's good to know. My wife and I have USAA for our cars and we were looking to switch to them for our home insurance as well. If they can help with covering my collection, that would be great!

Did USAA handle the transaction, or did they give you the contact info and you called the 3rd party/affiliated company?

 

Thank you

I believe they connected me to them. The insurance coverage does show up on the usaa site when I sign in. 

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