Insurance for your Collection? (1 Viewer)

[HistoryfortheAges]

I'm not sure if anyone discussed this before on this forum. I'm looking to find some reasonable insurance for my collection without breaking the bank. I have several questions and I will list them so that I can evaluate each question based on my particular needs. Any help or advice you can provide is much appreciated even if you don't have all the answers. Also, I may have missed some important questions so please feel free to add to this list. Thank you!

1) How do people insure their collections?

2) Which insurance companies?

3) Has anyone had a claim that was covered by a particular insurance company that reimbursed the total claim without any problems?

4) Has anyone had a problem with a particular insurance company for some reason or did they limit reimbursement of your claim for some reason?

 

[Louis Badolato]

I insure my collection with Chubb, under what is referred to as "Fine Arts Insurance". It is part of my homeowners insurance premium, and it is not cheap, but Chubb is a reputable company that pays claims quickly and fairly.

 

[Spitfrnd]

I'm not sure if anyone discussed this before on this forum. I'm looking to find some reasonable insurance for my collection without breaking the bank. I have several questions and I will list them so that I can evaluate each question based on my particular needs. Any help or advice you can provide is much appreciated even if you don't have all the answers. Also, I may have missed some important questions so please feel free to add to this list. Thank you!

1) How do people insure their collections?

2) Which insurance companies?

3) Has anyone had a claim that was covered by a particular insurance company that reimbursed the total claim without any problems?

4) Has anyone had a problem with a particular insurance company for some reason or did they limit reimbursement of your claim for some reason?

I am glad you raised that since I haven't yet but have reached the point where it makes sense. I expect I will stick with my homeowner/auto company of many years, State Farm, which have always delivered for us.

 

[theBaron]

At this point, my collection is covered under my home owner's insurance-like Spitfrnd, I have State Farm. I have thought at times about getting separate insurance for the collection, but the first step in that direction is cataloging it, preferably with photos or video, and getting an appraisal. But at this point, it's not worth it to insure it separately from the rest of my personal property.

My casting molds are probably more valuable than my figures, at this point.

Prost!
Brad

 

[Beaufighter]

My Art Work, Aviation Collectibles & Toy Soldier Collection are covered in a similar fashion to all of you via my home owner's policy with USAA. I have everything catalogued & pictured via the digital camera to cover my six!

Hang Tough,
Beaufighter

 

[Louis Badolato]

I had my collection appraised by the man himself, Andy Neilson. I prepared a complete list of my collection, and Andy filled in the condition and values when he came to my place (then a condo in the city) for the first Symposium. Since they accepted the original valuation, Chubb permitted me to raise the value without a further appraisal based on new additions and appreciation. They allow you to have a contracted for value. If there ever was a fire, I would be unlikely to be able to replace many of the earlier pieces in my collection, but at least I would be compensated for their value.

 

[evilchuck]

also insured with statefarm,had a flood destroy a portion of my collection and about everything else i owned in my basement,they wanted nothing to do with me

 

[theBaron]

also insured with statefarm,had a flood destroy a portion of my collection and about everything else i owned in my basement,they wanted nothing to do with me

Did you have your collection documented, for example, with pics or a video?

 

[maddadicus]

As a TCA member ( Train Collector Association ) there are companies out there ,that offer exclusive insurence for collectibles..I can try to get details and then you can followup with those companies about your own personal situation..Let me know..Michael

 

[kilted vampire]

As a TCA member ( Train Collector Association ) there are companies out there ,that offer exclusive insurence for collectibles..I can try to get details and then you can followup with those companies about your own personal situation..Let me know..Michael

I have seen ads for those insurance companies in Classic Toy Trains too.

 

[bromhead]

also insured with statefarm,had a flood destroy a portion of my collection and about everything else i owned in my basement,they wanted nothing to do with me

I was victemized by them with a "collector car policy" settled after I retained an attorney ,requested a jury trail etc,,wouldnt insure a dog house with that lot. Having faced the ultimate nightmare,,standing in my collection room prior to evacuating before a huge down bearing hurricane arrived,,"what do I take with?" and leaving with one 200 pound suitcase,,I found out later how little homeowners covers,,500.00 max for collections and "paper" meaning an extensive loss of a book and bound maga
zine collection..Definatly be a buyer aware and check into the proper specialty insurance and make a decision before its up to a rogue unlicensed moron called an "adjuster" who previously worked in fast food