Insurance (1 Viewer)

[zblang]

Im not sure if this has been discussed before, but I couldn't find it if so...

Right now, I do not have my collection insured on a separate rider, but just generally on the home owners policy. I was just curious as to what you all do. Is your collection specifically insured on a rider or stand alone policy?

 

[mikemiller1955]

I want to get mine insured...I spoke to someone a few months ago...and he told me he had about $300,000 to $400,000 worth of figures and the premium was less than $1,000 a year for coverage...which seems cheap to me...I will try and find out who it was...I forgot....

 

[zblang]

Here is one old thread I just found - would still love current thoughts and opinions

http://www.treefrogtreasures.com/fo...rotecting-your-collection&highlight=insurance

 

[zblang]

I just sent an email to Chubb. I'll report back with whatever I learn from them

 

[lancer]

A separate rider is a neccesity if you hope to recover anything near the value of the collection in the event of disaster. A normal homeowners policy will not cover the total loss by any means. A complete inventory of the collection, including photos and prices, would probably be necessary for a rider. All that said, and knowing how important the rider is, I do not have one. I have an inventory with prices, but not a single photo. An insurance company would probably also require a professional assessment of value in order to issue a rider, a sticking point for me since I don't know anyone in my area capable of valuing the collection for insurance purposes. -- Al

 

[W T Allison II]

A separate rider is a neccesity if you hope to recover anything near the value of the collection in the event of disaster. A normal homeowners policy will not cover the total loss by any means. A complete inventory of the collection, including photos and prices, would probably be necessary for a rider. All that said, and knowing how important the rider is, I do not have one. I have an inventory with prices, but not a single photo. An insurance company would probably also require a professional assessment of value in order to issue a rider, a sticking point for me since I don't know anyone in my area capable of valuing the collection for insurance purposes. -- Al

I have had a separate insurance policy for my collection since 2001 through Collectibles Insurance services, LLC, PO Box 8500, Philadelphia, Pa. 19178-4307. 888-837-9537, underwritten by United National Insurance Company. My one year premium is $783.00 for $300,00.00 coverage. Hope this helps. Tommy

 

[mikemiller1955]

I have had a separate insurance policy for my collection since 2001 through Collectibles Insurance services, LLC, PO Box 8500, Philadelphia, Pa. 19178-4307. 888-837-9537, underwritten by United National Insurance Company. My one year premium is $783.00 for $300,00.00 coverage. Hope this helps. Tommy

Tommy...

that was you I talked to a few months ago...

I just spoke to Sam Floca and he was gonna send me your phone number...I lost it...

I'm gonna call you in a bit when he sends your #...

 

[lancer]

I have had a separate insurance policy for my collection since 2001 through Collectibles Insurance services, LLC, PO Box 8500, Philadelphia, Pa. 19178-4307. 888-837-9537, underwritten by United National Insurance Company. My one year premium is $783.00 for $300,00.00 coverage. Hope this helps. Tommy

Tommy, thanks for the info. Is the amount insured $300,000.00 or $30,000.00? Sounds really reasonable at $300k, not so much if $30k. -- Al

 

[mikemiller1955]

Tommy, thanks for the info. Is the amount insured $300,000.00 or $30,000.00? Sounds really reasonable at $300k, not so much if $30k. -- Al

Al...it's for 300,000.00...

Tommy will confirm this...

I have spoken to him about his collection and premium before...

he has a huge collection...

probably worth more than 300K...

it's a very reasonable premium...

 

[lancer]

Mike, thanks for that. Figured it was a typo. -- Al

 

[W T Allison II]

Mike, thanks for that. Figured it was a typo. -- Al

Al: $300,000.00 is correct. Tommy

 

[ivanmoe]

Several years back, I contacted USAA about this matter. My wife collects leaded-crystal, and of course I have my models. They referred me to "American Collectors Insurance:"

www.AmericanCollectors.com

1-800-360-2277

BTW, the reason that I went this route is because I have a 1% deductible on my homeowners insurance. That would leave me having to shell out over $5K before USAA paid a dime. If the damage occurred during a wind-storm, the deductible doubles!

The nice thing about the collectibles insurance is that there's no deductible and the policy covers damages from accidents, such as a shelf collapse. To my way of thinking, anyone with fifty or one-hundred thousand dollars worth of fairly fragile items is about half-nuts not to carry it.

-Moe

 

[Larry Allen]

I have a question guys .... does the insurance carrier require that you present to them a certified appraisal for the collection?

Some years back I had a Military Antique collection (Hats, Badges, Daggers, Swords, Patches ,,,etc) The value was around $275,00 to $300,000

I went to have it insured and they said that they needed a "certified" appraiser to accurately figure the value ... even though I was a dealer myself.
After searching 10 -12 appraisers I gave up since each and everyone was going to charge 15% to 22% of the estimated value ...{eek3}

INSANE!

Shortly after that I sold the collection (for many reasons)and brought a house, invested in retirement and such. But now I have a similar issue and was pondering doing the same thing.

Any thoughts on this topic????

--- LaRRy

 

[W T Allison II]

I have a question guys .... does the insurance carrier require that you present to them a certified appraisal for the collection?

Some years back I had a Military Antique collection (Hats, Badges, Daggers, Swords, Patches ,,,etc) The value was around $275,00 to $300,000

I went to have it insured and they said that they needed a "certified" appraiser to accurately figure the value ... even though I was a dealer myself.
After searching 10 -12 appraisers I gave up since each and everyone was going to charge 15% to 22% of the estimated value ...{eek3}

INSANE!

Shortly after that I sold the collection (for many reasons)and brought a house, invested in retirement and such. But now I have a similar issue and was pondering doing the same thing.

Any thoughts on this topic????

--- LaRRy

Mine did not. Tommy