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When do you think it is worth insuring a collection?

After checking out Jeff's collection, I started thinking about does home owners cover your toys? If you had one pinball machine, it probally would, but if you have a collection of machines, would that be covered?

When I had a few machines I never worried about it, but when should you start to worry? When the replacement dollar amount is more than you can replenish at any given time?

Who would make the appraisals?

Do you get a separate policy?

I would guess that my original $150.00 collection has went up at least 100% since I first started twenty-five years ago.

O.K. I know we have a few insurance salesmen out there.

Any thoughts?

My homeowners does not cover the collectibles.  I switched last year and have not inquired if they can even be covered by the new company.  Allstate would do it, but it had to be appraised and it was not worth the trouble.

There is a company that I can't think of right now.  I think it is "collectors insurance: or something like that.  I understand it is the way to go for us collectors.  I need to check on it myself and get a policy going.

Marvin

There is a thread around here somewhere where we discussed this at length but here are the basics once again..
I sell insurance for a living as well as Pat P. so I'm sure he'll chime in too..
Your homeowners coverage is NOT a good way to cover your collectables as one, you'll most likely want to use your coverage to replace your belongings first in the event of a total loss, and probably won't have much left for the "toys", plus you have to schedule everthing with values,appraisels, etc.. and if you don't have that stuff, you'll get Actual Cash Value for stuff, which we all know ones man treasure, another man's junk, and believe me, your adjuster will see it as junk!

The best route for any decent size collection is to go with "Collectors insurance" or "American Collectors Insurance"

I personally like Collectors Insurance as they dont' require itemization, they do a Blanket policy, they cover against pretty much everthing including things a standard home policy does not cover like flood and breakage.  Rates are like 50,000 collection value premium about 273.00 annually.. not too bad..
Check out their website at www.collectinsure.com for more details and a rate sheet.

That is my 2 cents!

It when you think it's time to insure it.  and what you want to insure maybe one or two machines
and a few signs and other things   you can always add on mid term to that policy  or maybe the whole thing.

John is dead on every thing that he said ,and as far as those two companies American Collectors & collectors Insurance Those are the best for item like this, And like John I perfer Collectors Insurance.

  And Just a helpful hint take pictures of what you have and even your collection and store them at your parent home or even at work, It good to have proof of what you had after a fire  or Tornado has destroyed your home
 it make it easy for the companies to get that claim handled and there is no question of what you had. :smile:.

And that is my Two cents!

I guess I should probably look into that myself!

Thanks for the info guys!

 :drinking: Tim :drinking:

Thanks for the answers!!  Just what I was looking for.

A couple of other points about Collectors Insurance Co.
They offer cheaper rates if you have Full burglary and Theft safeguards in place (ie alarm system)
Only require to itemize indiviual items if over 5k in value (other guys 2k)

not a bad way to go...