Insuring your collection

[Jeter1020]

Lately I’ve been seeing a ton of theft in shipping. That got me thinking about the insurance we put on our collections.

I use a collectible insurance company. I wanted to ask. What insurance do you use if any? And have you ever had to file a claim? If so, how did it go? Will post this in the basketball section too.


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[mfw13]

The real question to ask yourself is what you are trying to insure against? Fire? Flooding? Theft?

The amount of documentation is takes to insure a sports card collection (or any other type of collectible) is mind-boggling....you're talking about an hour of work for every 3-4 cards.....IMHO it's generally not worth the hassle.

Given where I live and how I store my collection, I'm not too worried about flooding or fire, and any thief would have to spend 30-40 minutes prowling around my house with the alarm blaring to find where I've stashed my most valuable cards.

[Jeter1020]

Originally Posted by mfw13

The real question to ask yourself is what you are trying to insure against? Fire? Flooding? Theft?

The amount of documentation is takes to insure a sports card collection (or any other type of collectible) is mind-boggling....you're talking about an hour of work for every 3-4 cards.....IMHO it's generally not worth the hassle.

Given where I live and how I store my collection, I'm not too worried about flooding or fire, and any thief would have to spend 30-40 minutes prowling around my house with the alarm blaring to find where I've stashed my most valuable cards.

I use collect insure


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[blackbears86]

I've been quoted 4-5k for insurance. (I have comics and coins too)

PER YEAR!

I just bought an alarm system with cameras and I'm crossing my fingers

[Jeter1020]

Originally Posted by blackbears86

I've been quoted 4-5k for insurance. (I have comics and coins too)

PER YEAR!

I just bought an alarm system with cameras and I'm crossing my fingers

What insurance company?


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[blackbears86]

Originally Posted by Jeter1020

What insurance company?


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it was either collectables insurance or collect insure. I was surprised the quote was as high as it was, and it seemed like a lot of work, cataloging, pictures, documentation, etc......

[MattRoc]

Originally Posted by blackbears86

I've been quoted 4-5k for insurance. (I have comics and coins too)

PER YEAR!

I just bought an alarm system with cameras and I'm crossing my fingers

I pay around $500 a year with collect insure for a 6 figure collection. It's also incredibly easy to get coverage and they only require scheduling for pieces over $20,000 (could be less, not 100% sure on that).

[Jeter1020]

Originally Posted by MattRoc

I pay around $500 a year with collect insure for a 6 figure collection. It's also incredibly easy to get coverage and they only require scheduling for pieces over $20,000 (could be less, not 100% sure on that).

How has your experience been with them?


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[blackbears86]

Originally Posted by Jeter1020

How has your experience been with them?


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This is what I'd really like to know: how are they if you have a claim?

[ReggieBush22]

I just got myself a top of the line, high security safe. Not the type they sell at the big box stores for a few hundred bucks, those are crap but the ones that weigh 500 lbs and cost $2k. These are also fire rated so they can stand up to a fire for a while. Also, bolted it down to a concrete slab. You would have to be an expert burglar to take this away.

https://americansecuritysafes.com/product/max1014/

[Noles939913]

Originally Posted by ReggieBush22

I just got myself a top of the line, high security safe. Not the type they sell at the big box stores for a few hundred bucks, those are crap but the ones that weigh 500 lbs and cost $2k. These are also fire rated so they can stand up to a fire for a while. Also, bolted it down to a concrete slab. You would have to be an expert burglar to take this away.

https://americansecuritysafes.com/product/max1014/

Beat me to it. Although I guess a tornado could still toss it a ways.

[MattRoc]

Originally Posted by Jeter1020

How has your experience been with them?


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Haven't had to file a claim yet, so I can't comment on anything other than the general customer service in terms of getting the policy and renewing, which has been smooth. I have a safe, as well, but I like displaying my collection so for $40 a month or whatever, I find the peace of mind to be well worth it.

[KhalDrogo]

Originally Posted by mfw13

The amount of documentation is takes to insure a sports card collection (or any other type of collectible) is mind-boggling....you're talking about an hour of work for every 3-4 cards.....IMHO it's generally not worth the hassle.

Not even close to true for my policy.

[ReggieBush22]

Originally Posted by Noles939913

Beat me to it. Although I guess a tornado could still toss it a ways.

I don't even think a tornado can move a 500 lb safe that is bolted down to a 5 inch concrete slab, especially a small one that's only 20H X 14 W X 15 D. There is literally nothing for the wind to grab onto.

Just curious, what safe do you have?

[asujbl]

Originally Posted by mfw13

The real question to ask yourself is what you are trying to insure against? Fire? Flooding? Theft?

The amount of documentation is takes to insure a sports card collection (or any other type of collectible) is mind-boggling....you're talking about an hour of work for every 3-4 cards.....IMHO it's generally not worth the hassle.

Given where I live and how I store my collection, I'm not too worried about flooding or fire, and any thief would have to spend 30-40 minutes prowling around my house with the alarm blaring to find where I've stashed my most valuable cards.

Wrong

It’s incredibly easy if you are organized

[asujbl]

Originally Posted by KhalDrogo

Not even close to true for my policy.

Same

Mine is super easy. I sat with my agent to start, that might have taken an hour I guess, and explained everything

Now? It takes me 2 minutes to update quarterly and email

What sort of inventory records do people keep? That seems like a bigger issue

[mfw13]

Originally Posted by asujbl

Wrong

It’s incredibly easy if you are organized

Can you provide more details?

Does your policy NOT require you to document every single card?

[MattRoc]

Originally Posted by mfw13

Can you provide more details?

Does your policy NOT require you to document every single card?

Collectinsure does not require scheduling of anything unless its a single item over 20k or so, so you do not have to document anything unless you hit that threshold. When I got my policy they just asked how much I wanted in limits and then went from there.

[The Accountant]

I used collect insure. Rates basically doubled last year but can't say I'm surprised. Was impressed how easy it is. The only caveat, they do have a pretty high deductible so if you're buying for shipping insurance, its mostly only worth if you sending high value packages.

[Noles939913]

Originally Posted by ReggieBush22

I don't even think a tornado can move a 500 lb safe that is bolted down to a 5 inch concrete slab, especially a small one that's only 20H X 14 W X 15 D. There is literally nothing for the wind to grab onto.

Just curious, what safe do you have?

American Security

[wharfrat7624]

Originally Posted by MattRoc

Collectinsure does not require scheduling of anything unless its a single item over 20k or so, so you do not have to document anything unless you hit that threshold. When I got my policy they just asked how much I wanted in limits and then went from there.

Same here


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[mfw13]

Originally Posted by MattRoc

Collectinsure does not require scheduling of anything unless its a single item over 20k or so, so you do not have to document anything unless you hit that threshold. When I got my policy they just asked how much I wanted in limits and then went from there.

Does that mean that you don't even have to send them an inventory list of what you're insuring? Or just that you don't have to have values/prices for the items you're insuring unless a single item is worth 20K+?

[Jblaw1]

You might look at Chubb also. I was able to get a policy through them that does not require inventory of items, so that when I buy or sell so thing I’m not always updating. It cost a little more but significantly better.

[KhalDrogo]

Originally Posted by mfw13

Does that mean that you don't even have to send them an inventory list of what you're insuring? Or just that you don't have to have values/prices for the items you're insuring unless a single item is worth 20K+?

No inventory. Just select the amount of coverage you want and follow the rules of storage and selling. Very easy.

[mfw13]

Originally Posted by KhalDrogo

No inventory. Just select the amount of coverage you want and follow the rules of storage and selling. Very easy.

If you don't have to send them an inventory list, how would they verify that you actually own the card in question if you were to file a claim?

What's to prevent someone from filing bogus claims for cards they don't actually own?