Is your collection insured?

[doodler7]

Fellow Collectors,

I'm not an avid collector where I buy two items for every purchase; one to open and the other to keep. But sometime after reading the GBP-1 pre-order tonight, I've thought about the number of boxed Yamatos and PG Gundams in my closet.

Do you guys have your collections insured? And if yes, can you guys recommend some companies?

I'm really curious how some insurance companies handle for example, a lot of 1/48 Low VIZs...uh...take Godzilla's collection for example. These figures go up in price. Will the insurance cover the current price of the item or just the original purchase cost?

Lastly, any members here from New Orleans, Louisiana who lost a collection? (a bit of a lame question, but just curious)

Thanks.

[VF-19]

The PG gundams probably aren't worth having insured, as they're still fairly easy to come by. Now, if you have a boxed unbuilt AMT/ETRL U.S.S. Enterprise-C, then you should insure that, as you can't buy them in stores anymore, and there's hordes of people who want one.

Best bet, call around town, and see who'll insure it. You might also want to contact an appraiser to get a value too.

[Majestic]

Just get renter's or homeowner's property insurance. Videotape and document your collection along with your other valuables. Send your insurance agent a copy and keep a copy offsite at work or a safe-deposit box.

With this kind of detailed documentation, it would be hard for the insurance company to deny you compensation if your collection were to be destroyed by fire, etc. (shudder).

EDIT: A typical policy will run you about $200 for a year of coverage.

Edited September 9, 2005 by Majestic

[fulcy]

The PG gundams probably aren't worth having insured, as they're still fairly easy to come by.  Now, if you have a boxed unbuilt AMT/ETRL U.S.S. Enterprise-C, then you should insure that, as you can't buy them in stores anymore, and there's hordes of people who want one.

Best bet, call around town, and see who'll insure it.  You might also want to contact an appraiser to get a value too.

327135[/snapback]

Uhm, you want to insure everything, even if they are cheap and easy to come by. Reason being - you have to pay a deductible regardless of what you insure. If you only insure the expensive stuff, sure, you'll get the money to replace those items (after paying your deductible), but what if you have 10 PG's - or even 30 MG's? That's still a good chunk of change (10 PG's at $100 each - $1000, 30 MG's at $25 each - $750). If you insure it, you'll get all that money - and only have to pay the deductible once (usually anywhere from $250 to $1000, depending on your policy). So, do as Majestic suggests - videotape and document what you own - either print out copies of what you have purchased from HLJ or other online shops, so you have proof of what everything is worth. Or do as I do - video tape your collection, then make a webpage that's hosted somewhere (could even be a blog), that has all of your collection itemized, with links to the actual webpages. If the worst happens, and your collection is engulfed in a fire along with most of your belongings, the webpage still exists with your list. If you have something rare, have it appraised by someone who is knowledgeable, and store that in a safety deposit box or a fireproof safe, along with the video tape, so they aren't destroyed in any fire.

[doodler7]

Sounds good, thank you guys. I'm contacting my agent this coming week.

'And will definitely take photos and video shots.

[Totoro242]

Sounds good, thank you guys. I'm contacting my agent this coming week.

'And will definitely take photos and video shots. 

327171[/snapback]

Yeah good luck with that. I'm sure you won't get what its worth.

There is only one agency I have ever found that will cover my collection:

http://www.collectinsure.com/

Since there are no price guides for our types of collectibles, they will insure any collectible based on the value you assign it:

From their FAQ http://www.collectinsure.com/faq.htm

Q. How do I determine the replacement value of a unique collectible?

A. You estimate the auction realization of the item if were auction off to a room filled with specialist collectors and dealers of this type collectible. We would get expert opinions from dealers and other experts on what this item would realize if it were auction to such an audience.

Experts in our hobby might be Shawn, Graham, Egan, Rob, or Noel.

Oh, and if you use Paypal, they keep a full record of all transactions you have ever made. That would be enough to cover here:

Q. How do you know I own the collectibles I claim are lost?

A. Yes, it is your responsibility to prove your loss. We have found that if you acquired some of your collectible property from dealers, auctions or similar sources you can provide proof of a reasonable sample of your purchases. A sample is what we require, not complete documentation of every purchase or acquisition. Probably our biggest advantage over other insurance providers is that since we have over 30 years experience in this specialized business, we have a good sense when additional documentation is needed to prove a loss.

Edited September 9, 2005 by Totoro242

[Fortress_Maximus]

If we use the original purchase prices do we need to keep the physical hardcopies of the receipts? Or are we allowed to scan them and convert them to pfds and burn them onto a cd for easier storage?

[kanata67]

If we use the original purchase prices do we need to keep the physical hardcopies of the receipts? Or are we allowed to scan them and convert them to pfds and burn them onto a cd for easier storage?

327393[/snapback]

If I got the original purchase prices for my 1/55's I'd be super pissed. One of them with a sticker price of $18.50 is worth more than $100. I'd say document and use ebay's completed auctions for a value of worth. Sometimes it might lean in your favor and sometimes not so check periodically and save the high-priced ones for your records.

[ewilen]

Talking slightly out of my ass here but I recently got renter's insurance and in the course of discussing it with my agent, I seem to recall being told that

a) This type of insurance generally covers value as opposed to purchase cost.

b) For an additional payment, (some? all?) insurance companies will give you a special type of coverage where you give them a list beforehand of your valuables/collectibles, including value (which they probably sign off on). The obvious benefit of this is that you get everything in black and white before you ever have to make a claim but I remember being told that items on "the list" aren't subject to a deductible.

I decided the extra cost wasn't worth it for me but it might make sense for the hard-core among us, especially if you also have some other stuff in the house like jewelry.

[Roy Focker]

You know what after look my overall toy collection over I think I might have to increase insurance. Specically if I start getting more Valkyries. When I got renters insurace a few years back my collections were't this big. I think I may have to increase coverage by 30%.

[Nightbat]

You know what after look my overall toy collection over I think I might have to increase insurance.  Specically if I start getting more Valkyries.  When I got renters insurace a few years back my collections were't this big.  I think I may have to increase coverage by 30%.

418336[/snapback]

Hmmm, good point, I remember being insured for €30K everything in the house

and that was back before I started to collect guitars and animefigs

then there was only one computer as luxury

now 3 and 2 laptops

seems like i've got to call my agent as well

[RT junkie]

Man, I'm in the middle of this right now. Unboxing everything and organizing it. Then taking pictures of them, and composing a spreadsheet with all of them on it, including estimated value as of today..... tedious work , but in a way it makes you respect just how much these collections can grow and be worth over years of accumulating these "treasures".

[aurascope]

How about just buying a fire-proof, flood-proof cabinet?

Will it be cheaper than paying for insurance annually?

Personally, I think I would rather try to secure the items instead of worrying how to replace them when they are wrecked.

Edited July 23, 2006 by aurascope

[doodler7]

Well...it's almost going to be a year now since I've posted this...and still no insurance. Since my fiancée and I are not married, we need to pay separate coverage.

I guess it's careless of me not to get insurance at all. I gotta definitely sign up ASAP.

I just finished checking out the Comic Con, and after seeing all the goodies...and the goodies coming out from Yamato, coverage is definately in need.

Roy Focker and RJ Junkie, who are you guys using for insurance coverage?

[Roy Focker]

I think I'm covered with Statefarm. Renters insurance. The insurance covers ever thing in the walls (besides toys). I haven't document every item or told too do so.