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"How To Insure Your Collection" Topic


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499 hits since 10 Sep 2019
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Personal logo Extra Crispy Sponsoring Member of TMP10 Sep 2019 9:08 a.m. PST

Threads pop up occasionally about insuring a collection of miniatures etc. The sticking point seems to be appraisal, but I have a policy that does not require it.

My policy categorizes the collection as "toys/action figures" with a value of $50,000. USD It has a $0 USD deductible, and assumes my collection is in storage (i.e. not in the home).

My new premium is $375 USD/year. To replace my collection would cost far more than $50 USDk, but at least if it goes up in flames I'd get some seed money with which to rebuild….

USAA is my main insurer but they "outsource" this to AmericanCollectors.com

They specialize in dolls, model trains etc.

CeruLucifus10 Sep 2019 9:26 a.m. PST

Extra Crispy, thanks for posting. This is very interesting.

How do your logistics work out with your collection in storage? I assume as needed you retrieve the components to stage each particular game. How difficult is this? Do you have everything organized in containers that are easy to retrieve?

Regarding insurance, have you made photographic or other evidence to assist in claims if ever needed?

And is there a version of the policy for collections that are *not* in offsite storage? It seems they would have to cover that for say, model train collectors who most likely have a layout at home where they run their rolling stock, even if it is modularized and only a subset of what is in storage.

Personal logo Extra Crispy Sponsoring Member of TMP10 Sep 2019 10:33 a.m. PST

The on/off site just affects pricing. They can insure stuff in your garage/basement. Mainly they want to know about security. A garage on your lot with no alarm is a great er risk than, say, a Self Store that has no street access, and is monitored, etc.

Logistics are fairly easy. The storage space is across the street from my apartment. I am very organized using standard boxes for troops and terrain, and each is neatly labeled:

picture

Plus I game at a club so if I forget trees or fecnes there are always plenty I can borrow (most of our games are large, multi-collection efforts).

My insurance wants an inventory (spreadsheet is fine). I have loads of photos but am not anal about it.

Personal logo Bobgnar Supporting Member of TMP10 Sep 2019 7:37 p.m. PST

If your collection is in storage, doesn't the storage company provide insurance? You would have no, or minimal, loss if you lost your home. Maybe figures for a current game. What about coverage if you are traveling with some parts, to convention for example.

Most people do not live across from a storage unit so that does not seem to be a good option.

Personal logo Extra Crispy Sponsoring Member of TMP11 Sep 2019 5:07 a.m. PST

Storage companies provide NO insurance.

You do not have to have it in storage.

They will sell you a policy if it is in your home. I'm not concerned with small losses, like one box of minis. I'm only insuring against total loss in a flood or fire.

RudyNelson11 Sep 2019 6:46 p.m. PST

My problem several decades ago, I had a problem with a loss in my vast collection.
When it came to the adjusters, they classified the castings as toys which had a replacement value percentage fat less than collectibles.

Personal logo Bobgnar Supporting Member of TMP11 Sep 2019 9:50 p.m. PST

So the insurance is on the collection in the storage unit not in your home?

I'm interested in this because I'm considering getting some kind of policy myself and I'm curious about all the options, thanks.

Personal logo Extra Crispy Sponsoring Member of TMP12 Sep 2019 5:14 a.m. PST

Yes. Home is far too small! Insurance covers the collection in off site storage.

Personal logo Extra Crispy Sponsoring Member of TMP12 Sep 2019 5:29 a.m. PST

@RudyNelson:

Hence why I have a policy specifically for them. They specialize in things like this (model railroads, dolls, scale model kits etc.).

Anton Ryzbak12 Sep 2019 12:51 p.m. PST

That is your collection Extra Crispy?

I stand in awe of your organization!

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