Whopping 30% Increase by Collectibles insurance agency

[Mr. Zipper]

Hey look at it on the bright side... Health Insurance increases are right around the corner for the new year. Whoever said the sky was the limit never heard of insurance polices.

 

Scary stuff. Monthly family health insurance premiums are now more than average monthly mortgage payments. Heaven forbid you lose a job in this day and age. You will eat through savings very quickly.

[Shark]

Otherwise, they go with $3 a comic book I was told.

 

Hmmmmm

 

Step 1: Buy a truckload of modern drek from Neatstuff

 

Step 2: Light match

 

Step 3: Collect $3 per book

 

 

[MR.COMICBOOK]

collectibles insurance agency welcomes its new underwriter Lloyds of London to the fold with a mind blowing 30% INCREASE in polocy premium according to the math on my new polocy.

 

Man, not a good day at all.Just got my 22% increase in my Con edison[electric bill and my 20% increase in my water bill.

 

According to the letter I received last month, they switched to Lloyds to avoid a massive rate increase from the previous carrier (Hartford if I recall correctly).

 

(I guess we all end up paying for wildfires, hurricanes, floods, insurance fraud, etc. The insurance company sure as hell isn't going to let it affect the bottom line for shareholders.)

 

If it's too much, I'll just reduce the amount of coverage. I'd prefer to keep 100% of my collection insured... but If I have to I'll reduce coverage to just cover the key stuff that it would really hurt to lose.

 

Everything is going up like crazy except my salary and benefits.... welcome to working class poor. Make just enough to get by with a few extras on occasion... never enough to really get ahead.

I had a friend who had to sell one half of his collection just to make sure he could pay to insure the other half. sad.

[Tomega]

I've been looking at their web site for insurance and it is significantly higher than it was a few years ago. I have one of their quote sheets from a few years ago somewhere but I can honestly say their rates look nearly 40 to 50 % higher then 5 or 6 years ago. Regardless whether my numbers are off, for $300000 coverage - the quote is $783. That is ridiculous. Before any says it is not, think about how more it costs to go from $100,000 to $500,000 liability for car insurance - no where near $783 and a car accident is FAR more likely than something happening to a collection. Granted there are more variables but their pricing seems to be off the mark.

 

But, $783 is consistent with what you'd expect to see on a $300,000 homeowners policy. And that is a closer comparison than car insurance which has components like the no-fault pool.

 

I suspect their claims experience is quite high, and this is why rates have increased substantially.

 

That is not an equitable comparison. A homeowners policy covers the structure of your home, coverage for your belongings, living expenses in the event you are temporarily unable to live in your home, and , most importantly, liability. There is far more risk involved in the liability of owning a home than owning comics.

 

I doubt there has been more claims, it is more likely that the rates wentt up because of the general across the board increase in insurance by companies trying recoup losses and anticpated losses on other insured items.