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SS Insurance

Started by s-man,

16 posts in this topic

s-man

s-man

Posted
Posted

Does anybody here take out insurance for their SS books or any autograph collectables they have? If so, whats a good company to get the insurance from? And I was curious as to how the insurance company evaluates the value of the collection.

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Par2ch

Par2ch

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I have a policy with collectibles insurance. With them you aren't required to have an inventory of all the items just ones above a certain value. I do keep a running inventory though due to the hurricane prone area I live in. The amount of insurance and approximation of the value is based on what I believe it would cost me to replace the item if stolen or damaged

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Ziazmere

Ziazmere

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If you have home owners insurance or renters insurance: should/will cover all your books. If its renters insurance you need to declare the books and value as with home owners so the insurance company can increase your rates.

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Par2ch

Par2ch

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Posted
If you have home owners insurance or renters insurance: should/will cover all your books. If its renters insurance you need to declare the books and value as with home owners so the insurance company can increase your rates.

 

NOT TRUE, I recommend researching your policy. Most homeowners insurance do not include collectibles, nor will they pay on the replacement value unless you have a specific policy for them.

 

 

In most cases, your homeowners’ is designed to cover personal property and is not nearly enough to protect your collection. Homeowners insurance may:

 

* Limit contents coverage to a percent of the total value of your home (50 - 70%)

* Limit the amount they’ll pay for theft of valuable items like silver, crystal, guns, stamps, and paper documents

* Not cover losses due to flood, hurricane and earthquake

* Be based on actual cash value rather than the collectible value of the item(s)

* Require you to schedule all items

 

 

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Ziazmere

Ziazmere

Posted
Posted
If you have home owners insurance or renters insurance: should/will cover all your books. If its renters insurance you need to declare the books and value as with home owners so the insurance company can increase your rates.

 

NOT TRUE, I recommend researching your policy. Most homeowners insurance do not include collectibles, nor will they pay on the replacement value unless you have a specific policy for them.

 

 

In most cases, your homeowners’ is designed to cover personal property and is not nearly enough to protect your collection. Homeowners insurance may:

 

* Limit contents coverage to a percent of the total value of your home (50 - 70%)

* Limit the amount they’ll pay for theft of valuable items like silver, crystal, guns, stamps, and paper documents

* Not cover losses due to flood, hurricane and earthquake

* Be based on actual cash value rather than the collectible value of the item(s)

* Require you to schedule all items

 

Not to create an Argument here :)

BUT

What I mentioned is TRUE. My home owners policy covers it as I have declared ( I mentioned you have to declare the items and the value) the items and I pay like an extra $80 a year per $10,000 value on my Policy for my current collectable items which covers actual value of the items.

 

Here is a link that will help

 

http://www.kiplinger.com/columns/ask/archive/what-does-homeowners-insurance-really-cover.html

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Par2ch

Par2ch

Posted
Posted
If you have home owners insurance or renters insurance: should/will cover all your books. If its renters insurance you need to declare the books and value as with home owners so the insurance company can increase your rates.

 

NOT TRUE, I recommend researching your policy. Most homeowners insurance do not include collectibles, nor will they pay on the replacement value unless you have a specific policy for them.

 

 

In most cases, your homeowners’ is designed to cover personal property and is not nearly enough to protect your collection. Homeowners insurance may:

 

* Limit contents coverage to a percent of the total value of your home (50 - 70%)

* Limit the amount they’ll pay for theft of valuable items like silver, crystal, guns, stamps, and paper documents

* Not cover losses due to flood, hurricane and earthquake

* Be based on actual cash value rather than the collectible value of the item(s)

* Require you to schedule all items

 

Not to create an Argument here :)

BUT

What I mentioned is TRUE. My home owners policy covers it as I have declared ( I mentioned you have to declare the items and the value) the items and I pay like an extra $80 a year per $10,000 value on my Policy for my current collectible items which covers actual value of the items.

 

Here is a link that will help

 

http://www.kiplinger.com/columns/ask/archive/what-does-homeowners-insurance-really-cover.html

 

 

Note the area I bolded in my original post. Also here is a copy and paste of the same statement bolded from the article you linked.

 

And the policy may cover only the depreciated value of the items, not the replacement cost

 

One shouldn't assume they are covered under their current Home Owners/Renters policy. Also its important to know what percentage and at what value they will pay out if your item is damaged, lost or stolen.

 

In addition with the company I am using there is NO DEDUCTIBLE which is a major plus since my Hurricane Deductibles is 2.5%

 

 

 

 

 

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mschmidt

mschmidt

Posted
Posted
If you have home owners insurance or renters insurance: should/will cover all your books. If its renters insurance you need to declare the books and value as with home owners so the insurance company can increase your rates.

 

NOT TRUE, I recommend researching your policy. Most homeowners insurance do not include collectibles, nor will they pay on the replacement value unless you have a specific policy for them.

 

 

In most cases, your homeowners’ is designed to cover personal property and is not nearly enough to protect your collection. Homeowners insurance may:

 

* Limit contents coverage to a percent of the total value of your home (50 - 70%)

* Limit the amount they’ll pay for theft of valuable items like silver, crystal, guns, stamps, and paper documents

* Not cover losses due to flood, hurricane and earthquake

* Be based on actual cash value rather than the collectible value of the item(s)

* Require you to schedule all items

 

Not to create an Argument here :)

BUT

What I mentioned is TRUE. My home owners policy covers it as I have declared ( I mentioned you have to declare the items and the value) the items and I pay like an extra $80 a year per $10,000 value on my Policy for my current collectable items which covers actual value of the items.

 

Here is a link that will help

 

http://www.kiplinger.com/columns/ask/archive/what-does-homeowners-insurance-really-cover.html

 

In general, Dan is right, though - a standard renters or home owners insurance policy will not cover collectibles. Some companies offer an additional rider for collectibles, but they require a valuation of each individual comic book covered by the policy (if you don't do this, they're going to be doing a blanket evaluation in case of a total loss - meaning that your NM Amazing Fantasy #15 will be valued at the lowest price they can find for any copy of AF #15, no matter what the grade).

 

It's much cheaper and easier to just go with an insurance company that specializes in collectibles.

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Ziazmere

Ziazmere

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Posted

Maybe I should have worded what I said differently for the masses, sorry.

 

Check with your homeowners or renters insurance company to see if they have a collectibles Policy, but there are Collectible Insurance companies if you wish to go that route. ------

 

I personally have a Policy with my HomeOwners Insurance company that covers my collectibles for actual value. :)

 

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s-man

s-man

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Does anybody have info on a good Collectible insurance company?

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comicdonna

comicdonna

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Posted
If you have home owners insurance or renters insurance: should/will cover all your books. If its renters insurance you need to declare the books and value as with home owners so the insurance company can increase your rates.
Nope. I had a premium policy with Allstate.(the best they had) 1k maximum coverage on comics.
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