Insurance for comic books? 0

[Broke as a Joke]

not to on the parade, but i had a situation a few years back where my storage unit somehow flooded -which to this day I have no clue how this happened considering it was in the middle on the 6th floor of a 12 story building. essentially a pipe broke and there was a faulty line built into the ceiling where excess water would run and drip off. A complete nightmare as I get home after work and get the worst phone call you can possibly get saying your unit is under water you need to get over here. I arrived and there is 5 to 6 inches at minimum covering the entire floor. I was going bat-mess crazy.

 

Too make a long story short I have a 300k policy with collectinsure and had a time with them getting a payout. Getting the adjustor to arrive was one thing and the payout was another. This whole process was a headache and took over a year and I had to lawyer up which cost me five figures in legal fees and I had to threaten litigation. Looking back I should have used my current homeowners insurance policy and boosted my coverage. Perhaps because the adjuster would have been local things would have been much easier.

 

I really don't want to say much more because it was one of the most difficult times in my life, I slipped into a depression and I cringe having to even talk about it till this day. Think of your worst dreams coming true.

 

Sounds unsettling. Any other collectinsure people have any real experience in making a claim?

[Vikingreed]

I use Collectinsure as well, and this story made me a tad spooked to be honest...

[Quicksilver Signs]

The fact that YOU tell them what your collection is worth is a red flag, maybe that comes later. Just leaves things wide open to dispute your claim imo. I would suggest using local insurer with a 3rd party appraisal, it won't be cheap but at least you can harass them in person.

 

Ins. companies are rainbows and unicorns until it comes to paying up.

[spidrvacc]

Do you mind if I ask what your rate was when you had the $15k coverage? I'm just wondering what my ballpark would be?

 

Was a few years ago, dont remember but I will look at my files when I get home.

[media_junkie]

Ins. companies are rainbows and unicorns until it comes to paying up.

 

Truth. My parents had to take their insurance company all the way to the Virginia State Supreme Court for a claim to be paid.

[BarryAllen]

I use American Collector's Insurance. So far the process has been sound and they have been flexible to update as my collection has grown.

 

Not sure there is such a thing as a "simple/easy process" when it comes to getting an insurance company to payout. Realistically they will all do everything in their power to pay you as little as possible.

 

Insurance is a necessary evil, but it is still a scam for the most part. :shrug:

[PhoKing]

I use American Collector's Insurance. So far the process has been sound and they have been flexible to update as my collection has grown.

 

Not sure there is such a thing as a "simple/easy process" when it comes to getting an insurance company to payout. Realistically they will all do everything in their power to pay you as little as possible.

 

Insurance is a necessary evil, but it is still a scam for the most part. :shrug:

 

I am planning to get american insurance too but currently my farmers covers my books.

 

Buying insurance is easy but when you have a claim is a different story.

 

[spidrvacc]

Do you mind if I ask what your rate was when you had the $15k coverage? I'm just wondering what my ballpark would be?

 

Found my old policy , 15K cost me $77 a year.

[ttfitz]

Then above 10k would be a good starting point? Thanks.

 

Is collectinsure really the only way to go? What about putting a rider on my home insurance?

 

Right now, that's how I have coverage, with a "Fine Arts" rider on my homeowners. I haven't updated it in years, so it is not nearly enough coverage - my AF15 is probably worth most of my coverage alone - but I do have it.

 

[ttfitz]

Do you mind if I ask what your rate was when you had the $15k coverage? I'm just wondering what my ballpark would be?

 

Found my old policy , 15K cost me $77 a year.

 

Just for comparison, I've got $8000 in coverage ($250 deductible) on my Nationwide Homeowner's policy, at a cost of $11/year.

[stippy52]

Was quoted last week from collectinsure.

75K comics

5K Trains

5k guns

 

$411/year

Edited January 24, 2015 by stippy52

[Vikingreed]

Did you get a discount for having 5K worth of guns, haha?

 

 

[Jaylam]

Ever watch "The Incredibles"? That should tell you all you need to know about insurance companies.

[H0RR0RSH0W]

Thanks to those who offered accounts of their own experiences.

[mintcollector]

Yep, Collectinsure.com. That is all you need to know, but please READ YOUR POLICY carefully. There are exclusions that are NEVER talked about on these forums...like:

 

You can only store up to $100,000 in an offsite storage facility! After that if something happens you are SOL!

 

Be careful how many claims you have...

[H0RR0RSH0W]

Has anyone used a safe deposit box for their comics?

[oakman29]

Yep, Collectinsure.com. That is all you need to know, but please READ YOUR POLICY carefully. There are exclusions that are NEVER talked about on these forums...like:

 

You can only store up to $100,000 in an offsite storage facility! After that if something happens you are SOL!

 

Be careful how many claims you have...

 

I dropped collect insure,nothing wrong with them(to me).I just couldn't see paying for premiums that,to be honest were unnecessary. I figure if I take the time to make sure my comics are off the ground,away from areas where flooding can occur(against walls with water pipes) to the best of my ability,then I should be okay.Fire? Sometimes stuff happens,but I'll take that risk,because I do my best to alleviate any hazards of that as well.I have close to 300-400K in my comic collection,and I feel good about my chances they will make it a.okay. (thumbs u

Prevention is key

 

Acts of God? Can't win em all,but I think with the precautions I have put into place,I have evened the odds a little.

[Mark 1]

What about theft Oak?

 

I feel better paying the premium knowing my collection is financially protected.

 

I use ColllectInsure and thankfully have had no reason for a claim and I hope it stays that way.

 

I use standard protection like a house alarm, stored above the floor, in a cool dry place, etc but having the insurance certainly makes me feel better

 

 

[DR.X]

I have close to 300-400K in my comic collection,

 

Holy cow, and I thought I had something when mine passed $500.00 bucks at the end of last year.

[oakman29]

What about theft Oak?

 

 

 

 

I hardly ever feel the need to lock my doors,guess I live in a pretty safe area.