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Thinking of purchasing a 5 figure book and have some questions

Started by rsouxlja7,

45 posts in this topic

rsouxlja7

rsouxlja7

Posted
Posted

I have some expensive books but I never really considered what would happen if something happened like theft, a fire, etc until now. I know it'd be better to ask my insurance agent these questions but I really don't feel like being placed on hold for an hour so I thought I'd ask you guys lol.

 

As far as homeowner's insurance, does your personal property coverage extend to expensive collectibles in the case of theft, fire, etc.? My personal property is capped at $110K but I think that is for the liability of all items because of this paragraph in the policy: "$2500 on stamps, trading cards, and comic books; including any of these that are a part of a collection". So are they saying they limit it to $2500 per book? If so, then it sounds like I need insurance from a provider that specializes in collectibles. I have seen one that is recommended quite often on the forum but can't think of the name. Anyone have any experience using them?

 

My next question may be a bit personal and something people may not want to answer but I am going to ask anyway. Do you guys keep your big books on display or do you generally lock them up whenever you're not actively looking at them? I was thinking I'd leave mine on display if I do buy it but I don't know how foolish that'd be since it'd be so easy for someone to break in and take it. Then again, if I were to purchase a safe, they could pick that up just as easily.

 

If you have any other advice for securing your books I'd love to hear it.

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rsouxlja7

rsouxlja7

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Like Bedrock, I keep mine next to the can.

 

And, no, your expensive comic collection needs an additional policy. Home owners insurance won't cover a 5 figure book.

 

Are there any horror stories out there from people who've had these policies and had their claim rejected for any reason? I've had enough problems dealing with auto insurance claims from a very reputable company so I am wondering how difficult a company specializing in collectibles can be.

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Dr. Love

Dr. Love

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Posted

I don't. No news is kinda good news in this regard. CIS has been writing the majority of private policies for many years? 20? more? Dan? has been showing up for years at the cons, wouldn't think that would be the case if they welched on claims.

 

and throw the receipts in a box, take a pic occasionally

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comicdonna

comicdonna

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Posted
I have some expensive books but I never really considered what would happen if something happened like theft, a fire, etc until now. I know it'd be better to ask my insurance agent these questions but I really don't feel like being placed on hold for an hour so I thought I'd ask you guys lol.

 

As far as homeowner's insurance, does your personal property coverage extend to expensive collectibles in the case of theft, fire, etc.? My personal property is capped at $110K but I think that is for the liability of all items because of this paragraph in the policy: "$2500 on stamps, trading cards, and comic books; including any of these that are a part of a collection". So are they saying they limit it to $2500 per book? If so, then it sounds like I need insurance from a provider that specializes in collectibles. I have seen one that is recommended quite often on the forum but can't think of the name. Anyone have any experience using them?

 

My next question may be a bit personal and something people may not want to answer but I am going to ask anyway. Do you guys keep your big books on display or do you generally lock them up whenever you're not actively looking at them? I was thinking I'd leave mine on display if I do buy it but I don't know how foolish that'd be since it'd be so easy for someone to break in and take it. Then again, if I were to purchase a safe, they could pick that up just as easily.

 

If you have any other advice for securing your books I'd love to hear it.

The $2500 isn't per book. It means $2500 total.
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ecfanman

ecfanman

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Posted

I looked on the Collectibles Insurance web site and not sure how the following would be handled.

 

Suppose I have 4 boxes of books worth $10,000 each (10 comics of $1000 each). Lets say they are 1) Spiderman, 2) X-Men, 3) Superman and 4) Batman.

 

I don't think I can afford $40,000 worth of insurance, so I get $20,000 in coverage. Do I have to specify which comics I am getting covered? (Doesn't sound like it on the web site.)

 

I realize that if someone stole all four boxes I would only get $20,000. But if someone stole the Spiderman and X-Men boxes and didn't take the Batman and Superman boxes, would I still get $20,000 to cover the two boxes I lost (since that was their worth)?

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143ksk

143ksk

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Yeah it sounds like a lot of people go the safety deposit box route. I can't see myself doing that. I don't want to have to make a visit to the bank just to check out my comics lol.

 

Buy a safe and have it bolted to the floor. Works just fine.

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comicdonna

comicdonna

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Posted
I looked on the Collectibles Insurance web site and not sure how the following would be handled.

 

Suppose I have 4 boxes of books worth $10,000 each (10 comics of $1000 each). Lets say they are 1) Spiderman, 2) X-Men, 3) Superman and 4) Batman.

 

I don't think I can afford $40,000 worth of insurance, so I get $20,000 in coverage. Do I have to specify which comics I am getting covered? (Doesn't sound like it on the web site.)

 

I realize that if someone stole all four boxes I would only get $20,000. But if someone stole the Spiderman and X-Men boxes and didn't take the Batman and Superman boxes, would I still get $20,000 to cover the two boxes I lost (since that was their worth)?

You have to itemize books worth 5K or more. I would get a quote on complete coverage and compare to half coverage. I don't think the difference is that much.
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Primetime

Primetime

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Posted
I looked on the Collectibles Insurance web site and not sure how the following would be handled.

 

Suppose I have 4 boxes of books worth $10,000 each (10 comics of $1000 each). Lets say they are 1) Spiderman, 2) X-Men, 3) Superman and 4) Batman.

 

I don't think I can afford $40,000 worth of insurance, so I get $20,000 in coverage. Do I have to specify which comics I am getting covered? (Doesn't sound like it on the web site.)

 

I realize that if someone stole all four boxes I would only get $20,000. But if someone stole the Spiderman and X-Men boxes and didn't take the Batman and Superman boxes, would I still get $20,000 to cover the two boxes I lost (since that was their worth)?

You have to itemize books worth 5K or more. I would get a quote on complete coverage and compare to half coverage. I don't think the difference is that much.
I have over $225k in umbrella coverage and only pay less than $90/month and I'm covered on shipping to and from and travel to conventions. Collectibles Ins. is much more comprehensive than any homeowners. I've only had to file one claim in 15 years for $1000 and I was paid in 6 weeks. You only itemize single books worth $5k or more on your policy. Everything else gets put under the umbrella coverage.
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ecfanman

ecfanman

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Posted
I looked on the Collectibles Insurance web site and not sure how the following would be handled.

 

Suppose I have 4 boxes of books worth $10,000 each (10 comics of $1000 each). Lets say they are 1) Spiderman, 2) X-Men, 3) Superman and 4) Batman.

 

I don't think I can afford $40,000 worth of insurance, so I get $20,000 in coverage. Do I have to specify which comics I am getting covered? (Doesn't sound like it on the web site.)

 

I realize that if someone stole all four boxes I would only get $20,000. But if someone stole the Spiderman and X-Men boxes and didn't take the Batman and Superman boxes, would I still get $20,000 to cover the two boxes I lost (since that was their worth)?

You have to itemize books worth 5K or more. I would get a quote on complete coverage and compare to half coverage. I don't think the difference is that much.
I have over $225k in umbrella coverage and only pay less than $90/month and I'm covered on shipping to and from and travel to conventions. Collectibles Ins. is much more comprehensive than any homeowners. I've only had to file one claim in 15 years for $1000 and I was paid in 6 weeks. You only itemize single books worth $5k or more on your policy. Everything else gets put under the umbrella coverage.

 

Thanks you answered my question. I got a couple of quotes from their site and I think I am going to call them and ask a couple of questions and then sign up.

 

Do you know if one umbrella policy would cover a collection consisting of comics, pulps and original comic art?

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AnkurJ

AnkurJ

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Posted

Collect insure coverage is not as expensive as you think. Call or email them. The amount you pay for the coverage is saved in not having to insure packages. My policy covers comics, art, coins and autographs. Basically any general collectible.

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Primetime

Primetime

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E

I looked on the Collectibles Insurance web site and not sure how the following would be handled.

 

Suppose I have 4 boxes of books worth $10,000 each (10 comics of $1000 each). Lets say they are 1) Spiderman, 2) X-Men, 3) Superman and 4) Batman.

 

I don't think I can afford $40,000 worth of insurance, so I get $20,000 in coverage. Do I have to specify which comics I am getting covered? (Doesn't sound like it on the web site.)

 

I realize that if someone stole all four boxes I would only get $20,000. But if someone stole the Spiderman and X-Men boxes and didn't take the Batman and Superman boxes, would I still get $20,000 to cover the two boxes I lost (since that was their worth)?

You have to itemize books worth 5K or more. I would get a quote on complete coverage and compare to half coverage. I don't think the difference is that much.
I have over $225k in umbrella coverage and only pay less than $90/month and I'm covered on shipping to and from and travel to conventions. Collectibles Ins. is much more comprehensive than any homeowners. I've only had to file one claim in 15 years for $1000 and I was paid in 6 weeks. You only itemize single books worth $5k or more on your policy. Everything else gets put under the umbrella coverage.

 

Thanks you answered my question. I got a couple of quotes from their site and I think I am going to call them and ask a couple of questions and then sign up.

 

Do you know if one umbrella policy would cover a collection consisting of comics, pulps and original comic art?

yes they cover everything except live animals and jewelry so you can tell them you want an umbrella policy for "$X" amount that covers all your collectible genres. Itemize any item valued at $5k or more. Their customer service is pretty good.
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