GA Appraisals 0

[Chicago Boy]

With the ever changing market how do you go about getting an appraisal for non business insurance purposes on your GA Books? 

[ender]

This is the service that is on the Metropolis website https://collectinsure.com/

When I signed up they asked more questions about my house than the comics.  Asked me a dollar value of the collection as a whole and only needed to know specific books if they were over 5000.  You can even set it up to increase by a certain percentage every year to account for new purchases and hopfully the comics themselves becoming more valuable over time.  Full transparency,  I have never had a claim on this insurance.

Short answer is that I just gave them a pretty good estimate.  Hope that helps. 

[Chicago Boy]

18 hours ago, ender said:

This is the service that is on the Metropolis website https://collectinsure.com/

When I signed up they asked more questions about my house than the comics.  Asked me a dollar value of the collection as a whole and only needed to know specific books if they were over 5000.  You can even set it up to increase by a certain percentage every year to account for new purchases and hopfully the comics themselves becoming more valuable over time.  Full transparency,  I have never had a claim on this insurance.

Short answer is that I just gave them a pretty good estimate.  Hope that helps. 

Thanks Ender . I'm familiar with the service but didn't know what it entailed.  Thanks again for taking the time to respond

[Chicago Boy]

Thank you for this :  For that purpose they accepted comparable sales history  from Heritage’s website.

 

 

[aardvark88]

3 hours ago, szavisca said:

I went through an afilliate of my homeowners insurance.  

Basic cost seems to about 0.5% of the value of my collection annually, which doesn’t seem bad until you think about having them insured for 20-30 years. 

I find myself waffling between thinking insurance is a scam and not wanting to be left out in the cold if my house burns down... I opted to just cover basically the amount that I’ve spent overall, but not increase my coverage much as values go up.

That USA rate sounds awfully cheap. In my part of Western Canada, home owner's insurance wants an extra 5% of the estimated value of one's collection yearly. Then think about having the long boxes insured for 20+ years makes me sick  at that high a rate.

[thunsicker]

5 hours ago, szavisca said:

5%??? That’s criminal.  Even 0.5% seems exhorbitant.  I mean in 20 years they’d get 10% of the value of my collection.... that’s why I’m only partially insuring.

From the insurance company perspective, How many out of 100 collections insured will ever file a claim per 20 years?  Bet it’s less than 1%... but who knows.

It’s kind of sad that the money in Comics is so big now that private collectors even have to think about insurance.  But that’s the reality particularly if you didn’t get started acquiring books until recently.

I also insure my house even though no one I know has had their house burn down.