Insuring your collection? 2 2

[XxSpideyxX]

I thought I was get a separate policy on my relatively small comic collection (valued around $16,000)

I tried to go through State Farm for a personal articles policy, but they won’t accept GPA as an ‘appraisal’ and are giving me a difficult time in trying to document the collection despite pictures and CGC grading.

Has anyone had any better luck with a particular company or service?

Thank you!

Ian 

[CatskillMike]

CIS specializes in collectibles.

collectinsure.com

[KCOComics]

I use CIS as well. 

https://collectinsure.com/

They are affordable and don't require an appraisal. Now, I've never filed a claim, but they are very responsive with questions. 

[Poekaymon]

Have seen people mention them before, but has anyone actually filed claims?  All insurance companies are pretty great--until you try to get money out of them.  

[Vixom]

I don't have insurance but just about everyone I know or seen uses cis. Might have seen a story of one or two claiming they paid the claim. Theuy dropped one or both of them afterwards I believe. Your question is common. I am sure it has been talked about a lot on here and every other comic discussion site so lots of information. Mainly many having it and never claimed. 

[XxSpideyxX]

I’m not sure that a basic homeowners or renters policy covers collections like these.  If they do, I imagine they are subject to pretty small limits.  

[conan09279]

I just purchased a policy from CIS. It wasn’t bad at all - $350 a year. Of course, the premium will change depending on the value of your collection. 

[lizards2]

I'm saying this sincerely - why would you insure something of such little value?

I think sometimes the insurance people get inside our heads. You should take reasonable care of the collection, and use your premium money for something else besides sponsoring your insurance salesman's greens fees.

[comicdonna]

3 hours ago, XxSpideyxX said:

I’m not sure that a basic homeowners or renters policy covers collections like these.  If they do, I imagine they are subject to pretty small limits.  

I had the best plan Allstate offered.  When our house burned, the cap on comics was $1000   

[XxSpideyxX]

47 minutes ago, lizards2 said:

I'm saying this sincerely - why would you insure something of such little value?

I think sometimes the insurance people get inside our heads. You should take reasonable care of the collection, and use your premium money for something else besides sponsoring your insurance salesman's greens fees.

Comicdonna’s answer.  I used to work homeowners claims for State Farm and I remember a ‘special limit’ on things like jewelry and collectibles (stamps, coins, comics, etc.) at or around $1000 for the lot, not even individually.   So while I’d love to live in a world where $16,000 in comic value is little, it’s far more than any special limit coverage provided by any current insurance plan I have and the gap is not one I could quickly or easily make up in the event of a loss.  So for me, it’s worth the $125 or so they quoted me for the year.   

[CatskillMike]

 If you insure your car with collision and comprehensive, then I would think the same type of person would consider a collectable policy. Especially when you get to a value of 20-25k, then I would consider a policy

[lizards2]

31 minutes ago, XxSpideyxX said:

1 hour ago, lizards2 said:

I'm saying this sincerely - why would you insure something of such little value?

I think sometimes the insurance people get inside our heads. You should take reasonable care of the collection, and use your premium money for something else besides sponsoring your insurance salesman's greens fees.

Comicdonna’s answer.  I used to work homeowners claims for State Farm and I remember a ‘special limit’ on things like jewelry and collectibles (stamps, coins, comics, etc.) at or around $1000 for the lot, not even individually.   So while I’d love to live in a world where $16,000 in comic value is little, it’s far more than any special limit coverage provided by any current insurance plan I have and the gap is not one I could quickly or easily make up in the event of a loss.  So for me, it’s worth the $125 or so they quoted me for the year.

I do think I understand. I believe my homeowners insurance has a $2000 limit on collectibles.

Just be sure you read all the disclaimers, waivers, etc., regarding theft, fire, flood, insect damage, acts of God, how replacement value is calculated, etc., and truly understand what you're signing up for, as there seems to always be reasons why insurance companies disallow claims.

I've asked many times on here for "successful insurance claim stories" regarding collectibles, and all I remember is a dull thud.  Same with successful postal insurance claims.

[comicdonna]

I should be clear.  Allstate caps comics at $1000 Coins at $200  No limit except for policy cap on other collectibles.  

[thunsicker]

8 minutes ago, lizards2 said:

I do think I understand. I believe my homeowners insurance has a $2000 limit on collectibles.

Just be sure you read all the disclaimers, waivers, etc., regarding theft, fire, flood, insect damage, acts of God, how replacement value is calculated, etc., and truly understand what you're signing up for, as there seems to always be reasons why insurance companies disallow claims.

I've asked many times on here for "successful insurance claim stories" regarding collectibles, and all I remember is a dull thud.  Same with successful postal insurance claims.

@Primetime - CollectInsure

@october - CollectInsure

@bighairjer - ACI

 

[theCapraAegagrus]

18 hours ago, XxSpideyxX said:

I’m not sure that a basic homeowners or renters policy covers collections like these.  If they do, I imagine they are subject to pretty small limits.  

They don't.