Collectables Insurance Question 1 1

[Nschenks]

*Apologies beforehand if this is a dumb question*

I started buying and re-selling books in the last year, and while I rarely have more than a handful of books on hand at any given time, I've realized how much of a hit I'd take if my books were either stolen or lost/damaged while being sent out for pressing and grading. They aren't mega books--this is more of a fun side hustle for me than anything else--but they're often expensive enough where I don't feel comfortable anymore not having insurance.

So my question is this: with collectables insurance, how does that work with a rotating inventory of books/slabs? I try to make a CGC submission every month or so and am fairly regularly purchasing and reselling books, so I experience a pretty high turnover rate in my collection/inventory. Is this something collectables insurance could cover, or is it more geared toward permanent collections? Would I have to make adjustments to value on a daily/weekly basis? And for raw books, do y'all generally use Overstreet for valuation or just ballpark it? Any help/advice/recommendations would be greatly appreciated! And apologies if this has been answered before--this is a super knowledgeable community so I prefer get up to date info from those who have first-hand experience. Thanks!

[Dr. Balls]

I have a policy from CollectInsure - it's not a "dealer" policy - which they have, but I just wanted to cover my collection in my house as I only really sell stuff out of my personal collection. The lady on the phone when signing up was very helpful and answered my questions, and the written policy is actually quite easy to read when it comes to what is/isn't covered.

I have not had a claim with them - and hope I never have to - so I can't speak to how they handle it. But if you get an online quote from them, they will call you and that's easily discussed and you'll likely get the answers you're looking for. Good luck!

[newshane]

I also had a policy with Collectinsure. I never had an issue, but I never made a claim. 

I currently depend on a rider from State Farm. 

EDIT: And yes. Your books are covered in transit. 

Edited February 6 by newshane

[shadroch]

Your policy is for a dollar amount.  You only have to list very expensive books, otherwise they don't care about your turnover.  If you value your collection at $50,000, you are insured for that. It used to be you needed to list items worth $5,000 or more, but they upped it.

[Nschenks]

Thanks for the replies! Sounds like it's a simpler process than I'm making it out to be in my mind. Getting some big books back in a couple months so I'll prob try to get a policy in March.