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Homeowners Insurance and Comics

Started by EastCoastExchange-migratio,

27 posts in this topic

EastCoastExchange-migratio

EastCoastExchange-migratio

Posted
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I was just wanting to know if Homeowners Insurance automatically covers a stolen comic collection, or if you must have it appraised prior to it being stolen. The reason that I ask this, is our family is moving into a new house and my collection, which is worth around 10K, is going to be stored at my GrandMa's house for a couple of college semesters. God Forbid; -what would happen if someone broke in to her house while she was away and stole not only a computer and a TV, but all of my books? In this case would you just file a claim with insurance, and write down the value as to how much each book was worth? I have every book in my collection w/ grades logged into a spreadsheet software, however I am somewhat unsure. Clarification from some pro's would behoove me.

 

Thanks!!

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drewincanada

drewincanada

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I recently asked my insurance broker about this - not only because of the comics, but also my first edition books and ridiculously large DVD collection.

 

I was under the impression that you had to attach an itemized list (with values) to the policy. But the broker said that they didn't need an itemized list, but just to estimate the replacement value and ensure the amount of insurance we bought would cover everything.

 

Then I told her the approximate value of the comics, books and DVDs ($40K), and she said it would be a good idea to photograph everything and store the photos in a safe place along with an inventory list. If they're digital shots, keep them on a disc in another location (office, etc.). She said they did not need the photos for their records, but they would be useful if I ever had to file a claim.

 

Keep in mind, I'm in Canada. Perhaps it's different in the US.

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lizards2

lizards2

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I don't think your average home owner's insurance covers much collectibles in the U.S. And, I'm skeptical about what drewincanada's insurance broker told him. Best check with your agent. There are several companies that offer collectibles insurance as an adjunct - they advertise in CBG all the time.

 

However, I recommend skipping the insurance and spending the money you'd spend on premiums on more comics.

:wink:

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Duffman_Comics

Duffman_Comics

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Drew, this is exactly what I was advised in Oz. This was 20 years ago and I got a bit worried that things may have changed.

 

Checked at the last renewal and all is well - but the premiums sure have gone up a bit.

 

BTW I did keep the letter I got from the insurer stating that the comics would be covered. Just in case. :wishluck:

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lizards2

lizards2

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I gotta add that if you're solely worried about theft, don't worry. Buy a 9mm, .357 or 12 gauge for protection. You could do this with one year's premium on an insurance contract. (Insurance might be the best bet for those of you who live in socialist states.)

 

$10K is likely chump change in this hobby. It would be a lot of work to steal the collection, then try to sell it in a close knit world of collectors, who you would immediately notify if it was stolen.

 

Unless, of course, you are talking about 10 or less books. If you're talking about long box, upon long box, nobody is going to bother with that.

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Nostalgic Attic

Nostalgic Attic

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Posted
I don't think your average home owner's insurance covers much collectibles in the U.S. And, I'm skeptical about what drewincanada's insurance broker told him. Best check with your agent. There are several companies that offer collectibles insurance as an adjunct - they advertise in CBG all the time.

 

However, I recommend skipping the insurance and spending the money you'd spend on premiums on more comics.

:wink:

 

Most HO policies require a special rider for collectibles valued beyond limits that are stipulated in your policy. Check your policy, but at 10K most of that is probably covered.

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Johnny G

Johnny G

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I recently asked my insurance broker about this - not only because of the comics, but also my first edition books and ridiculously large DVD collection.

 

I was under the impression that you had to attach an itemized list (with values) to the policy. But the broker said that they didn't need an itemized list, but just to estimate the replacement value and ensure the amount of insurance we bought would cover everything.

 

Then I told her the approximate value of the comics, books and DVDs ($40K), and she said it would be a good idea to photograph everything and store the photos in a safe place along with an inventory list. If they're digital shots, keep them on a disc in another location (office, etc.). She said they did not need the photos for their records, but they would be useful if I ever had to file a claim.

 

Keep in mind, I'm in Canada. Perhaps it's different in the US.

 

Who do you use for insurance? I recently inquired about the same thing and was told that collectibles had to be "scheduled". Which means that they would all need to be itemized, appraised and insured under a separate policy. It also means that the cost of insuring all items is a much higher rate than regular house insurance.

 

So please, let me know who you use... I'd love to have a chat with them.

 

I wish we (Canadians) had the privilege of having a company such as the CIA. I also recently inquired (with CIA) about being able to insure my books if they were stored at my American address. I am not allowed due to the fact that I do not reside in the US! Very frustrating!

 

Anyone with BIG bucks willing to start an agency such as the CIA here in Canada? I think it would go over pretty well...

 

John :popcorn:

 

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ant

ant

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my home owners insurance said "any collectable item can be insured" . they asked me to see the"collections" (coins/comics/cards) to just show that i owned them :) but the catch is that if i keep my collection at said proporty (mine) i would need a safe to store them in.that way if they were stollen they cant just shove it off as "owner neglect". otherwise my coverage is high enough to cover loss of home and collections and it didnt raise a bit(just make sure that the policy covers the full amount together :) )

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richnerd

richnerd

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I was told way back when that photos would be enough proof for my insurance company that I wouldn't need to list everything.

 

Well when we had a house fire a few years back and lost many of my books the photos paid off and I got FMV for the books. I just made sure to take extra photos of the top dollar books.

 

Best thing to do call your insurance company and Grandmas and see what their policy is. Make sure you log the persons name you talk to also time and date. (thumbs u

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JohnT

JohnT

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This is an interesting thread. It appears that some companies cover collectibles and some do not. If anyone has a company that covers their collection under basic homeowner insurance, please post the name of the company!

 

I used to have State Farm, and they covered my comics, but told me to photograph things and keep records. Then they changed to only covering a small amount for collectibles--I think it was $1,000. I asked about getting a rider to cover the comics, and they wanted a hunder dollars per year per thousand dollars of value! Absurd.

 

I've since dropped State Farm for other reasons, and haven't looked into the coverage with my new company.

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thirdgreenham

thirdgreenham

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This is an interesting thread. It appears that some companies cover collectibles and some do not. If anyone has a company that covers their collection under basic homeowner insurance, please post the name of the company!

 

I used to have State Farm, and they covered my comics, but told me to photograph things and keep records. Then they changed to only covering a small amount for collectibles--I think it was $1,000. I asked about getting a rider to cover the comics, and they wanted a hunder dollars per year per thousand dollars of value! Absurd.

 

I've since dropped State Farm for other reasons, and haven't looked into the coverage with my new company.

 

My company (in Canada) also is asking for $100 per year for every $1000 of insurance. They told me that I would need my collection itemized and appraised by a knowledgeable source (LCS). For that amount of work and $$$, forget it! I agree with the previous comment of taking this money and buying some more sweet comic books. :acclaim:

 

 

Andy

 

 

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