Is Your Collection Insured?

[C. Bormann]

This is an old topic from the OLD BOWEN FORUM. But I was just about to write out the check for this years premium, and I thought about mentioning it to all the new collectors.

Most home owners insurance policies only cover up to $2500 on collectibles. So to obtain the proper coverage you either have to get an additional rider on your home owners policy, or get a separate policy that covers collectibles exclusively. I have a separate policy through COLLECTIBLES INSURANCE AGENCY. They cover breakage, fire, flood,... Basically any type of accidental damage. Here is the link:

http://www.collectinsure.com/

Remember, that you may have a substantial investment in your hobby. So protect your investment!!!

[Relic Reaper]

Thanks C. Bormann. I've been trying to find a place to insure my collection for a while. The agent at the company that issued my homeowner's insurance said they didn't insure special collections because...and I quote..."your stuff may be valuable now, but in a couple of years no one will care about it." :mad:

[CKinSD]

CB thanks for brings this back up.

RR you should go smack your insurance agent in the back of the head just for being an idiot.

[Relic Reaper]

CB thanks for brings this back up.

RR you should go smack your insurance agent in the back of the head just for being an idiot.


CK, smacking was the last thing that came to mind. :mad: :eplus2:

[raze_r]

I only just started my statue collection and I didn't even think about insurance.
Thanks for bringing this to my attention.

R.

[CKinSD]

CK, smacking was the last thing that came to mind. :mad: :eplus2:

Oh i was just being pg rated. What I would do is something far worse. :stick:

[Sam Wilson]

My collection is insured under "fine art" in my state farm renters insurance policy. My comic book collection is also insured. My renters insurance is about triple the normal rate though.

[Bullseye]

Guys what are you'es paying per annum?

[Sniper]

they told it it is no more than 150 bucks for the year here in the us

[The General]

Not yet but as soon as I get some money I'll look into it.

[Bullseye]

$150 dollars seems reasonable i guess. Must check it out.

[wolverinejedi007]

Thanks for the info

[Sam Wilson]

I pay $300 a year. But the police includes statues, comics, firearms, electronic equipmpent, and jewlery, on top of the standard stuff (whatever that is).

[Collection King 13]

Mine is not and it should be... I have to look into it very soon.

[Bullseye]

I pay $300 a year. But the police includes statues, comics, firearms, electronic equipmpent, and jewlery, on top of the standard stuff (whatever that is).

Eh. Do the Police provide insurance?

[C. Bormann]

CK 13-

You should, of all people have your collection insured.

My policy covers anything comic book related that I specified in the binder. This years premium is $160.00 for $42,000.00 worth of coverage, on my collection. Remember, it only takes one fire to wipe out your collection!

And I have to give credit where it is due. WORKINGDOG created this topic on the old BOWEN FORUM. Thanks DOG!!!

[Sam Wilson]

Yeah,

I'm probably getting hosed. I need to get out of this apartment and get into a real house.

[cyberpunk12]

Chris- Have you ever had to file a claim? I worry about someone being eager to sign me up and take my premiums, but then they flake out when you need them.

[C. Bormann]

I haven't filed a claim yet. But they are underwritten, by the HARTFORD insurance company. They have been in business for a few decades.

I'm not telling anyone to insure through them. I'm just suggesting that everyone look into what your possibly covered for. This company is just another option to be considered.

[galactus]

CK 13-

You should, of all people have your collection insured.

My policy covers anything comic book related that I specified in the binder. This years premium is $160.00 for $42,000.00 worth of coverage, on my collection. Remember, it only takes one fire to wipe out your collection!

And I have to give credit where it is due. WORKINGDOG created this topic on the old BOWEN FORUM. Thanks DOG!!!

Out of curiousity, how is a "value" established. Do you basically get your collection evaluated by an "expert" in the field (comic shop owner :laugh: ), or do you set your own value and the policy is simply generated off that number?

[wktf]

I got additional coverage through my Allstate homeowners insurance. It, too, was in the $150 range. When I estimated the value of my art, statues, and props it came to over $20,000. I was surprised (my wife was too!) so the nominal amount for the insurance was a no-brainer.

[C. Bormann]

Out of curiosity, how is a "value" established. Do you basically get your collection evaluated by an "expert" in the field (comic shop owner :laugh: ), or do you set your own value and the policy is simply generated off that number?
I keep a record of what I have invested in every piece. Factoring in price, shipping, signatures..... I then keep an estimated value of each piece based on what they sell for on eBay. The majority of my collection is autographed and to obtain these signatures again has to be calculated into the overall value of my collection.

Like a lot of us here, I've been collecting statues and busts for more than 10 years. So, I have a good idea what they sell for and what I would buy them for. Also I have to consider LOW numbers as a factor. Some people wouldn't ever pay more for a LOW numbered piece, but others definitely would and that makes them more valuable to insure. I have two pieces that are #0001, and have a lot more money invested in them.

[workingdog]

And I have to give credit where it is due. WORKINGDOG created this topic on the old BOWEN FORUM. Thanks DOG!!!

You are most welcome, Chris, thanks! :)

[boondocksaint]

does the insurance company just accept what you say your collections worth? or do they look into it and how do they really know you have what you say you have?

[workingdog]

does the insurance company just accept what you say your collections worth? or do they look into it and how do they really know you have what you say you have?

They accept what you think your collection is worth. However, if there's a loss and you have to file a claim, the burden is on you to prove that you did indeed have the lost or damaged item with receipts, photos, or some such.

[grendelscott]

Allstate pretty much told me that it would have to be a "total loss" for them to give me the amount for my collection, unless I itemized everything. I have 28 longboxes of comics, and a ton of statues, etc, so that is a little crazy (but I agree I need to do something, after having a fire hit so close to home last month). I do save all of my receipts from the comic store and Best Buy, although they use those crappy thermal ones that fade over time...

Collectible Insurance Agency sounds like a good way to go. I remember from the old forum that some people said they had incidents where they broke a statue and they were reimbursed without any problem.

[fhurtado3627]

I have my statues insured through Collectors Insurance Agency. After the crazy wildfires in San Diego came within 75 yards of my house, I went online and printed the forms out. I bought $5,000 worth of coverage for about $30.00

[Collection King 13]

CK 13-

You should, of all people have your collection insured.

My policy covers anything comic book related that I specified in the binder. This years premium is $160.00 for $42,000.00 worth of coverage, on my collection. Remember, it only takes one fire to wipe out your collection!

And I have to give credit where it is due. WORKINGDOG created this topic on the old BOWEN FORUM. Thanks DOG!!!

You are right!

[C. Bormann]

We seem to have picked up a lot of members in the past few months.

So, I'm giving this thread a BUMP.

[JavOner]

We seem to have picked up a lot of members in the past few months.

So, I'm giving this thread a BUMP.

Thanx for the info. i have a huge collection that i'm going to have insured.

[Sam Wilson]

Mines insured on my renters policy through state farm...

[OneOne78]

Thanks C, I've been putting this off since it first came up. Time to get it taken care of.

[lord odin]

This is who I use.
http://www.collectinsure.com/

[FNGrimm]

nah my colelction is not, becuase like all things, its a luxury and it is for enjoyment. if i was looking to make a mint with my collection im in the wrong hobby and woud need to look at myself in the mirror and ask "what ar you thinking guy"

[Justin]

Mine is insured for $5000 on my hose and contents insurance, It doesn't add much to the yearly rate to get just my collection insured in their own section, well worth it I think :)

[lord odin]

nah my colelction is not, becuase like all things, its a luxury and it is for enjoyment. if i was looking to make a mint with my collection im in the wrong hobby and woud need to look at myself in the mirror and ask "what ar you thinking guy"
How much have you spent on your collection?

[Tetragrammaton]

In the final process of getting the home insurance policy expanded to cover the collection. Going to cost me $375.00 additional per year for $50,000.00 coverage. A little more than I was expecting but still reasonable.

In terms of "expert" evaluations, if any single item being covered is $3,000.00+ then it must be evaluated. Otherwise, just a list provided by me is all that is required.

The thing that sucks is that they do not cover individual breakage (but will cover in case of fire) and they only will cover original retail value. I will go with these guys for a while, but will continue to shop around.

[RedHinske]

I started collecting last year and never thought about insurance. Thanks guys, I will look in to it as soon as posible.

[lord odin]

In the final process of getting the home insurance policy expanded to cover the collection. Going to cost me $375.00 additional per year for $50,000.00 coverage. A little more than I was expecting but still reasonable.

In terms of "expert" evaluations, if any single item being covered is $3,000.00+ then it must be evaluated. Otherwise, just a list provided by me is all that is required.

The thing that sucks is that they do not cover individual breakage (but will cover in case of fire) and they only will cover original retail value. I will go with these guys for a while, but will continue to shop around.
Damn you`re getting shafted have you tried looking for better deals?

[OneOne78]

I faxed my application in today so I should be good in a few days. Thanks again for the reminder C.

[Tetragrammaton]

Damn you`re getting shafted have you tried looking for better deals?

Yes but not seriously. Will go with them as they are providing me my home insurance but will do some research for next year.

[marvelboi77]

In the final process of getting the home insurance policy expanded to cover the collection. Going to cost me $375.00 additional per year for $50,000.00 coverage. A little more than I was expecting but still reasonable.

In terms of "expert" evaluations, if any single item being covered is $3,000.00+ then it must be evaluated. Otherwise, just a list provided by me is all that is required.

The thing that sucks is that they do not cover individual breakage (but will cover in case of fire) and they only will cover original retail value. I will go with these guys for a while, but will continue to shop around.

I have a personal articles policy through State Farm. Every individual item is listed with the current value. It costs me around $150 a year for $75,000. It cover anything that could happen to them. Lets see when I collected the Walt Disney Classic Collections, I broke Flounder and I got a check the next week. I broke my Batgirl where she is jumping over the wall, I got a $200 plus what it would cost for shipping to get another one within a week. The only draw back with them is that if someone else other than yourself messes up one of your pieces they will pay for it and then possibly go after the party that broke it. It's covered for fire, theft, tsunami, huricane, earthquake, kids...

[Tetragrammaton]

Marvelboi77,

This sounds ideal. I will definitely expand my insurance search a little longer. Better coverage, higher limits and for less money!

[wizard-comics]

Thanks C. Bormann. I've been trying to find a place to insure my collection for a while. The agent at the company that issued my homeowner's insurance said they didn't insure special collections because...and I quote..."your stuff may be valuable now, but in a couple of years no one will care about it." :mad:


and you still deal with this company?

I do all my insurance, banking, and investments through USAA (gotta be military to use 'em) AWESOME COMPANY!!!I'm gonna have to see what they do for collectibles, we insurance but don't think it covers comics and statues, etc...will give them a call

[C. Bormann]

bump

[cougartrace]

I think those yearly prices are high to protect your collections. If you can get Flood Insurance on at 250000 home for $317, I would think $150 dollars a year to protect $42000 is a bad deal.

[ComputerFly]

In the final process of getting the home insurance policy expanded to cover the collection. Going to cost me $375.00 additional per year for $50,000.00 coverage. A little more than I was expecting but still reasonable.

In terms of "expert" evaluations, if any single item being covered is $3,000.00+ then it must be evaluated. Otherwise, just a list provided by me is all that is required.

The thing that sucks is that they do not cover individual breakage (but will cover in case of fire) and they only will cover original retail value. I will go with these guys for a while, but will continue to shop around.

This brings up something I've been thinking about quite a bit lately. I'm with Travelers, and the agent was telling me that I would have to have any of the items "Appraised" that were worth over $2,000. I only have a couple of items worth that, but I have no idea how to get them appraised. I was thinking someone who has been selling statues for a good while, ::cough Danny cough:: might come up with some type of generic form, we pay him a small fee for him to 'appraise' the item, and he mails us the appraisal. I assume we could send in a few pictures of the item, maybe one with our name and date written on a piece of paper and the item (and ES #, if applicable), all in the same picture, so that he knows we actually own it.

I'm guessing that the "someone" would think that they need to physically inspect the item, but in reality, even if he did inspect it, there would be no way to prove that after it was inspected, it wasn't broken, or sold, should a disaster strike, so I think the photos would suffice, along with the written appraisal.

So there you have it, someone needs to start an online 'Statue Appraisal Service', and who better than someone who runs a 'statue forum' along with a 'comic statues' website :thumbs2: :thumbs2: :thumbs2: :thumbs2:

[SD RUM]

Thanks for the info. I definitely want to get my Bowen collection insured for sure.

[Teague]

Great thread; this is something I've been thinking about for a long time now, but just haven't done. I think I have $5000 in "specifics" coverage through my homeowners, which was more than enough eight years ago when we got it. But now, not so much.

Can anyone here list the Collectible Insurance companies? I used to have some paperwork from a guy I met at San Diego Comic Con (there as a rep for his insurance company), but that's long gone. What are the options, outside of regular insurance agencies? I'd rather go with someone who specializes in collectibles, since they'd know more about what they're talking about.

[Ink]

Great thread; this is something I've been thinking about for a long time now, but just haven't done. I think I have $5000 in "specifics" coverage through my homeowners, which was more than enough eight years ago when we got it. But now, not so much.

Can anyone here list the Collectible Insurance companies? I used to have some paperwork from a guy I met at San Diego Comic Con (there as a rep for his insurance company), but that's long gone. What are the options, outside of regular insurance agencies? I'd rather go with someone who specializes in collectibles, since they'd know more about what they're talking about.

ditto

I need to get on this, my collection cracked $20,000 a month or 2 back plus some original art, comics and 3 giclees

[pmpknface]

ditto

I need to get on this, my collection cracked $20,000 a month or 2 back plus some original art, comics and 3 giclees
Do you have comics? Because if so it's not really that hard to crack that level. If you have 10,000 comics and had a cautious estimate of $2 a piece that's 20k right there!

And I've gotta have over 15,000 books.... I gotta call these people.....

[rilynil]

There should be a sticky on this thread. This is stuff I've got to think about.

[Colossus]

Yeah between wifes and mines collections and curios and junk its prolly nearing to 40k mark. So yeah I need to get my insurance guy down here to take pics.

[Ink]

Do you have comics? Because if so it's not really that hard to crack that level. If you have 10,000 comics and had a cautious estimate of $2 a piece that's 20k right there!

And I've gotta have over 15,000 books.... I gotta call these people.....

I have 7 long boxes

[C. Bormann]

Great thread; this is something I've been thinking about for a long time now, but just haven't done. I think I have $5000 in "specifics" coverage through my homeowners, which was more than enough eight years ago when we got it. But now, not so much.

Can anyone here list the Collectible Insurance companies? I used to have some paperwork from a guy I met at San Diego Comic Con (there as a rep for his insurance company), but that's long gone. What are the options, outside of regular insurance agencies? I'd rather go with someone who specializes in collectibles, since they'd know more about what they're talking about.

Here's the link for Collectibles Insurance:

http://www.collectinsure.com/

Please keep in mind that this is just an option to explore. I just keep bumping this thread for those who never considered insuring their collections. We have substantial investments in our collectibles, and we should protect that investment.

[Zurbaran1]

Not yet but as soon as I get some money I'll look into it.

Don't bother, you're collection isn't worth insuring for the short time you have it before it goes on eBay. BWAHAHAHAHAHAHA!

[Teague]

Here's the link for Collectibles Insurance:

http://www.collectinsure.com/

Please keep in mind that this is just an option to explore. I just keep bumping this thread for those who never considered insuring their collections. We have substantial investments in our collectibles, and we should protect that investment.

Thanks, CB. I'll check into it. I think there's another company that does this too, with a similar name. Anyone know what that is? I just want to check out all options.

The tough part will be cataloguing everything. It took me most of a weekend not long ago to list and spot-grade my whole Amazing Spiderman run, and that alone (and it's about 40 books from complete, including #1) is worth quite a bit. I probably have more in statues and framed art than I realize, too.

[mr.e-man]

can this be posted somehow as a perm stickie in the FAQ? I know I'll be searching for it some time later when I finally get home to put time into doing this. It's a good chance my comp will go down or my pda will blank the info. thanks!

[berenger]

This is smething i think about every time i leave the house...i really need to get them insured..

[cougartrace]

If you have a large collection, lets just say $5000, it's probably a good idea to insure. However, ask your home insurance agent about your personal property clause. Your statues maybe covered under that. It varies by insurer.

It's absolutely ridiculous to pay $150 a year to cover $20000-$40000 worth of collectibles. Like I said, they only charge $300 a year for flood insurance for a $250000 house.

[Teague]

If you have a large collection, lets just say $5000, it's probably a good idea to insure. However, ask your home insurance agent about your personal property clause. Your statues maybe covered under that. It varies by insurer.

It's absolutely ridiculous to pay $150 a year to cover $20000-$40000 worth of collectibles. Like I said, they only charge $300 a year for flood insurance for a $250000 house.

I'm no insurance expert, but I think you're comparing two unlike insurable things, here. What it takes to destroy a house is a heck of a lot more than it takes to destroy a comic book, you know? So the risk is higher. Plus, the market to replace a house is far easier to work with than the market to replace a collectible. These must be factors in that price, I'd think.

Also, $5K is pretty low if you're including comics in that equation. The Amazing Spider-Man section of my collection is worth a good amount more than that alone. Art will shoot this up quickly, too (I don't collect original art, but a lot of Alex Ross litho, which alone are probably close to $5K.) And I have no idea what I've got tied up in my statues, but it's probably a lot.

One fire and all that could be gone. To me, that seems worth protecting for only $10-15 a month or so. My only real worry is the cataloguing of it all, in the case I'd ever need to make a claim.

Oh, and I'd very much vote for making this a sticky. It's an important issue to many of us on this board, or at least something we've all thought about.

[cougartrace]

Well, before you take out extra insurance, ask your insurer. My agent said mine is covered under personal property. Now I need to make sure I have enough personal property coverage.

[Teague]

Well, before you take out extra insurance, ask your insurer. My agent said mine is covered under personal property. Now I need to make sure I have enough personal property coverage.

It's a good point, for sure. Your current insurer might cover some (or a lot) of it already. But my insurer did specify that they don't pay replacement costs for collectibles, but original value. So my Fine copy of Amazing Spider-Man #2 would get me $.12 instead of $750. It's enough to make a grown man weep. :)

That's only one company, though, and fortunately, my insurance rep was completely up-front about the limitations on what they'd cover. And even that was fine ten years ago or so, when my collection was a lot smaller and a lot more recent for the most part (at least the stuff I stored at my house, and not at my folks'). But over the years, I've collected a lot more stuff. Collections grow, and you have to look at how your insurance needs grow with it.

And now that I'm talking like a State Farm commercial, I'm done. :)

[C. Bormann]

It's a good point, for sure. Your current insurer might cover some (or a lot) of it already. But my insurer did specify that they don't pay replacement costs for collectibles, but original value. So my Fine copy of Amazing Spider-Man #2 would get me $.12 instead of $750. It's enough to make a grown man weep. :)

That's only one company, though, and fortunately, my insurance rep was completely up-front about the limitations on what they'd cover. And even that was fine ten years ago or so, when my collection was a lot smaller and a lot more recent for the most part (at least the stuff I stored at my house, and not at my folks'). But over the years, I've collected a lot more stuff. Collections grow, and you have to look at how your insurance needs grow with it.

And now that I'm talking like a State Farm commercial, I'm done. :)

I am a general contractor and one of the clients that I work for is a claims adjustment service. The answers to all of my insurance questions, come directly from the adjusters. (You know, the guy who actually writes the checks for your claims, and not the salesman who is trying to get you to buy his insurance.) The reality is that ALL insurance companies go by the same national guidelines. So, you either need an additional rider on your policy or a separate policy that specifically covers collectibles. One of the benefits of dealing with Collectible Insurance Agency, is that your property is covered anywhere in the country. So your covered, if your parents house burns down with your comic book collection in that basement. Or if you go to a convention and the maid at the hotel steals or breaks one of your statues, that's covered too.

[Teague]

I am a general contractor and one of the clients that I work for is a claims adjustment service. The answers to all of my insurance questions, come directly from the adjusters. (You know, the guy who actually writes the checks for your claims, and not the salesman who is trying to get you to buy his insurance.) The reality is that ALL insurance companies go by the same national guidelines. So, you either need an additional rider on your policy or a separate policy that specifically covers collectibles. One of the benefits of dealing with Collectible Insurance Agency, is that your property is covered anywhere in the country. So your covered, if your parents house burns down with your comic book collection in that basement. Or if you go to a convention and the maid at the hotel steals or breaks one of your statues, that's covered too.

Thanks again for the info, CB. So my guy was wrong in what he was saying? That's good, I guess. I've only had to claim loss a few times (in both auto and home policies), but I've always gotten replacement value, so it makes sense.

This is a complex issue, isn't it? So aside from the location-issue, which doesn't really affect me too much at all, is there any reason to go with an independent collector's insurer? I mean, aside from avoiding the eye-rolling from your carrier. ;)

[C. Bormann]

Thanks again for the info, CB. So my guy was wrong in what he was saying? That's good, I guess. I've only had to claim loss a few times (in both auto and home policies), but I've always gotten replacement value, so it makes sense.

This is a complex issue, isn't it? So aside from the location-issue, which doesn't really affect me too much at all, is there any reason to go with an independent collector's insurer? I mean, aside from avoiding the eye-rolling from your carrier. ;)

I'm really not trying to sway people in one direction or another. This thread is just to get everyone to evaluate their own situation.

Not everyone's lifestyle has the same circumstances. Some people live in a house that they own, and others rent an apartment. Also there may be college students living in dorms or fraternity houses. So, you can easily understand that insurance coverage varies with each policy. You just need to inquire what your policy specifically covers and excludes as well as replacement values.

Currently I am not a home owner, yet I have a substantial investment in my collection to protect. All it would take is one fire to loose 13 years of collecting. And even if the fire didn't directly destroy my collection, there could be substantial smoke and water damage. Most home owners policy's do not cover seepage and water damage for contents.

One of the reasons that Collectibles Insurance Agency appealed to me, was the accidental breakage coverage. If your wife bumps your Seinfeld SUPERMAN while she is dusting and it shatters, that is covered. If she catches you in bed with her hot sister and throws the statue across the room at you, that is not covered.

[C. Bormann]

I'm bumping this thread again for the new members that haven't read it yet.

[F.O.O.M.]

Thanks C. Bormann. I've been trying to find a place to insure my collection for a while. The agent at the company that issued my homeowner's insurance said they didn't insure special collections because...and I quote..."your stuff may be valuable now, but in a couple of years no one will care about it." :mad:

I'd have told him to ---- off and changed ins co. just for the hell of it

[cma3]

if there was ever a thread that needed to be a sticky, its this one.

[Ghost of Scooterdoom]

Thanks for the info and the bump. ;)

[sheople]

THANK YOU FOR THIS THREAD! I WILL CALL MY STATE FARM INSURANCE OFFICE TOMORROW.

[C. Bormann]

Just bumping this thread for new members to view.

['Nuff]

Mark...:)

[glassdancer]

I live in Southern California...

earthquake country....

whaddya think...?