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Originally Posted by the Jade Monkey
Hey Guys
With my collection easily surpassing the 5 figure mark, there's no way my current homeowners policy covers the loss of my statues. I have no idea how to go about insuring these things. Can someone please suggest a good company or option for collectible insurance?
Thanks.
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You need to get a contents policy through your insurance company, or through a separate company. You need to have an itemized list of all your collectibles and the value of those collectibles and most importantly, you need to have proof that you own a particular item. I scan all of my reciepts and store them on 2 hard drives. I keep both of them off site, so if there is a fire they won't be damaged. I keep one in a safety deposit box and the back up at my studio. I also take pictures of my really valuable items like my statues and my photography equipment. The more proof you have, the better.
Most homeonwers policies have set limits for things like jewelry, collectibles, precious metals, and other valuable items like fur jackets, etc. You would be lucky if your got more than $1,000 out of your homeowner policy for your statues.
Make sure you get a replacement cost policy and not actual cash value, if the option is made available. With actual cash value they will actually depreciate the value of most of your items on a yearly basis, whereas replacement cost means they have to give you whatever it would cost to actually replace the item at the time of the loss. The difference between these 2 can be significant!!
There are insurance companies that actually focus on collectibles. American Collectors Inusrance or Collectibles Insurance Services are perfect examples:
http://americancollectors.com/plans/...licy-features/
http://collectinsure.com
Just google "content policy collectibles" and you should see at least 4-5 different companies come up.
Lastly, don't just blind buy a policy with set limits. With contents policies, its key to set the coverage amounts based on what you own and how much coverage you want to have. You want a policy that is specifically tailored to your exact needs and the only way you can do that is to make an itemized list of all the items you want covered. That way you know exacty how much coverage you need or want.
