Quote:
Originally Posted by Collectingtoys
As mentioned by python, the key is having images and documentation.
Ideally the images show your collection inside the home. Be upfront and explicit with your insurance broker, document that meeting or conversation too. The graded products definitely need to be listed.
Most policies, tenant and home insurance will cover $50K as standard for general stuff.
We never think bad things will happen, but it could happen, so get it insured if you think the collection is valuable.
Good topic.
|
Also be honest with yourself.
You (the general you, not you specifically collectingtoys) need to assess your collection from an objective point of view.
If you have a lot of high value items (graded, MISB, exclusives) that can objectively be valued at a high price then specific collectibles insurance might be worth looking into.
However most of us don't have that kind of collection in toys. So it isn't worth the extra cost outside of standard home/tenant insurance.
Also be wary of any claim against your collection should the worst happen. Current secondary market prices may not be used for setting insurance payouts.
Say you have a Haslab Unicron. The original price was around $900Cdn, but current prices are closer to $2000Cdn. Depending on your policy, and even your adjuster, you may only qualify for a payout based on the original price. So in that sense a separate policy for collectibles may be worthwhile if you have enough high value items to protect your current collection value. Though the added monthly/yearly cost may not be worth it in the long run.
Either way if something happens to your collection that would eliminate most of it, I don't know that most of us would be that focused on that versus the damage to your home, and where you'll live in the future.
