Insuring your collection

[MahtimusPrime09]

Hey Cybertronians!

Not sure if this has been discussed in a thread before but I was curious to know more information about insuring one’s collection.

To those who have big collections, do you guys have a sort of insurance for them? Does such a type of insurance exist for collectors?

If so, I’d like to know how it works, what kinds of options are available and how pricing would work.

Thanks in advance.
MP-09

[python]

If generic property the rates are fairly good and can be included in your normal household insurance. For example:

$50,000 of collectable action figures/personal property - to be replaced by you at your discretion in the case of fire/flood etc. Agent just needs to see the collection as part of the walkthrough and may ask for updated images on renewal.

If specific - it gets expensive and they require a detailed inventory of the items and images if your claiming a certain grade and amounts they may feel is unusual. (1st Ed Gig Optimus Prime MISB 9.5 as example) They also require a spreadsheet to be kept for items added (and cost) and deleted overtime and that may need to be sent every year to update for renewal.

I went with the generic. Too much hastle for me to jump though hoops and I'm fine with just getting some key things replaced in a worst case scenario. If I had a graded collection though - I'd be doing the latter.

[Robimus]

Mine isn’t specific to collectibles, but I have $30k total if stolen/lost in fire/ flood, so on in renters insurance.

I don’t think my collection is north of even $20k, though I‘ve never pieced it out for value.

[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.

[canprime]

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.

[Collectingtoys]

Yes, agreed. Well said.

Originally Posted by canprime

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.