Insuring collections ?

[DeanCrandall]

I checked with my insurance company after hearing about another member being robbed. My current insurance policy, which is the best one the carrier has (since I also have an office attached to my home). The max coverage for all the hockey cards is $3,000. Now if I had individual cards over $500 market value (not beckett), I could individualize those and my premium would be adjusted to cover those.


My collection is no where close to the one missing but it does add up to the 15K-20K range and that's my purchase prices mostly ebay. So if anyone knows of other home insurance options please let me know.
Not that I could replace my collection, but some monetary amount more then 3K would only make sense.

[CoolHandLuke]

Well it will be very costly. I too have 3000$ by default and I ask my person that take care of my inssurance and she explained me it's very costly because it hard to prove that card you do have and if you sold them in the meanwhile you took the inssurance by the time you declare them stolen. For this reason it make no sense to really try to inssure them for more.I don't really remember but it was like 10 or 20% of the collection value thus not worth the investement. So if you want to insure 15,000$ and pay 1,500$ per year, after 10 years you double the cost of those cards.

What I now do is rent a safe at my bank and put the most valuable card and for 38$ I protect like 10,000$ this way. What is left is card worth less then 200$. For the rare time I might have a visit, then I just go to the bank and bring them home to show them.

I was told that with card condition, and how easy it is to make a sale on internet, it's would be way to easy to try to make money making false declaration and why it is so expensive.

[HOCKEY68]

I checked with my insurance company after hearing about another member being robbed. My current insurance policy, which is the best one the carrier has (since I also have an office attached to my home). The max coverage for all the hockey cards is $3,000. Now if I had individual cards over $500 market value (not beckett), I could individualize those and my premium would be adjusted to cover those.


My collection is no where close to the one missing but it does add up to the 15K-20K range and that's my purchase prices mostly ebay. So if anyone knows of other home insurance options please let me know.
Not that I could replace my collection, but some monetary amount more then 3K would only make sense.

What type of documentation do they require from you as proof?

[centrehice]

You basically have to take a photograph of every card you own if they ever get stolen and want cash replacement, is what it boils down to.

Insurance companies can get quite sticky with things like hobbies and collectibles. Unless they are declared as part of the dollar total of all items in the house, then you must have a separate policy for them alone, which again means taking photographs of every card.

Some us move hundreds of cards per month, I have no idea how that could be possible. All we would be doing is taking photos of cards.

[jlai624]

You basically have to take a photograph of every card you own if they ever get stolen and want cash replacement, is what it boils down to.

Insurance companies can get quite sticky with things like hobbies and collectibles. Unless they are declared as part of the dollar total of all items in the house, then you must have a separate policy for them alone, which again means taking photographs of every card.

Some us move hundreds of cards per month, I have no idea how that could be possible. All we would be doing is taking photos of cards.

I am in insurance and what centrehice said. With cards, the safest way is a picture of each card and if possible copies of receipts if purchased.

To keep things simple, any big $$$ cards, safety deposit box is best bet.

[mq13]

I bought a Gun Safe and keep my valuable cards in there next to the Shotgun, AK47, Glock, Machette, etc... All kidding aside I do have a gun safe abot 5 feet tall where I keep my valuables. It is well worth the cost and convience of looking at the collection when I want too. I keep it in the Garage.

[centrehice]

Yanks and gun safes. Lol...

[Gallinator]

I've always wondered about this outfit:

http://www.collectinsure.com/

[mq13]

Yanks and gun safes. Lol...

And I don't even own a gun.