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11-23-2010, 12:19 PM #1
Insuring your collection
Since there are a number of people on here with some seriously valuable cards in their PCs, I'm just wondering what you do as far as insurance. Do you have policies specifically for your collections? How do you document the possession of certain cards for insurance purposes?
Curious to see what people do.
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11-23-2010, 12:52 PM #2
I know I need to insure my collection as I have a lot of money in it. If it burns or it stolen then I'm out a great deal of money and really I'd be extremely upset over losing the cards but also the value of the cards since they aren't insured right now.
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11-23-2010, 01:06 PM #3
put the best cards in your home SAFE, safe dont burn
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11-23-2010, 01:09 PM #4
Do you have an insurance policy for them too, though, in case of theft?
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11-23-2010, 01:42 PM #5
No, but plastic melts. How much heat do you think those 1 touches and top loaders will take before they liquefy? Your average safe is only going to protect your collection from fire for about 30 minutes before the heat destroys it.
There are safes and media storage cabinets with fire ratings of 2-3 hours that are designed to protect media like CD's from melting, but they cost thousands of dollars.
Most homeowners policies have a section that covers a small dollar amount of collectibles from loss or damage. Normally about $5,000 worth of coverage. You can get additional coverage for collectibles through your insurance agent.
Like anything else you would need to insure, anything you can do to prove ownership will help in the event of loss. Pictures, purchase records, and appraisals of your collection are always a good thing to have.
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11-23-2010, 02:37 PM #6
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I've lived in 6 Provinces in Canada, met millions of people with my job, and I don't know one person living in Canada that has a "Home Safe".
Ideally Insurance companies are going to ask for proof that you actually owned the cards, should something happen to them. You must take photos of everything that you plan to keep and keep that SD card in a Safety Deposit box. You must catalogue and list every card by name, year, issue, etc. You have to be iron-clad. You may also have to take out a separate insurance rider for the cards. Some home owners or tenant insurance MAY pay for your cards under "Content" but make sure you check with your agent and are certain it will.Last edited by centrehice; 11-23-2010 at 02:41 PM.
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11-23-2010, 03:07 PM #7
Yeah i always wanted to ask if my home insurance policy would cover my card collection. But was always afraid that if I mentioned it if they would raise my premiums. hmmm...
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11-23-2010, 03:13 PM #8
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That's when you threaten to WALK..... Insurance companies are basically only one step above Organized Crime. In many cases I'd rather deal with the Mob.
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11-23-2010, 03:42 PM #9
I would specifically read your standard homeowners policy. I had my garage broken into and it caused me to read my policy. Many have specific exclusions for collectables and coins. There have been cases where insurance companies have argued, and won, that a vintage mint state silver dollar was US currency valued at a buck. I could see them saying "well, the pack it came in cost $5.95" I guess in my case of Ult mem, I may come out ahead if insured for what I paid.....
They call them intangibles and claim that the actual values are not well defined. They will make you add and extra policy for these. I probably will add it for my Detroit O6 set.
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11-23-2010, 04:18 PM #10
Thanks for all the advice guys - it's very much appreciated.
I'll get in touch with my insurance agent in the next couple of days, and I've also realized that I need to start getting organized with pics and lists.
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Originally Posted by max91ess 
