Insurance for your collection?

[porsche544]

Hi forum members,
I've been collecting for almost seven years and have a collection worth $15-$20k. Should I be looking to insure these items? Has anyone have good or bad experiences with insuring their collection? What's the best and most reliable company out there in the northeast? Any help is appreciated.

Thanks
Gerald

[geoff]

That is a very good question.Something i would not mind knowing myself

[mwbosoxfan]

I visited with my local insurance agent with whom I carry my homeowner's and car insurance. He indicated to me that special items, such as jewelery and collectibles with some value can and should be listed separately on a schedule in addition to the blanket amount covering the normal contents of your home. Most homeowner's policies do not have a problem with this. He suggested that the more extensive the information provided on the schedule, the easier it would be to insure, and more importantly, receive settlement in the unfortunate event of a loss. He indicated that provence of value is very important. Original invoices, published price guides, or letters from reputable dealers are necessary in order to properly insure collectibles with extreme values. Obviously, multiple sources to corroborate the value of rare items would be beneficial.

[Eric]

That is also the case with my collectibles insurance.

I am with Chubb, and every few months I send them an updated Excel sheet listing the items in my collection and any additions/deletions.

On that list I provide details on the item- player name, year, item, amount paid, where i got it and any provenance.

I like the fact that they have the items insured with each item specifically listed in the statement.
Eric

[jonincleve]

i use a personal articles policy through state fram insurance. i have an excel spreadsheet that i update yearly for cards and twice a year on memorabilia. on high dollar items i keep detailed photos plus i keep receipts on who and where i buy it. i actually put this information on a cd and store it at my sisters house and the insurance agent gets a copy. for memorabilia i look for items that sell at auctions and ebay that are close to mine. example a 1984 buddy bell jersey sold on ebay for $800 or so dollars a couple of days ago. i have an 82 and a 83 buddy bell jersey from his ranger days so i make sure i am in that ballpark for insurance purposes and i have some information to back it up with my insurance agent. as long as i have proof on cost and value i am good. i had to use my insurance policy about 10+ years ago. i had some of my sets stored in standard cardboard boxes. i did know it but we had a small water leak that dripped on the backside of the boxes and the water soaked it's way through the cardboard from back to front. i lost a topps set run from 1967 to 1980. once i made the claim and they came out to look at wet nolan ryan and tom seaver cards, they charged me the deductible minus what i was able to sell the 'wet' sets for and paid me the difference. just my information on the subject.

take care and good luck
john

[byergo]

State Farm sucks. I know, I used to work for them. You are without question not getting a market competitive rate with them on ANYTHING.

Time to shop around...

[gatorcollector]

Just wondering what you all think about insuring your collections? Do you just stick with your regular homeowner's insurance? Has anyone purchased extra insurance specifically for your memorabilia?

[GrndSlm]

I have been trying to insure my game used memorabilia for years. But, since I live in South Florida, the yearly Hurricane scares have made most insurance companies shy away from collectibles. I have the items appraised and still the companies are unwilling to insure me. Does anyone know of a company that understands the collectibles market? Just for the record, South Florida has anohter system threatening us with Hurricane Ernesto !!

[GrndSlm]

Oops, I forgot to place my email address.

Juan Iglesias
GrndSlm@aol.com

[webb17]

whats up juan its jeff kranz. r u still with livan. i live in arizona now.. try lloyds of london www.webbsite17.com
jeff

[kswarriors]

Try this company, which specializes in insuring collectibles. I can't vouch for them personally one way or the other, but it's worth a shot. Good luck.

http://www.collectinsure.com/

[GrndSlm]

Jeff, I will be in AZ next month....Lets have dinner !! I am still representing Livan and many other ML players...

Guys, thanks for help with the insurance. I have tropical storm ERNESTO coming my way..

See you guys,
Juan Iglesias

[allstarsplus]

Juan - First of all, good luck with the storm. For insurance, see if you can include it as part of your business insurance policy as sports memorabilia may qualify as an off-shoot of your sports agency business.

Andrew

PS - Your Soriano bat is on its way to you!

[webb17]

Jeff, I will be in AZ next month....Lets have dinner !! I am still representing Livan and many other ML players...

Guys, thanks for help with the insurance. I have tropical storm ERNESTO coming my way..

See you guys,
Juan Iglesias

call me 602-628-1418

[gatorcollector]

I'd like to hear from other forum members about how your collections are insured. Does anybody carry any insurance specifically for your collectibles or do you just let your regular homeowners policy cover it? Thanks in advance.

[rjdgonebats]

I use Collectibles Insurancy Agency in Maryland. They are not cheap but you dont need to list every item you own unless its over $5,000.Thank God I havnt had to file a claim so I cant say how good they are in settling a claim. Hope this helps.

[worldchamps]

This has been discussed on here before....someone recommended Chubb Insurance....I did a internet search, and got some for a "dealer/broker" that carries that.

I was impressed with pricing, not as expensive as I thought.....@$30 a month. Did not have to do an itemized list either.

[hblakewolf]

$30. a month? I'd read the policy extremely carefully. If an item is lost/stolen, how are you paid and based on what criteria?

I ask because I'm aware of policies that pay you for a "worn jersey". According to one broker I spoke with, this is so broad that if your game worn Lebron James jersey was stolen, the insurance company could offer you a Foot Locker retail version worn by some kid and offered on Ebay as a replacement. Don't laugh-the policy is poorly written.

You need to make sure it's REPLACEMENT VALUE for a genuine GAME WORN JERSEY and there are no loop holes.

Good luck,
Howard Wolf
hblakewolf@patmedia.net

[CollectGU]

To all,

Chubb offers replacement value on their items. Also, the rate for collectibles with Chubb is aproximately .50 per $100 of coverage so a $50,000 collection will cost approx. $250 annually to insure. Chubb also offers the option to blanket the coverage as opposed to itemizing for those that move items in and out of their collection, and can't be bothered notifying the insurance company. I belive that when you ask for blanket coverage, the most that is paid on a single item is $5,000 so if you have items of more than $5,000 it's best to itemize them. You can add the coverage as a floater to your homeowners policy.

http://www.chubb.com/personal/collectors.jsp

Regards,

Dave

[RobSteinmetz]

I use Collectors Insurance Agency for my personal collection and for my dealer inventory. They are very expensive, but they specialize in this area...which makes me feel more comfortable with them. I have heard that some homeowners policies DO NOT cover theft. Given the nature of this stuff and the fact that most people recognize it's value, I would make darn sure your policy covers theft.

[kneerat]

Hey guys,
If any of you who are thinking about insuring your sports memorabilia collection would like to talk to me for an article I am writing, please email me your phone number and the best time to call you.
I would appreciate your help.
Thanks,
chris

chris.nerat@fwpubs.com

[HENMICK44]

I Just Got New Home Owners Insurance Through State Farm.the State Farm Agent Asked Me If I Had Any Collectibles Like Stamp Collection, Etc. I Told Her That I Had Baseball Cards,and Gamers.long Story Short I Was Able To Add My Collection Into My Home Owners Insurance And Insuring My Collection For Ten Thousand Dollars(even Though Its Worth Alot More). She Told Me If I Wanted To Insure It For A Higher Amount I Would Have To Itemize My Whole Collection Which Would Take For Ever.so Insurance Companies Do Have This Option.hope I Helped.

[justinwc80]

Now that my sports card, autographs, and game used items has grown I want to look into getting a policy for them. My insurance company USAA says they don't offer policies for sports collections (however they do stamps, guns, jewelry etc). Does anyone have a company they like, or suggestions? Thanks

[mvandor]

Ask your home insurer about adding your collection to your policy, or an articles policy.

[xpress34]

I'm actually working with my agent right now to do exactly that - Insure my collection.

I live in Colorado and different states have different Insurance rules, so check with you agent...

What I have to do is purchase a seperate policy with a declarations rider and the cost will depend on the Estimated Value of my Collection. Because I have been Incorporated in my State as a Memorabilia Company and with letters of recommendation from local shop owners and such, AmFam will accept my appraisals on my stuff - I don't have to go and pay someone to appraise it.

You can also use the Internet to verify your appraisals and such.

That said, I have been working for a while on an extensive Excel Spreadsheet with each item (Jersey, Bat, Hat, Card, etc) listed along with descriptions and identifiers and with PHOTOS imbeded in the spreadsheeet.

I have a great Homeowner's Policy and an Umbrella Policy, but in the Great State of Colorado, Collectibles have to be covered seperately.

All the best -

Chris

[mvandor]

Ask your home insurer about adding your collection to your policy, or an articles policy.

Sorry, I rushed through your post. My insurer is State Farm via a separate Articles Policy, however, my home insurance is with them, not sure they'd cut just an Articles Policy.

[corsairs22]

My collection is insured by CIA. Since I have never made a claim, I'm not sure how to rate their service, especially I am not a dealer but am but a collector. I would be interested to learn if anyone has any experience with them.

http://www.collectinsure.com/

[justinwc80]

Wanted to bring this back and see if anyone else has had any experience with different companies.

[WadeInBmore]

My collection is insured by CIA (collectibles insurance agency) as well. They are a pleasure to deal with and their price IMO is right...i believe its something like 220 for a they year for a $45000 policy or in that neighborhood. The people are really friendly and this is probably the easiest insurance policy I've ever obtained in my life (process that is). They cover theft, damage, etc. Highly recommend them.

HOWEVER, I've never had to file a claim (knock knock knock) so I guess I am only speaking on oneside of their service. I supplied them with a spread sheet of all my items in the house; that came recommended over time but was not needed immediately.

They understand collectibles and their values. Check em out

http://www.collectinsure.com/

wade

[jayt1234]

You can get a quote for a valuable articles policy without any underlying coverage. Will be most likely the most expensive option (if they will write sports collections) but most home insurance policies limit scheduled items to jewelry, guns, silver, golf equipment, stamps, cameras, musical instruments and art work. If not Quaker Special Risk is also an option as they are a surplus lines company that will insure homes and risks standard carriers will not touch.

Jay

[Jags Fan Dan]

To clarify, I am an insurance adjuster and have been for over 8 years, I know just about every homeowners policy that is written pretty well. I also know that reading an insurance policy probably seems like reading a foreign language for most people. Here is what you guys need to do before you go throwing money at some special coverage for your collection. This is going to be long, so all apologies in advance.

1. Look at the coverage you have. It may very well be sufficient. Here is how you do this: First, ballpark the value of your collection based on what documentation of value you think you could provide if it were gone. Ballpark the value of the rest of the stuff in your house (furniture, clothing, electronics, etc.). Is your Personal Property limit high enough to cover it all? If so, you may be fine, but keep reading. If not, you may need to increase your Personal property limits, or it may be a moot point. Read on.

2. Look at your policy. Yuck. It sucks to try to read it. But here is what you need to look for: Find the section titled "Special Limits On Certain Personal Property" or something similar. Read it. It is not in Greek. There may or may not be a limitation on sports memorabilia. I am insured through Farmers (I do not work for Farmers) and in their "NEXT GENERATION HOMEOWNERS POLICY" I can tell you, as a claims adjuster, there is no limit on sports memorabilia, only on "Cards and comic books". So if you have valuable sportscards you will likely need to purchase additional coverage. But there is no limit on my bats, jerseys, etc.

3. Next, find the section of your policy titled "Property Not Covered" or "Types of Property Not Insured". It should be just before or after the last section you looked at regarding special limits. You will likely not find anything about sports memorabilia in there. Remember, if it is not listed in either of these two sections, the property is not excluded or limited in any way under the policy.

4. What do you need to insure your collection against? If it is flood or earthquake, you likely will need to purchase additional coverage as nearly all homeowners policies exclude these two things. Flood means a real flood (lake overflowing, river or stream overflowing), not a pipe burst or water heater blowing up, those are almost always covered losses. Sump overflows are typically excluded and they are not a "flood", so if your stuff is on the floor of a basement, you may need to purchase additional coverage.

Remember, in insurance policies, ambiguities or omissions are sided with the policy holder. If the policy does not say your items are limited or not covered, you're good. And most of the time, your PE limit is going to be ridiculously high so you may not need to increase it.

If any of this is unclear or you have questions, fire away. I will help all I can.

[cjclong]

If you insure your collection I would suggest you photograph or video all the items. Also good to make copies of any paper work you have that shows value. Then put pictures or video and any paper work in a place that is safe so if there is a fire or some other damage it won't be destroyed. A safety deposit box is a good place if you have one. That way if you need to make a claim you will have proof of collection and value if the insurance company contests the value.

[karamaxjoe]

To clarify, I am an insurance adjuster and have been for over 8 years, I know just about every homeowners policy that is written pretty well. I also know that reading an insurance policy probably seems like reading a foreign language for most people. Here is what you guys need to do before you go throwing money at some special coverage for your collection. This is going to be long, so all apologies in advance.

1. Look at the coverage you have. It may very well be sufficient. Here is how you do this: First, ballpark the value of your collection based on what documentation of value you think you could provide if it were gone. Ballpark the value of the rest of the stuff in your house (furniture, clothing, electronics, etc.). Is your Personal Property limit high enough to cover it all? If so, you may be fine, but keep reading. If not, you may need to increase your Personal property limits, or it may be a moot point. Read on.

2. Look at your policy. Yuck. It sucks to try to read it. But here is what you need to look for: Find the section titled "Special Limits On Certain Personal Property" or something similar. Read it. It is not in Greek. There may or may not be a limitation on sports memorabilia. I am insured through Farmers (I do not work for Farmers) and in their "NEXT GENERATION HOMEOWNERS POLICY" I can tell you, as a claims adjuster, there is no limit on sports memorabilia, only on "Cards and comic books". So if you have valuable sportscards you will likely need to purchase additional coverage. But there is no limit on my bats, jerseys, etc.

3. Next, find the section of your policy titled "Property Not Covered" or "Types of Property Not Insured". It should be just before or after the last section you looked at regarding special limits. You will likely not find anything about sports memorabilia in there. Remember, if it is not listed in either of these two sections, the property is not excluded or limited in any way under the policy.

4. What do you need to insure your collection against? If it is flood or earthquake, you likely will need to purchase additional coverage as nearly all homeowners policies exclude these two things. Flood means a real flood (lake overflowing, river or stream overflowing), not a pipe burst or water heater blowing up, those are almost always covered losses. Sump overflows are typically excluded and they are not a "flood", so if your stuff is on the floor of a basement, you may need to purchase additional coverage.

Remember, in insurance policies, ambiguities or omissions are sided with the policy holder. If the policy does not say your items are limited or not covered, you're good. And most of the time, your PE limit is going to be ridiculously high so you may not need to increase it.

If any of this is unclear or you have questions, fire away. I will help all I can.

I have the exact same Farmers policy. I can't wait to read it tonight. Thanks Dan!

[justinwc80]

This is whats great about the forum, all the various backgrounds and expertise, thanks guys!

[Jags Fan Dan]

If you insure your collection I would suggest you photograph or video all the items. Also good to make copies of any paper work you have that shows value. Then put pictures or video and any paper work in a place that is safe so if there is a fire or some other damage it won't be destroyed. A safety deposit box is a good place if you have one. That way if you need to make a claim you will have proof of collection and value if the insurance company contests the value.

This is a great point that I left off. If by some chance you should have a claim, documentation of what you had is key. Adjusters certainly understand if your house burns down, you may not have paperwork. But photos uploaded to a photo sharing site like Snapfish or any of the others could sure come in handy in that event.

[nogloss]

Do make sure you compare before you add to your homeowners. The quote I received from my homeowners was 3 to 4 times higher than by taking out a policy through CIS. As stated earlier, I can not vouch for how they might handle a claim (Knock on wood).

[stdrwt11]

Anyone have insurance on their items or is it covered in your house insurance? I do not own too many GU items but I have seen some people who own thousands of dollars worth of stuff. I do however collect autos and was wondering if collectors get items insured? I am thinking about do so for my items just in case. Thanks.

[CampWest]

check this thread

http://www.gameuseduniverse.com/vb_forum/showthread.php?t=25020&highlight=insurance

[anatfan09]

American National Property & Casualty is a best kept insurance secret. I know if you go claim free with them they will refund 25% of your annual auto + home premiums. ANPAC.COM
Also there were some good suggestions in the other thread about insurance but the only way to guarantee your company is going to pay out the full value of your high end items would be to have them listed under "scheduled personal property", the same place you would put your wife's wedding ring. For example the policy would list "game used Ichiro bat $13,000", "game used Cal Ripken Jr. jersey $4,000".. etc etc.
This way you & the company have agreed to insure the item for that value, they would typically request a appraisal or research the value of comparable items. You would also complete the scheduled personal property form & sign off on the value of each item & the total amount you are going to schedule.
Then there will be no second guessing in the event of a claim.

[xpress34]

I have a very good insurance agent and my Insurance is with American Family. Talking with my agent, I can do a 'scheduled' policy where I list every item individually and pay accordingly which also means I have to update every time I sell or add.

The other option is to buy a blanket policy and keep a schedule of values... then, if I get robbed, we use the schedule up to the blanket policy limit OR if I had a fire and lost everything, it pays the blanket policy in it's entirety.

I have been working for about 2 months on photographing, logging and scheduling every item - cards, bats, jerseys, etc, comic books, artwork, wife's jewelery, auto'd CDs, etc so I can come up with a number for a blanket policy.

The other advantage of a blanket policy, is you can add and remove items from your collection without constant updates unless the value of your collection goes over your blanket limit. If it is under the limit and you had a fire and lost it all, you still get paid the blanket in full.

Hope this helps.

All the best -

Chris

P.S. - also per AmFam rules, since I have been a 'dealer' of sorts (shows, eBay, etc) for over 5 years, I don't need special 'appraisals' for my items. They will accept the values I place on my items.

[jgoldstein2000]

I live in a rental in NYC so I don't have homeowners insurance (does home owners cover memorabilia?). My renters insurance wouldn't cover my memorabilia because they couldn't determine a value for all of my stuff.

How do you guys insure your collection (if you do)?

[Klattsy]

In Australia, when a category of belongings it is worth over a certain amount ($2k I think), we have to nominate the category (i.e. "memorabilia" or "cds" ect) and then make an assumption on how much it is worth. This will then affect our premium. It is all part of the household insurance (covers actual house and contents). We are supposed to have photographic evidence/receipts to back everything up.

How they go about determining the cost of replacing afterwards is what I want to know, how can you put a price on items that may only be 1 offs?

Mark.

[Jags Fan Dan]

Check out this thread. Also, please know, if the property is not specifically excluded or limited in the policy, it is covered.

http://www.gameuseduniverse.com/vb_forum/showthread.php?t=25020&highlight=insurance

[joelsabi]

Anyone have experience using this company and can recommend it?

http://www.collectinsure.com/index.html

[stitzerfse]

I work in insurance and would just caution everyone on using collectinsure.com. Reason 1- they're an agency/broker and aren't actually the one's writing the policy. Reason 2- they allow you to purchase a policy right off of the web site which means a) they're shopping carriers after the fact to get the cheapest policy and the extra dough is theirs; b) you have no choice as to which insurance carrier is going to cover you and policy terms/coverage options are not all created equal.

Insurance is much like a COA in the autographed/GU world. It's really only as good as the company backing it up. With what some of us have invested in our collections, I recommend taking the time to know that the insurance provider backing your policy is financially sound, carries favorable policy terms, and will be there for the long haul. If not, all you bought is an expensive piece of paper.

From personal experience, I highly recommend finding an agent that offers Chubb.

Doug

[justinwc80]

Doug,
What is Chubb, collectinsure is the only collection company i've seen, does anyone use another company? I have USAA and they don't have a collectibles policy, but they cover coins and I think stamps so I'm not sure what the difference is.

[stitzerfse]

Again, collectinsure is NOT an insurance company. They are a broker that finds an insurance company to write a policy for the coverage you're requesting. They are holding zero risk here. Collectinsure is playing to the niche crowd needing memorabilia insurance as they know how difficult it is to find. They may very well have sound insurance providers underwriting the policies, but its a red flag to not advertise who or give clients the option to select from choices (back to not all companies being created equal).

Chubb is a very large insurance company here in the US and can be reviewed at www.chubb.com . They're one of the largest 400 companies in the US and hold the highest insurance ratings. With such a huge capital base, they can afford to take on all types of risks at competitive prices.

On Chubb's web site if you to to Personal and then Products you'll see that they have an option for valuable articles. Sports memorabilia is included with this. Find an agent close to you and you're off and running.

Sorry for the long winded response, but hopefully this info is helpful. Whether you go with Chubb or one of their competitors, its important to know who exactly you're paying to protect your investment.

Doug

[jgoldstein2000]

Thanks Doug!

[bradleysupplies]

Again, collectinsure is NOT an insurance company. They are a broker that finds an insurance company to write a policy for the coverage you're requesting. They are holding zero risk here. Collectinsure is playing to the niche crowd needing memorabilia insurance as they know how difficult it is to find. They may very well have sound insurance providers underwriting the policies, but its a red flag to not advertise who or give clients the option to select from choices (back to not all companies being created equal).

Doug

Doug -

I have been a customer of the Collectible Insurance Agency for about 10 years now. Thankfully I have never had to file a claim, so I cannot speak to how good I am really covered, but I did a lot of research on them back before purchasing my policy. They had a perfect rating with the BBB and many positive reviews and referrals.

At that time, they did advertise that their policy was through Hartford, and it was for many years. I believe about 3 years ago, they changed their master policy, and now they go through Lloyds of London. I don't think this is any secret, as I got a letter when I renewed specifically stating reasons why they made the switch.

Joel

[justinwc80]

Wanted to revive this thread and see if anyone has made a claim with collectinsure, also how do they value your collection, do you submit your values yourself? Any other reputable companies anyone uses?

[gnishiyama]

Funny how this topic happen to come up again today.
My wife spoke with collectinsure yesterday and they told us
they were backed by United National which is a very reputable company.

I too am seriously considering insuring my collection and business
inventory but my quote was quite costly but then again I have
not inquired elsewhere. I have been looking for a company that
specializes in this stuff because as someone mentioned I don't
need to get into it with an adjuster over the difference between
a game used jersey and an authentic retail jersey where pricing
is very subjective. God forbid something happens I would just be
looking for a full refund of my purchase price backed by insurance
rather than a replacement cost.

Any input would be appreciated as well.

Goh

[paul457]

Reviving an old thread...

I see a lot of talk about which insurance agency to use, but I work for and have insurance through my company. Any collectibles have to be scheduled with an appraisal.

Does any have a recommendation on shops / dealers who can give an appraisal on GU / GI / autographed items without having to send stuff to them?

Seems like a lot of hassle to get insurance, but my company will not take pictures and a reciept for coverage. :confused:

[vonbrandingo]

Reviving an old thread...

I see a lot of talk about which insurance agency to use, but I work for and have insurance through my company. Any collectibles have to be scheduled with an appraisal.

Does any have a recommendation on shops / dealers who can give an appraisal on GU / GI / autographed items without having to send stuff to them?

Seems like a lot of hassle to get insurance, but my company will not take pictures and a reciept for coverage. :confused:

Check with John Taube of JT Sports (info @ gameusedbats.com). He is definately knowledgeable enough to appraise bats and would likely know others who can fairly appraise items outside of his expertise.