Collection Insurance

Generally speaking, it’s only worth it to insure individual items worth a lot of money (probably a grand, but perhaps even more). If you compare figures to jewelry, there’s a lot of jewelry in my home that I paid over a hundred dollars for, but the only item that appears on my HO policy is my wife’s engagement ring that appraised for over 10k. Otherwise, in the unlikely event of a total loss situation with a collection your insurance will take your estimated value and then probably knock it down and give you something for it.
 
I feel like this would fall under the purview of homeowners insurance, wouldn’t it?


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Misfit said:
Generally speaking, it’s only worth it to insure individual items worth a lot of money (probably a grand, but perhaps even more). If you compare figures to jewelry, there’s a lot of jewelry in my home that I paid over a hundred dollars for, but the only item that appears on my HO policy is my wife’s engagement ring that appraised for over 10k. Otherwise, in the unlikely event of a total loss situation with a collection your insurance will take your estimated value and then probably knock it down and give you something for it.
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I think the issue becomes what if you have a lot of things that are individually worth a couple hundred bucks and that collectively add up to a large amount like $50-$100K, which is probably the case for many long-time collectors.
 
I finished inventorying my first collection room and I'm already over 2,000 figures and it isn't even the biggest room so I'm definitely in that boat.
 
Yeah, when I lost my comics collection in the fire, it was brutal. The insurance company doesn't want to believe in their value and will fight you ever penny of the way. The adjuster basically built a case for a lump sum value, overvalued it anticipating the insurer would push back, and got somewhere around slightly distasteful to almost palatable.
 
Justice said:
I finished inventorying my first collection room and I'm already over 2,000 figures and it isn't even the biggest room so I'm definitely in that boat.
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Yeah, I can estimate the amount of money I've actually spent on items in the last two decades of collecting, but I actually think the value of the items if I tried to rebuy them on eBay would be significantly more.
 
gpmartin414 said:
I think the issue becomes what if you have a lot of things that are individually worth a couple hundred bucks and that collectively add up to a large amount like $50-$100K, which is probably the case for many long-time collectors.
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That’s basically the case with everything in a total loss situation. How much was lost in clothing? Silverware? Tools? Electronics? Etc. That’s why you get a rider for individual items and then go with something more subjective for everything else.
 
Misfit said:
That’s basically the case with everything in a total loss situation. How much was lost in clothing? Silverware? Tools? Electronics? Etc. That’s why you get a rider for individual items and then go with something more subjective for everything else.
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That's a good point.
 
docsilence said:
Yeah, when I lost my comics collection in the fire, it was brutal. The insurance company doesn't want to believe in their value and will fight you ever penny of the way. The adjuster basically built a case for a lump sum value, overvalued it anticipating the insurer would push back, and got somewhere around slightly distasteful to almost palatable.
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Any estimate as to what % of their total value you actually got reimbursed for?
 
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