How to appraise the value/worth of your collection???

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Mesa

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I know this has been brought up before, but I have a unique situation. I recently had to talk to my insurance company about my home policy, so decided to ask them how difficult it would be to set up a "rider" policy to cover my collection.

Lady on the phone asked what it was I wanted to insure, I told her high-end collectibles. She said I would just need to get them appraised and then provide that detail to the insurance company and they would setup the rider policy, and for ~$30,000 worth of coverage (including breakage) would only cost $80 a year added to my home policy.

So I asked her if I could just provide some proof as to their worth from an average of the past few months of ebay sales on each piece. She said that would NOT be acceptable because Ebay sales do NOT represent the items true value and I would need to get them appraised by a professional. I told her these are unique items and I had no idea where to find such a qualified individual. She then asked specifically what they were, and I told her they were limited edition statues based on comic characters. I don't know if she gave up right there, but recommended I take them into a comic shop to get them appraised. I thought this a little silly, seeing as how a comic shop's appraisal would be more accurate than what they are able to sell for on Ebay. I won't be taking each piece (probably over 100) into my LCS.

Anyone have any idea on how to get your collection appraised?
 
Research on board like this one, ebay, and a dash of intuition.

I know what the going rate is via research and Ebay sales, but my insurance company is basically telling me they will only accept a certified appraisors estimation of worth. Do official SSC appraisers even exist?

I may have to call back and try another insurance agent, this lady was a little ^^^^^y and uncooperative.
 
I think someone around here has posted about companies that specifically insure collectibles.
 
There are companies that do only collectible insurance. I chatted with one of them and he said just write down the value of each item. He was pretty cavalier about the whole thing. The cost wasn't much more than the rider you're talking about. Of course I don't know how easy it would be to get paid if anything happened.
 
My State Farm agent suggested I keep receipts/invoices and photographic proof of the product in my home. So take pics of yourself and your Marvel PF's! :rock
 
I have renter's insurance, and when I talked with the agent (State Farm), she told me to figure out what it would cost to replace the contents of my apartment if it were to register as a total loss.
 
So to necropost here, but it was better than starting a new thread.

I'm in a similar situation as Mesa, so what was the outcome? I have Allstate and they want me to get the pieces appraised??? I don't have anyone in the area with that kind of expertise, so where do I go from here? (Plus, the fact that I don't feel that it's practical to lug all of these pieces around to the nearest comic book store, etc.)
 
I had the same thing happen to me, so I just got insured for up to $50 grand. That should be enough to cover everything if a fire or something else happened.
 
I had the same thing happen to me, so I just got insured for up to $50 grand. That should be enough to cover everything if a fire or something else happened.

But how does it work if only one piece gets damaged/stolen/etc.? How does the company assess the value of the piece? Your word, recent Ebay sales, etc.??? I'm just skeptical if that would work.
 
Hey Chapter I don't know if they would except toytracker.net some of there ideas for value is a ways off but some seem to be pretty spot on. Hope that helps.
 
But how does it work if only one piece gets damaged/stolen/etc.? How does the company assess the value of the piece? Your word, recent Ebay sales, etc.??? I'm just skeptical if that would work.

Why would someone break in and just take one piece? Just wondering...
 
Why would someone break in and just take one piece? Just wondering...

:lol I'm just giving a hypothetical example. I mean when you own a collectible like the Hulk PF, it's going to take up quite a bit a room.

Even if they took 1,000,000 pieces, what is the insurance company going to base their replacement value on?
 
Hey Chapter I don't know if they would except toytracker.net some of there ideas for value is a ways off but some seem to be pretty spot on. Hope that helps.

That's a good idea. I never thought of that and will keep that in mind. Thanks. :rock
 
No problem man. Thanks for trying to help out with that Juggernaut which I was planing on bidding on but when I wasn't looking the seller turned it into a bin auction :banghead oh well the hunt continues.
 
No problem man. Thanks for trying to help out with that Juggernaut which I was planing on bidding on but when I wasn't looking the seller turned it into a bin auction :banghead oh well the hunt continues.

No problem. Was the BIN at a decent price that you would have bought it or was it over-priced?
 
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