Insurance question and possible head's up for collectors.

[Something Sexy]

So how would that work with an ever changing collection? Do they need to know exactly what each individual figure is worth (regarless of whether its current value or MISB) and when you either remove or add to the collection you have to tell them and they adjust the policy? Or is it for the whole group of items?

Just seems like something really easy to pull something phoney off. Tired of an item, don't want to deal with the hassell of selling it, so you accidently knock it off the shelf. Oops.

Wonder how they protect themselves from that stuff?

No different then someone who "loses" there wedding ring. I am sure they assume some of the risk and write it off but if you had multiple claims of the same thing over and over again they might get suspicious.

I give them an updated list about every 6 months, or sooner if I buy a lot in a few months span. I give them the full name and what it is and what I paid for it.

 

[jye318]

That is really ____ up ! Please let us know what statue and
# so we can look for u , maybe eBay will show up or craiglist.
Btw do you have alarm for your house? I will pay that since is not save now.

 

[Ryanfromindiana]

I still have to chat with the adjuster sometime in the next 24 hours. After talking to the agent though it looks like I am out a $500 deductible and the collectibles are only worth their original price. This is through State Farm. The items were taken from an indoor climate controlled storage unit. I do have the numbers, but these have been gone for awhile apparently. I didn't check in on the unit all the time, I went there to try to find something for someone and was surprised to find my key did not work. I thought it was my mistake and was going to ask for help cutting the lock off, and that's when the storage management confessed there had been an issue. I'm not sure why everyone was not contacted at that point of the issue, but I'm going to stop there assuming there is a chance I have some form of legal recourse through the operators of the facility. I'm going to look into the coverage Ironlung has.....determining the value even on its own policy seemed about as clear as mud to me after talking to the agent. I'll update again as it progresses.

 

[IronLungs31]

With the collectible insurance you have no deductible and you get the true to date value of your collectible. Learned long time ago to not try and use your home owner insurance to cover your collectibles. They also cover your custom made items in your collection, if you have something of that nature in your collection. Like I've said before this is the best collectible insurance place and pretty fair in pricing. I have $30,000 in coverage for $173 a year. Can't beat that peace of mind with a base ball bat.

Read the policy and you'll see that they cover your collection virtually is cover in all areas that the human mind can think of.

 

[pixletwin]

So tell me if this is right (I know almost nothing about insurance): To get any sort of recoup you have to have a collection that at a value greater than $1000. So say your collection was valued at $1006, adding your $500 deductible, that would mean you only get $506 back (or essentially $6.00 for your entire collection). Is that right?

 

[Ryanfromindiana]

Well it was covered under homeowners which my homeowners has a $500 deductible, so whatever happens I cover the first $500. So if it was a tree smashed my roof I'd have to pay the first $500.00. So yeah say I hypothetically lost a Hulk pf and Cap Exclusive PF. I would get $349(guessing) for each minus $500 deductible. Pretty sweet deal yes?

So tell me if this is right (I know almost nothing about insurance): To get any sort of recoup you have to have a collection that at a value greater than $1000. So say your collection was valued at $1006, adding your $500 deductible, that would mean you only get $506 back (or essentially $6.00 for your entire collection). Is that right?

 

[sparkstron73]

Sorry to hear your bad news, thieves are scum and need their hands chopping off, or other important parts.
I don't know much about insurance but I know they don't like to pay out and never give a good price.
I would invest in some better security, or a big ass dog.

Don't want to worry you but the theives might be back so I'd go for better protection/security for piece of mind.
Best of luck

 

[BuffyGirl]

You might want to look into something like this. Companies that specialize in insuring collectibles.

https://www.collectinsure.com/

We just recently contacted them and got approved. It is too big of a risk to take to not have them properly insured.

 

[diecast]

Well it was covered under homeowners which my homeowners has a $500 deductible, so whatever happens I cover the first $500. So if it was a tree smashed my roof I'd have to pay the first $500.00. So yeah say I hypothetically lost a Hulk pf and Cap Exclusive PF. I would get $349(guessing) for each minus $500 deductible. Pretty sweet deal yes?

i wouldnt be so sure. i lost my comic books in a fire recently, and my homeowners only cover up to 1000 bucks in what they considered "collectibles"

even though i doubt i had a book worth much, the sheer quantities i had, i probably had close to 4 or 5 grand worth of books. but for whatever reason, they classify them as collectibles regardless. so if you lost one hulk statue, youd be fine. if you lost 3 or 4.......watch out.