Insuring your collection

[Agent0028]

most places offer to reimburse what the piece costed you when you purchased it cause "technically" thats what you'd be out.

Replacement price of a piece thats increased in value over time would definitley be an issue though.

That's the thing that would concern me, if ten years from now my PF collection is destroyed in a hurricane it'll probably be really difficult to replace them, I would guess it could be difficult to replace them even if the insurance company paid market value...

 

[GSRJedi]

Q. What about new acquisitions?
A. New collectibles similar to the type(s) listed on your application are automatically covered by the policy you
get from Collectibles Insurance Agency. If you start a new collection just email, fax, write or call us to add the
new type collectible to your coverage. If you do not tell us about new types or themes for your collectibles they
cannot be insured. Your coverage can be changed at any time.
Also, collectors have an automatic 1% monthly increase in coverage (not compounded) unless the collector has
voided this option. This means that if you take out a $10,000 policy, each month after the inception month the
policy value increases by $100. Thus if you were to take out a $10,000 insurance policy in January and in July
of the same year incur a loss, your coverage in July is $10,600. When a renewal notice is sent to you for
renewal effective January of the next year, instead of $10,000 coverage the renewal bill will be for $11,200
coverage. You can call, fax, write or email us to change your coverage to a lower or higher value. This
automatic monthly increase is to protect you for new purchases and sometimes for increased value of existing
items. If the automatic monthly increase in coverage is not desired just contact us and void this provision.

Sounds to me like they cover for replacement cost and not the price you paid. Of course if something loses money (like a lot of the MR ROTS sabers), you'd be out, but you'd be out anyways.

 

[Agent0028]

So long as the stuff can be replaced it'd work pretty good, my collection is pretty small, so I don't know if it'd be worth it, but I might just take a look into as I get more stuff and when (if) what I have starts to go up in value. I suppose there could still be a problem with actually finding the stuff, but with patience I doubt it would be impossible.

 

[Darth Loki]

My insurance agent told me that the first thing they try to do is replace. I hope no valuable SN#'s ever get broken becuase those would be impossible to replace. Fortunately all my SN's are insignificant.

 

[Wake]

Has anyone made a claim? I'd love to have updates. I'm considering insuring my collection. I'm considering a move to California and I'm trying to make sure I'll be covered from earthquakes wiping out my collection.