Hi all,
Do any of you have your collections insured? If so, is it through your homeowner's policy, or some other type of insurance?
Thanks,
Dana
Im in Canada and have looked into it. I was told it would fall under homeowners insurance but I was also informed that a certified appraiser would have to establish a value of your collection.
I am told by my wife (an executive in an insurance brokerage) that purchasing a separate rider for a collection is extremely expensive and does require an appraisal. Therefore when my house flooded (the day Bettman cancelled the season on Feb 16th) I included my lost cards (several hundred dollars worth) under our contents insurance along with the furniture and other losses. I was not required to show anything more than the damaged cards and a Beckett to establish the value. That said, if I lost my entire collection, I am sure they may play hardball; although I do have the earlier claim as a precedent. The other thing to consider is that my collection now exceeds the upper limit of our policy and a loss would be assured.
We do valuations of collections for insurance purposes and it is my understanding that a separate rider is required once the collection is worth more than $1000.
My assurance in canada:
Assure with my house.
500$ max for each collection of coin or sport card.
1000$ for stamp
If I want go greater, I must give an evaluation by a pro and pay an extra.
I inquired on my insurance as well, and I'm covered to a max of $1000 for sports cards.
I'm going to be getting a valuation done for them as well as my game used memorabilia to purchase extra insurance. Just my McLean cards alone I've spent $4500 on them.
I talked to my broker in the US, and he has a client with a $250,000 collection he carts to sport shows. That he would recommend insuring under a separate policy. Short of that, he said I need not bother beyond the insurance I have on my house right now.
Would an appraiser look at the value according to Beckett? How else would they be able to "accurately" provide a value for the insurance coverage?
Thanks, everybody. I've asked our insurance agent several times about this, and he told me a few years ago that I wouldn't need any extra coverage. But my collection has increased in value quite a lot since then.
(08-17-2014, 05:26 PM)shierydana Wrote: [ -> ]Would an appraiser look at the value according to Beckett? How else would they be able to "accurately" provide a value for the insurance coverage?
The way Collectibles Insurance Services works (as it was explained to me), is that you can only claim a total loss - so, to a certain degree an appraisal isn't necessary. I have my collection insured for $X, and I have an inventory of that collection along with as many sales records (paypal, invoices, etc) as I could retroactively collect, and when you couple that with a third party site such as worthpoint.com or Beckett, or eBay - that's just as good, if not better than a third-party "appraiser". Seriously, any card appraiser would go to worthpoint, ebay, and beckett anyway, so what's the difference?