Collection Appraisals - any advice

1420sports

I do not have a huge collection but I am looking to insure my cards under my homeowners insurance. Has anyone done this or has anyone dealt with a sports card appraiser? All advice is most welcome ...

Thanks fellas

BillBob

I know Andy Madec provides this service but he is local to me. Perhaps there is a reputable PSA dealer in your area that can do the same. Or perhaps PSA can give you a name in your area. I am about 30 miles north west of Los Angeles. Hope this helps.

CDC4

I know Marc Perna of Vintage Sports Investments will do appraisals
he is located in New Jersey

BBCI

I am both a dealer and collector and spent quite a bit of time researching "collectibles" insurance agencies. Without a doubt, the Collectibles Insurance Agency (http://www.collectinsure.com) is the best. They have rates to meet the needs of every level of collection (from a few thousand dollars to millions) and they require NO appraisal. Since my inventory changes constantly (both as a dealer and collector) it is impossible to appraise a collection accurately because it will constantly change. These guys recognize that and require no appraisal (just records/proof of purchase). Several years ago I don't think they insured baseball cards, which did not help our situation. Now they do...

Don

JeffVN

I can't help you with the appraisal part of your question, but as to the insurance part, I recently looked into this for my collection and have some suggestions. First, you need to determine the current market value of the collection (that's the appraisal part of your question). After you determine the value, take a look at your standard home-owners or renter's policy. It will have a standard provision that addresses coverage for collectibles, like stamp collections (stamp collections are used as an example in my policy). This will generally have a cap on coverage set around $500 to $1,000. If your collection exceeds this amount (and it should or you wouldn't be asking the question), you can get a special rider with your home insurance carrier that covers the replacement value of the collection. Make sure you determine whether a deducatable applies to the rider, and if so, how much it is. Most riders are nominally priced, and should cover the full replacement value of my collection.

crazysc

Another thing I'd point out (as someone with an actuarial background as well as extensive sports cards) is do NOT overinflate the value of your collection. You can't add (or collect) on sentimental value and the like. I used to deal a lot with State Farm, looking at coverage claims compared to inventories that were presented. In many cases, the claims were knocked down if someone overinflated the value, even if the premiums were paid at a higher rate.

It's a common misconception that if you insure something for $100K and it's lost, that you'll get $100K for it. The insurance company is obligated to make you whole - if they can show it's worth only $75K, they only have to pay you that or replace it...

1420sports

Thanks for the help. I am going to use SMR as a guide and then talk to my insurance agent. I appreciate the help.

It would be nice if PSA had some type of software or spreadsheet that would automatically add the SMR "value" and then you could just go ahead and print it out.

burrite

One other option, for what it's worth...

There is an insurance agency I use called Cornell and Finkelmaier which specializes in sports memorabilia. They will allow you to insure your cards for whatever you think replacement cost is, and then the rate they charge you just depends on how big a deductible you choose. Whenever you get new cards or get rid of stuff there's an easy form to just add or delete them. I haven't had a claim, but I've been told by dealer friends that they are quite reasonable and prompt.

burrite

1954

I also might help here on this situation since my profession is insurance. The Homeowners policy here in Texas will provide basic coverage such as tornado, theft, water damage etc. under the personal property coverage. However if you are looking to schedule a set or a certain card, like you would do for your wifes' wedding ring, many insurance companies will not allow you to do that. Why? I don't know. I have my more valuable stuff in a safety deposit box at the bank and the rest of the crap at my house. If your insurance company will allow you to add this as a rider to the homeowners policy there should be NO deductible assigned to that risk.

1954

1954

1420sports- Make sure you insure that 1971 Topps Greatest Moments Pete Rose PSA 8 card first......nice card.

1954