Insurance for my collection (Everyone please give advice)

airjoedan

I just moved to a new area and heard that some houses in the neighborhood have been robbed a few times in the past however many years... Anyways, I have never heard this in any of my previous houses and now feel this extreme need to insure my collection. Everyone, please give advice on how I should do so. What company should I go with? What is typically the procedure? How do I submit proof for value? What should I do? Thanks everyone for your help......


- Joe

CollectorChris

Joe,

Don't bother with insurance. Instead, rent the largest safe deposit box available at a bank and keep your most valuable stuff there. I pay $125 a year for the biggest sized box I've ever seen at any bank (about 1 ft wide by 2 ft long and 1 ft deep), and it's well worth it. And it may be even cheaper than insurance. Sure, it's a bit inconvenient, but it sure gives you peace of mind, especially when the hourse is empty during the day and even more so when you go on vacation. I can walk to my bank in 10 minutes. I have no raw cards there; every card I own is PSA graded.

Chris

Tap4black

Another good idea if you have the space is a good "gun vault" that has a solid fireproof rating. Something on the lines of 20-30 cu. feet will set you back around $1000 or so but for me the peace of mind was money WELL spent. It is also handy for keeping a disk of cert numbers and images of my cards safe from a possible fire for insurance purposes.

Downtown1974

Joe, You can get a ryder on your policy that will cover your collectibles. I like Chris' idea about the safety deposit box. I know if I had a fire or was burglarized, I wouldnt want a check, I would want my cards.(the valuable ones anyways). So a bank box is a good idea.

Kurtman9

CIA

LWMM

Insure it for $1,000,000 with someone, go on vacation and leave your doors open.

CDsNuts

They make good size fireproof safes that sell for a few hundred bucks at Costco or BJ's. You can keep a ton of stuff in there, and they weigh too much to carry any decent distance. I keep all my hi-dollar singles in there with some other goodies. I live at 2897 Goodberry Ln. in Boston if anybody's interested.

Lee

Overrated

Home depot, has safes for $150.00 fire rated heavy you can bolt to sub floor. combination lock plus key lock awesome safe , insurance sucks rip off check out safes different burn ratings on models. the next thing dont show off cards to many people talk be safe!

storm888

overrated wrote: "...the next thing dont show off cards to many people............. "

AMEN !

Except for natural disasters and flames, there are usually only two ways
to lose your valuables:

1. Tell somebody you have them.
2. Tell somebody where they are.

storm

DS1991Topps

Speaking of a bank vault.

I keep my collection here:

fiveniner

I insured my collection years ago however the cost was outrageous and thats at prices of the late 80s, as the value grew I could no longer afford the insurance.I did have to make a claim on 3 cards that were stolen from me and the insurance did settle without any hassle.
I now resort to a safe.

Downtown1974

There is a security scam going on in my area (western Mass.). Some popcorn home security system that they call and tell you that you have won. You get free installation and a few other perks. Turns out these idiots come to your home to size up your place and see what you have. Then once you realize the deal isnt what you expected, the customer has a change of heart, and the security company leaves knowing where your valuables are, what kind of locks are on your door, even ask about your work schedule to find out when you are not likely to be home. Pretty scary!

softparade

<< <i> I live at 2897 Goodberry Ln. in Boston if anybody's interested.
>>



you can't fool us all

craig19

My homeowners has a collectibles ryder that the cost is pretty minimal. all State Farm required is a copy of the price book pages and scans of the cards

shagrotn77

I have insurance through CIA (Collectibles Insurance Agency - weblink above). Their rates are extremely reasonable, and you'll sleep a lot better at night knowing you're covered.

bishop

I collect sets and my collection is too big for a safe or safety deposit box, plus I like having access to them. So, I went with insurance. I looked at specialized carriers but worried about financial stability and claims service. I went with a rider to my home insurance which happens to be State Farm. It is expensive, and time consuming to keep the records of what I have up to date and to document what I have and it's condition. But, I do have peace of mind.

If you don't need to have your cards around you and the size of the collection is such that it will fit in a safety deposit box, that may a good option . Make sure your safety deposit box is not in a bank in a low lying area where flooding is remotely possible, and if it is, get a high up box. In dealing with a relative's estate, I had a large problem involving a flooded box. And boxes at the World Trade center did not fare well in the fire. Admitedly those are remorte events

Similarly, if you go the home safe route ( I do have one), there are three risks: fire , water and theft. If you get a small safe, better bolt it to foundation in some way or they can be carted off. On a large one, research it's ability to withstand heat and water. The safe may be standing after a fire, but what will be the status of cardboard and plastic inside

mj23kg21

CIA is the way to go. Very reasonable prices compared to what I was paying through State Farm Insurance. It allows me to sleep much better at night.

cmoking

Insurance may be good...but another idea is to get a safe in your home. They cost about $1000-2000 or so, can hold a ton of cards, and can be bolted to the floor.

MarkJ

Insurance may be good...but another idea is to get a safe in your home. They cost about $1000-2000 or so, can hold a ton of cards, and can be bolted to the floor.

I use my gun safe and it works great.

jimq112

My father in law and I have fireproof gun safes, 6' tall, really heavy. You can fit a TON of cards in them, they're more than fire resistant enough. You can get them at the local sports stores or a Gander Mountain type store for $1000-1500.

Well worth the investment.

gosteelers

<< <i>My father in law and I have fireproof gun safes, 6' tall, really heavy. You can fit a TON of cards in them, they're more than fire resistant enough. You can get them at the local sports stores or a Gander Mountain type store for $1000-1500.

Well worth the investment. >>



I'm sure these places deliver, right? Do you have yours in a specific spot in your house. I mean, the thing has to weigh quite a bit, right?

RichG

I won't keep my collection in a safe because this takes away the reason I have my collection.....To display and look at it anytime I want. Plus, it would take one large safe. I have my collection insured through State Farm. All they require me to do is keep an updated list with each item and a price that I want each item insured for. They don't even require me to have photographs of my items.
Rich