I have been using Collectibles Insurance for 3 years. They do only collectibles (!) and do many things--guns, cards,jewelry, comics...you name it. When I initially took out the policy I provided a list of some of my stuff, though everything is covered. This past week it was time for renewal and I asked again if everything was covered--and did they need proof of ownership of all my stuff.
They only require a comprehensive list of items that are valued over $5,000. So, no, you do not have to list everything. The policy automatically increases every year 10% to deal with increase in the cards. There is a discount on the policy premium if 1) you have an alarm; 2) safe; or 3) other things to deter theft...both of which I have. Not sure what the premium would be if I did not.
The trick of course is to prove that you actually owned it if there is a loss...which they "may" require you to do. Obviously, the registry and my PSA inventory is a great way to prove ownership. Paypal also provides an automatic list of everything that you bought and paid for thru them. I have been keeping every invoice from auction houses since I began collecting in the late '80s (sounds like a pain, but really is not) and I take a picture of pretty much everything that I buy. Tough to do on some stuff -- like complete sets, but any proof of ownership is better than none.
As for safe depo boxes...yes very good--have 3 of them. But how much can you keep in them? Answer --not much.
After years of not having it..I am really glad I go it now---it does provide peace of mind. I highly recommend it. No one likes to pay for insurance...until you need it!
This particular policy also insures against loss for things lost in the mail, fire, theft, and in transport.
I do not work for them or have any other conenction. There is also Finklestein...or something like that. There was a story on them in one of the past few months of SMR Magazine.
Just got back on the board and saw that a fellow 72 collector was violated. Keep us posted and hopefully they can get back most of it as well as a feeling of security for you and your family again.
Frank B
Frank Bakka Sets - 1970, 1971 and 1972 Always looking for 1972 O-PEE-CHEE Baseball in PSA 9 or 10!
Most homeowner policies cover the loss or theft of many collectibles up to a certain amount. Collectors may wish to check and see if an increase in the amount of their personal property coverage might work? I've simply added the additional amount of personal property coverage to my homeowner policy. It's important to be able to prove that you owned a collectible in the even of a covered loss. In addition it is most likely necessary to prove what the market value of the item(s) are. Having documentation of what you paid for your collectibles is very helpful. I would suggest that all collectors contact there own insurance agent and discuss what coverages should be in place to cover collectibles. There are all types of collections, and for extremely high value items there can be a limit on what might and might not be covered under certain policies. I'm only suggesting that instead of going out and buying a special policy for your collection(s), collectors may want to talk with their local insurance agent regarding what is covered under their homeowner or renters policy. Find out if you can simply add additional coverage to an existing policy? If so, what documentation would be required in the event of a covered loss. You might find it saves you some money
Henry, You know I've already replied to the terrible news of your collections being stolen on the 75 Topps Mini thread. I look forward to hearing good news from you with regard to the recovery of your items. The fact that these losers broke into your home and stole these items lets us all know they are desperate fools. They will continue to make wrong choices. Wrong choices always catch up with these types of degenerates. It's the never ending tail of their trail, and also the reason why so many prisons in our country are full. Very sad!
My conversation with State Farm went along the lines of "we dont know enough about baseball cards to insure them, so you need to look for a specialty insurer"
Your kidding Jim? My agent had no problem whatsoever with simply adding the additional personal property coverage for the items. Keeping a detailed inventory via PSA's Set Registry or other personal means and being able to document market value's is not that difficult. I'm pretty surprised that your agent dodged the opportunity to cover your items. It really should be covered as personal property. The insurance company would require proof of ownership/value in the case of any covered loss. Sorry to hear the agent you spoke with didn't come through for you.
I'd be interested to hear any other stories from others that have asked their agents about covering collectibles. I can't be the only one who has been approved for coverage of my collectibles under the personal property portion of my homeowners policy?
A few years ago I too spoke with my ins rep and was told that an additional rider would have to be added ... it would NOT be covered under the personal property clause of the Policy. The cost was more than just a nominal amount ... it was more in line with going out and getting a policy from one of the specialty companies.
STAY HEALTHY!
Doug
Liquidating my collection for the 3rd and final time. Time for others to enjoy what I have enjoyed over the last several decades. Money could be put to better use.
I agree with those about doing some detective work yourself also - checking ebay, craigslist, local card shops in the greater area and even the newspaper for sellers - I assume all the graded are cataloged so selling will be harder.
This is a big/small hobby in that this kind of stuff can't be sold as easily as one might think without someone detecting it.
I would consider contacting Steve Hart and any of the other big sellers like Dave and Adam - if these people know what they have - and I'm sure they do - they may be stupid enough to contact them.
This sounds like someone who knows what you were doing - it takes time to clear out that much stuff and they seem to have "known" they had the time?
I wish you all the best in retrieving your entire collection. mike
Word is getting out to the big dealers proactively. Fingers crossed.
MM - I was really disappointed. I am with them almost 20 years. He was apologetic, but couldnt seem to grasp the concept of serial numbered slabs and things like VCP. I guess I would rather hear that upfront, than God forbid, have a loss, then hear it.
if you think that the typical homeowner's policy covers collectibles, you are mistaken. The typical homeowner's policy does not necessarily exclude coverage, but severly limits coverage usually to a set amount -- say $5,000 or so. That is why you need a separate policy, not just a rider. Read the fine print of the homeowner's policy. As an atty. in private practice that used to be the lawyer for the insurance companies, I am quite sure of this.
DO NOT rely on your homeowner's policy for complete coverage-- you will be sorry if something happens.
I am with USAA and collectibles are not covered under the personal property protection. I asked them if they had a rider or separate coverage for the collection and they indicated no and to check with a specialty policy provider.
flattfoot... I've looked over my policy and have contacted my agent to have this issue reviewed. I certainly wouldn't want to find out I wasn't covered. My agent assured me that he had checked with underwriting when we added the amount of personal property coverage. He will check into this again on Monday. I'll get back to the board with the results.
More than likely this was done...I hate to say this...by someone you know...
Generally homeowner insurance does not cover this...at least all of it...unless you have invoices or receipts...everyone should have a rider on their insurance...on not just baseball card collections...but anything thing of special value...like jewerly...or art...etc...otherwise their is a ceiling...
Good Luck...what a violation...
Henri Collector Topps 58,59,60,61,62,63,64 Sets Fleer 60, 61-62 Sets
Insurance policies will NOT cover this. I am an agent that represents 40 different home insurance policies in the state of Texas. Only one will allow you to schedule this type of coverage, but the others will not. I can almost guarantee that whether you are in Texas or New York, all the policies are going to be the same. I keep my big valuables in the saftey deposit box and self insure my collection here at the house.
SL
Looking for high grade rookie cards and unopened boxes/cases
<< <i>if you think that the typical homeowner's policy covers collectibles, you are mistaken. The typical homeowner's policy does not necessarily exclude coverage, but severly limits coverage usually to a set amount -- say $5,000 or so. That is why you need a separate policy, not just a rider. Read the fine print of the homeowner's policy. As an atty. in private practice that used to be the lawyer for the insurance companies, I am quite sure of this.
DO NOT rely on your homeowner's policy for complete coverage-- you will be sorry if something happens. >>
You are exactly right! I am with State Farm and if I wanted to insure my collection through State Farm I needed a separate policy at a cost of $10.00 per $1000.00 of value (per year). CIA is much cheaper and seems to have a much better understanding of insuring collectibles.
Always looking to buy old Minnesota Twins and Vikings memorabilia like Nodders, Photo Pennants, and Photo Buttons.
Well the review of my insurance coverage question was completed and I was informed that my homeowner policy will cover my collectibles up to the personal property coverage limits of my policy. I need an independant appraisal of the value of my items by a collectibles professional. I guess not all homeowner policies are the same after all.... 1954
Hey MintMoondog. I Have Been Following Your Thread. I Would Go Back To Your Auctions Won On Ebay Or Where You Buy Your Cards. I Don't Know If You Have Kids ? That Would Be Inside. Best Case. If You Have Bought Cards And Then Got Ripped Off, Check Them Out. I Have Hade People Wanting To See My Collection & Find That I Have My Cards Sent To My Work Not Where I Store Them. Storage With Climate Control IMO Is Best About $69 Up. Will Follow ZBOB
" I guess not all homeowner policies are the same after all.... 1954 "
Not all agents are the same either .
I am very familiar with the State Farm policy and I believe your guy is wrong. I hope for your sake he is correct. I would hate to be betting on the opposite. The speciality policy is less money than if you were to add this to your homeowners policy and I believe would be much easier to file a claim against the policy if there was a loss. Ask your agent this Mini. 1. If some of my cards mysteriously shows up missing am I covered? The answer will be NO. 2. If I take $10K of cards to the National and the cards are left in my hotel room while out on the town? the answer will be NO. 3. If my son accidentially floods the house because he stops up our toilet with a towel. The water flows all over the house and soaks my cards? Yes, but up to a certain amount under the personal property coverage granted by the home insurance policy.
You have been given solid advise by many people here on the boards. I don't believe there was one person who said their insurance company would cover this type of situation. I am just trying to protect my collecting community friends here. I don't want to see you in a financial loss and I don't represent a speciality company.
Respectfully, Shane
Looking for high grade rookie cards and unopened boxes/cases
How do you place a value. I'm watching PWCC BKT auction and things are going at 2 or3 times previous highs. I bought a card from them in December for $1175 and a copy went tonight for $5766. It is total nuts out there.
@LarkinCollector said:
If we're bumping random threads today, just a reminder to get your collection insured (or adjusted to accommodate new valuations).
Good bump Larkin, I need to get on the stick and get it done.
Successful coin BST transactions with Gerard and segoja.
Successful card BST transactions with cbcnow, brogurt, gstarling, Bravesfan 007, and rajah 424.
Comments
They only require a comprehensive list of items that are valued over $5,000. So, no, you do not have to list everything. The policy automatically increases every year 10% to deal with increase in the cards. There is a discount on the policy premium if 1) you have an alarm; 2) safe; or 3) other things to deter theft...both of which I have. Not sure what the premium would be if I did not.
The trick of course is to prove that you actually owned it if there is a loss...which they "may" require you to do. Obviously, the registry and my PSA inventory is a great way to prove ownership. Paypal also provides an automatic list of everything that you bought and paid for thru them. I have been keeping every invoice from auction houses since I began collecting in the late '80s (sounds like a pain, but really is not) and I take a picture of pretty much everything that I buy. Tough to do on some stuff -- like complete sets, but any proof of ownership is better than none.
As for safe depo boxes...yes very good--have 3 of them. But how much can you keep in them? Answer --not much.
After years of not having it..I am really glad I go it now---it does provide peace of mind. I highly recommend it. No one likes to pay for insurance...until you need it!
This particular policy also insures against loss for things lost in the mail, fire, theft, and in transport.
I do not work for them or have any other conenction. There is also Finklestein...or something like that. There was a story on them in one of the past few months of SMR Magazine.
linky
Check them out...you may be glad you did
Manny
ON ITS WAY TO NEWPORT BEACH, CA 92658
As for safe depo boxes...yes very good--have 3 of them. But how much can you keep in them? Answer --not much.
Well over 400 PSA graded cards in the largest box. $135 a year.
I don't want to get in to *issing contest over which is better. IMHO I would take the box any day.
I think we are in agreement that I hope you get your cards back and that the thieves are used for bait in a pitbull fighting match.
I collect mainly unopened vintage packs, racks and boxes...not many fit in trust me!
nevertheless, there is no substitute for insurance
Just got back on the board and saw that a fellow 72 collector was violated. Keep us posted and hopefully they can get back most of it as well as a feeling of security for you and your family again.
Frank B
Sets - 1970, 1971 and 1972
Always looking for 1972 O-PEE-CHEE Baseball in PSA 9 or 10!
lynnfrank@earthlink.net
outerbankyank on eBay!
You know I've already replied to the terrible news of your collections being stolen on the 75 Topps Mini thread. I look forward to hearing good news from you with regard to the recovery of your items. The fact that these losers broke into your home and stole these items lets us all know they are desperate fools. They will continue to make wrong choices. Wrong choices always catch up with these types of degenerates. It's the never ending tail of their trail, and also the reason why so many prisons in our country are full. Very sad!
ebay id Duffs_Dugout
My Ebay Auctions
I'd be interested to hear any other stories from others that have asked their agents about covering collectibles. I can't be the only one who has been approved for coverage of my collectibles under the personal property portion of my homeowners policy?
A few years ago I too spoke with my ins rep and was told that an additional rider would have to be added ... it would NOT be covered under the personal property clause of the Policy. The cost was more than just a nominal amount ... it was more in line with going out and getting a policy from one of the specialty companies.
Doug
Liquidating my collection for the 3rd and final time. Time for others to enjoy what I have enjoyed over the last several decades. Money could be put to better use.
I agree with those about doing some detective work yourself also - checking ebay, craigslist, local card shops in the greater area and even the newspaper for sellers - I assume all the graded are cataloged so selling will be harder.
This is a big/small hobby in that this kind of stuff can't be sold as easily as one might think without someone detecting it.
I would consider contacting Steve Hart and any of the other big sellers like Dave and Adam - if these people know what they have - and I'm sure they do - they may be stupid enough to contact them.
This sounds like someone who knows what you were doing - it takes time to clear out that much stuff and they seem to have "known" they had the time?
I wish you all the best in retrieving your entire collection.
mike
Sorry.
Steve
MM - I was really disappointed. I am with them almost 20 years. He was apologetic, but couldnt seem to grasp the concept of serial numbered slabs and things like VCP. I guess I would rather hear that upfront, than God forbid, have a loss, then hear it.
ebay id Duffs_Dugout
My Ebay Auctions
DO NOT rely on your homeowner's policy for complete coverage-- you will be sorry if something happens.
I am with USAA and collectibles are not covered under the personal property protection. I asked them if they had a rider or separate coverage for the collection and they indicated no and to check with a specialty policy provider.
Ken
Generally homeowner insurance does not cover this...at least all of it...unless you have invoices or receipts...everyone should have a rider on their insurance...on not just baseball card collections...but anything thing of special value...like jewerly...or art...etc...otherwise their is a ceiling...
Good Luck...what a violation...
Collector
Topps 58,59,60,61,62,63,64 Sets
Fleer 60, 61-62 Sets
SL
<< <i>if you think that the typical homeowner's policy covers collectibles, you are mistaken. The typical homeowner's policy does not necessarily exclude coverage, but severly limits coverage usually to a set amount -- say $5,000 or so. That is why you need a separate policy, not just a rider. Read the fine print of the homeowner's policy. As an atty. in private practice that used to be the lawyer for the insurance companies, I am quite sure of this.
DO NOT rely on your homeowner's policy for complete coverage-- you will be sorry if something happens. >>
You are exactly right! I am with State Farm and if I wanted to insure my collection through State Farm I needed a separate policy at a cost of $10.00 per $1000.00 of value (per year). CIA is much cheaper and seems to have a much better understanding of insuring collectibles.
" I guess not all homeowner policies are the same after all.... 1954 "
Not all agents are the same either .
I am very familiar with the State Farm policy and I believe your guy is wrong. I hope for your sake he is correct. I would hate to be betting on the opposite. The speciality policy is less money than if you were to add this to your homeowners policy and I believe would be much easier to file a claim against the policy if there was a loss. Ask your agent this Mini.
1. If some of my cards mysteriously shows up missing am I covered? The answer will be NO.
2. If I take $10K of cards to the National and the cards are left in my hotel room while out on the town? the answer will be NO.
3. If my son accidentially floods the house because he stops up our toilet with a towel. The water flows all over the house and soaks my cards? Yes, but up to a certain amount under the personal property coverage granted by the home insurance policy.
You have been given solid advise by many people here on the boards. I don't believe there was one person who said their insurance company would cover this type of situation. I am just trying to protect my collecting community friends here. I don't want to see you in a financial loss and I don't represent a speciality company.
Respectfully,
Shane
Steve
If we're bumping random threads today, just a reminder to get your collection insured (or adjusted to accommodate new valuations).
How do you place a value. I'm watching PWCC BKT auction and things are going at 2 or3 times previous highs. I bought a card from them in December for $1175 and a copy went tonight for $5766. It is total nuts out there.
Everyone's situation is going to be different, but 2-3x values a year ago seems about right overall.
did you ever get the cards back?
Good bump Larkin, I need to get on the stick and get it done.
Successful card BST transactions with cbcnow, brogurt, gstarling, Bravesfan 007, and rajah 424.