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Insurance coverage
ugaskidawg
Posts: 882 ✭✭✭
There has been a number of recent sportscard losses expressed on this message board and others. It got me thinking about protection. I contacted my homeowners carrier and they said they cover practically nothing. Then I found out that this was commonplace - at least in my area of the country. I spoke with my agent and he is getting me connected with another insurer that will help cover my cards/collectibles.
My question is, how many of you have insurance policies specifically for your cards and collectibles? Is there anything I should be asking my agent to help protect myself more?
Thanks in advance!
My question is, how many of you have insurance policies specifically for your cards and collectibles? Is there anything I should be asking my agent to help protect myself more?
Thanks in advance!
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I should expect to only get 20% of what I have it covered for.
The burden of proof is on me. I have photos, but who is to say I didn't sell something after I took the photos.
A safe and an alarm are your best bets (which I have).
https://kennerstartinglineup.blogspot.com/
My new website www.lowgradegems.com
Tim
Check out these Fire-resistant pouches
http://www.safedec.com/Product.aspx?ProductCategoryID=5&ProductCategoryName=Fire+Resistant+Pouch
Its says 1600 degrees...its got to be better than storing you slabs/cards by themselves in a safe. Right? The only question, which has been asked before (I think on Net54)- What temperature does the slabs begin to melt? and thus reflecting damage to the card itself.
Brent, try Collectibles Insurance Services I think they will have a plan that will fit your needs.
Tim - Thanks!
Remember the 2 factors: Fire and Water ...in my field I know 3M makes some pretty cool things, but for me the added protection soothes the nervousness.
Check out these Fire-resistant pouches
http://www.safedec.com/Product...e=Fire+Resistant+Pouch
Its says 1600 degrees...its got to be better than storing you slabs/cards by themselves in a safe. Right? The only question, which has been asked before (I think on Net54)- What temperature does the slabs begin to melt? and thus reflecting damage to the card itself.
This is a good point. I have my safe and security system, but never thought about adding a double layer of protection!
Brent, try Collectibles Insurance Services I think they will have a plan that will fit your needs.
This.
I was told that even though I have my collection covered.
I should expect to only get 20% of what I have it covered for.
The burden of proof is on me. I have photos, but who is to say I didn't sell something after I took the photos.
A safe and an alarm are your best bets (which I have).
not sure who told you only to expect only 20%. I know one thing though--insurance companies are not your friend and will screw you in a heartbeat if they can (lawyer who deals with them daily talking here)
Usually the problem with a claim like this is not having enough back up info to prove the item's value. Keeping track of all your purchases and having pics of them are a sure fire way to make sure you are dealt with fairly. PSA's inventory is a great way to prove ownership and value. When I got my coverage I sent them a print out of my PSA cards listed in my inventory I was covering and they needed nothing else. Using SMR was an easy way to prove initial value.
As for homeowner's coverage search other threads here. Those policies usually only cover up to $500-$1000 of collectibles. Just like insuring jewelry of a higher value---you need your own collectible policy.
Most of us on these boards know SMR is not accurate on many cards.
VCP is actual sales of that given card.
Ex I bought a card for about $200 and smr was listed at $12
I am sure the ins co wants to pay $12 but its actually worth $200. Comment?
I have never heard of the 20%
This is one of the best reasons I love the PSA registry.
It has pic of card, my cost, purchased from and the date.
Its also a record if someone else tries to add it to their registry.
1948-76 Topps FB Sets
FB & BB HOF Player sets
1948-1993 NY Yankee Team Sets
VCP gives you a high, low and an average of say a 1971 reggie Jackson psa 8 NQ.
The price listed id for that exact card and what someone was willing to ay for it given its condition and any other auction factors such as shipping.
1948-76 Topps FB Sets
FB & BB HOF Player sets
1948-1993 NY Yankee Team Sets
No that's a correct statement
VCP gives you a high, low and an average of say a 1971 reggie Jackson psa 8 NQ.
The price listed id for that exact card and what someone was willing to ay for it given its condition and any other auction factors such as shipping.
I've purchased a number of items on eBay in which I messaged the seller and they agreed to send me an offer lower than the listed price. I then checked for the item on VCP and the price of the sale was the listing price, not the lower price. So it's not always correct. 50 or so purchases I checked there were 3-4 like this with the wrong price.
I keep the payment receipt with the item description and high resolution scans of the front and the back of the card with the PSA flip visible for insurance purposes. The insurance company said this would be exactly the type of information they would need in the event of a claim.
The Doomsday Collection
Dallas Cowboys Ring of Honor | All-Time Dallas Cowboys | Bob Lilly Master | Pro Football HOF Dallas Cowboys
When I bought my home and purchased Insurance coverage. an agent had to come out to take pictures to verify.
I was told by him that I was over insured because the insurance company would only pay about 20%.
In the case of fire or theft how do you prove you still have the cards or items?
Cardboard burns or you could of sold them the day before.
I hope no one here ever has to find out.
My homeowners policy only protect up to $250 on collectibles, so it is nice to get this other coverage. Hopefully it never has to be used.