Insurance PLEASE!

DaveRead · September 5, 2003 1:15PM

Coins, stamps, antiques, paper weights, even my blow up doll collection, insurance companies will write you a policy. But I can't find anyone to insure the cards. With PSA's registry making "semi" proof of ownership possible and value fairly easy to establish, why won't insurance company's jump into cards? If anybody has found a carrier willing to insure cards, please share. I refuse to dump my cards into a safety deposit box where I'd feel like a divorced dad getting visiting rights every couple of weeks, plus they weigh over 500 lbs, with 2,000+ graded ones (maybe need a vault?). But..... how sick would I feel if my collections went up in smoke, got soaked in a flood, stolen, whatever. When your collections start to be worth as much as your house, what's a lad to do? What's everyone else doing to get "piece of mind"?

wolfbear · September 5, 2003 2:11PM

According to my Insurance Agent :

Sports cards and memorabilia are considered personal property just like dishes and clothes.
So if you want to insure 250,000 worth of personal property, or 500,000, or whatever the number,
he just includes it as a part of your homeowner's policy. It is really quite inexpensive.

Jewelry, coins, guns, fine art, and some other collectibles are treated differently,
and can be very expensive to insure when you reach certain levels, but sports stuff, for some reason is not.

Anyway, that's how it is here in Washington state. I have no idea if it differs from state to state ...

Griffins · September 6, 2003 1:18AM

There is a company that offers card collection insurance that often advertises in SCD. I checked this weeks issue (appropriately stored at the bottom of the bird cage) but the ad is not in there. I'm sure if you called SCD's advertising department they'd have the number.
Based on my experience with insurance companies they will take premiums on just about anything but when it comes time to pay they will just stonewall. Scan, video and list everything, and update values constantly, showing trends. Big beefy safes with dehumidifiers are not that expensive, and will prevent most losses. As will safety deposit boxes.

qualitycards · September 6, 2003 1:29AM

GRIFFINS - Going from my memory (very erratic at times) I believe the insurance co is Cornell & Finkelmier out of Ohio, or something similar to this. ...jay

MyBigToe · September 6, 2003 7:31AM

A name that I have heard passed around over the last year or so is Collectibles Insurance Agency. I have yet to do this.

Tell em MBT sent you.

Buckwheat · September 6, 2003 12:11PM

Collectible insurance agency is the one that I have heard of also. My homeowners policy doesn't cover collectibles. I asked about a rider (Allstate) and the cost was going to be over $1000 per year.

GoSoxBoSox · September 6, 2003 12:22PM

Here's are some options #1 or #2

These are the best options I've been able to find.

DaveRead · September 6, 2003 1:59PM

Thanks guys, looks like a couple of decent options. Has anybody had any dealings with either of these company's?

OhioTaz · September 7, 2003 12:22AM

Dave,

Since insurance is very expensive, you might start with a vault. I am not joking. Placed wisely (away from pipes that might burst or basements that might flood) a 2 hour file safe might be worth looking into. One large enough for your cards would run between $700 and $1000 and also provides reasonable protection against theft. What I am not sure about is what temperature the inside of such a vault reaches in a fire. In other words, the cards might not burn but would there be a slag soup of PSA melted plastic inside when you opened it?

Taz

Mitochondria · September 7, 2003 1:48AM

Taz,

If I recall correctly, Dude actually exposed PSA slabs to extremely high temperatures to see what will happen. I would touch base with him about how they performed. In addition, I agree with your suggestion about the safe. I purchased a gun safe (~ $1200) last year and it has been wonderful. I successfully liberated many of my cards from the bank safety deposit box. Also, I no longer have to walk into the bank with a large covered box/bag and scaring everyone in the process!

Ron

Golfcollector · September 7, 2003 2:03AM

I work as an underwriter for an insurance company, If you have a way to substantiate the value and take pics of your cards, or have someway to inventory them, then there should be no problem insuring them.

If your current company will not insure them, I suggest looking for another company!!!

GoSoxBoSox · September 7, 2003 11:19AM

Actually, if you use then companies I posted earlier...insurance is pretty damn cheap.

OhioTaz · September 8, 2003 11:43AM

Mito

I may heat up my oven and do a little science experiment.

Taz

BBCI · September 9, 2003 12:03AM

I have used Collectibles Insurance Agency for several years now as both a dealer and collector. I have had no complaints and the rates are very reasonable. They cover almost any loss including packages lost during shipping....hence, one does not really need to use postal insurance although I do just as a back-up.

Also, you don't have to take pictures of every card or document your inventory for them. They recognize that "your inventory may change all the time" so they don't need to be kept updated as it changes. I maintain an Excel spreadsheet of everything I buy/sell, when I buy/sell it, from whom, and how much so in case anything happens I can make a claim without much hassle. So far, nothing yet (knocking on wood)

Don

Insurance PLEASE!

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