Insure it or lock it up?
akuracy503
Posts: 1,923 ✭✭✭
Not sure if this topics been discussed in depth, what would you do:
1. Insure the top tier of your collection and store it/handle it freely within your household.
2. Buy a nice fireproof safe and store it in your house.
3. Safety deposit box at your bank.
Which would allow the most comfort in safety and ability to enjoy your collection without much to worry about.
Keep in mind the cost factor, let's keep the collection under $15-20k for the average hobbiest .
1. Insure the top tier of your collection and store it/handle it freely within your household.
2. Buy a nice fireproof safe and store it in your house.
3. Safety deposit box at your bank.
Which would allow the most comfort in safety and ability to enjoy your collection without much to worry about.
Keep in mind the cost factor, let's keep the collection under $15-20k for the average hobbiest .
CU Ancient Members badge member.
Collection: https://flickr.com/photos/185200668@N06/albums
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Collectibles insurance is the way to go,check out there site,
www.collectinsure.com. I heard about them from another board member.
I enjoy looking at my cards,got a few in safe,but 99% for viewing pleasure.
Needs'
1972 Football-9's high#'s
1965 Football-8's
1958 Topps FB-7-8
That being said, I have moved the majority of my collection into a safe deposit box. Yes, It makes it more difficult to view your cards, but that's why I have all my cards scanned and viewable to me anytime on my website
Another tip....Don't post your vacations, etc on facebook or other social networking sites. I have seen several case of "friends" taking advantage of the situation....Sad but true..
Dave
FINISHED 12/8/2008!!!
Always looking for Topps Salesman Samples, pre '51 unopened packs, E90-2, E91a, N690 Kalamazoo Bats, and T204 Square Frame Ramly's
<< <i>Collectibles insurance is the way to go,check out there site,
www.collectinsure.com. I heard about them from another board member.
I enjoy looking at my cards,got a few in safe,but 99% for viewing pleasure. >>
Good Lord that's cheap - money well-spent.
Working on the following: 1970 Baseball PSA, 1970-1976 Raw, World Series Subsets PSA, 1969 Expansion Teams PSA, Fleer World Series Sets, Texas Rangers Topps Run 1972-1989
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Successful deals to date: thedudeabides,gameusedhoop,golfcollector,tigerdean,treetop,bkritz, CapeMOGuy,WeekendHacker,jeff8877,backbidder,Salinas,milbroco,bbuckner22,VitoCo1972,ddfamf,gemint,K,fatty macs,waltersobchak,dboneesq
<< <i>Scan everything, then put it in your safety deposit box. A policy with collect insure helps too, since I don't believe the bank is responsible for items in SD boxes, although I could be wrong on that. >>
you are correct. most banks do not take responsiblity for anything in their SD. why one might ask. they dont know what you put in it. not sure how a insurance company would handle that either. what if the bank building catches fire and stuff gets water damaged??
Collecting:
Brett Favre Master Set
Favre Ticket Stubs
Favre TD Reciever Autos
Football HOF Player/etc. Auto Set
Football HOF Rc's
Always looking for Topps Salesman Samples, pre '51 unopened packs, E90-2, E91a, N690 Kalamazoo Bats, and T204 Square Frame Ramly's
Except for my Gregg Jefferies RC collection in the bank safe deposit box.
A question to those, do you just establish a policy for x amount of $ value?
How do you adjust the policy to activity such as adding and subtracting from your inventory as you buy/sell and general market value changes?
CU Ancient Members badge member.
Collection: https://flickr.com/photos/185200668@N06/albums
Wouldnt this technically be more economical than a safety deposit box or any high tech home safe mechanism?
While the convenience factor of having it readily available like any other object in your possession.
Someone give me some warning factors, things I should be aware of if I were to go the insurance route.
CU Ancient Members badge member.
Collection: https://flickr.com/photos/185200668@N06/albums
2. I think a safe in your basement(or other place) is best.
3. You just never know who will stick their noise with it don't belong.... can you really sleep at night knowing your cards are in some box somewhere and if something were to happen you're not even insured.
If I were you, I would buy one of those stand up long safes. I would make sure to buy the biggest, the heaviest and most expensive box you can find. If you had to pay year after year for insurance it wouldn't make any sense, and before 5 years you could have had the best safe money can buy. To make it more difficult in an event of a thief getting into your house, just load up the bottom of the safe with 100 and 50 pound weights you use to work out with, so you can probably add around 500+ extra pounds to the bottom, plus you can bolt it to the floor for extra protection. Then add a nice camera that is hooked up to your internent somewhere else in the house that they can't find, put a nice big note on the wall that you have this devise and if they leave know you won't take no further action and I think that should pretty much do it!
I think that beats any bank, insuranc company or whatever..... just be sure to buy a really good one - water proof, bomb proof, you name it....
Buying a seperate high tech safe for cardboard will add up $$?
Any other thoughts on processing claims on your policies such as collectinsure.com?
CU Ancient Members badge member.
Collection: https://flickr.com/photos/185200668@N06/albums
<< <i>1. Since when is it easy to get any money from any insurance company, let alone for sports cards. To me, insurance companies do everything they can to make you ensure your stuff, then tell you to go take a walk when it comes time to pay out.
2. I think a safe in your basement(or other place) is best.
3. You just never know who will stick their noise with it don't belong.... can you really sleep at night knowing your cards are in some box somewhere and if something were to happen you're not even insured.
If I were you, I would buy one of those stand up long safes. I would make sure to buy the biggest, the heaviest and most expensive box you can find. If you had to pay year after year for insurance it wouldn't make any sense, and before 5 years you could have had the best safe money can buy. To make it more difficult in an event of a thief getting into your house, just load up the bottom of the safe with 100 and 50 pound weights you use to work out with, so you can probably add around 500+ extra pounds to the bottom, plus you can bolt it to the floor for extra protection. Then add a nice camera that is hooked up to your internent somewhere else in the house that they can't find, put a nice big note on the wall that you have this devise and if they leave know you won't take no further action and I think that should pretty much do it!
I think that beats any bank, insuranc company or whatever..... just be sure to buy a really good one - water proof, bomb proof, you name it.... >>
dont forget to add the computer controlled machine guns that the theif will trip when they open the safe.
Collecting:
Brett Favre Master Set
Favre Ticket Stubs
Favre TD Reciever Autos
Football HOF Player/etc. Auto Set
Football HOF Rc's
<< <i>
<< <i>1. Since when is it easy to get any money from any insurance company, let alone for sports cards. To me, insurance companies do everything they can to make you ensure your stuff, then tell you to go take a walk when it comes time to pay out.
2. I think a safe in your basement(or other place) is best.
3. You just never know who will stick their noise with it don't belong.... can you really sleep at night knowing your cards are in some box somewhere and if something were to happen you're not even insured.
If I were you, I would buy one of those stand up long safes. I would make sure to buy the biggest, the heaviest and most expensive box you can find. If you had to pay year after year for insurance it wouldn't make any sense, and before 5 years you could have had the best safe money can buy. To make it more difficult in an event of a thief getting into your house, just load up the bottom of the safe with 100 and 50 pound weights you use to work out with, so you can probably add around 500+ extra pounds to the bottom, plus you can bolt it to the floor for extra protection. Then add a nice camera that is hooked up to your internent somewhere else in the house that they can't find, put a nice big note on the wall that you have this devise and if they leave know you won't take no further action and I think that should pretty much do it!
I think that beats any bank, insuranc company or whatever..... just be sure to buy a really good one - water proof, bomb proof, you name it.... >>
dont forget to add the computer controlled machine guns that the theif will trip when they open the safe. >>
That is the funniest thing i've heard in a while!!!
<< <i>I've researched some high tech gun safes for my guns and they get very spendy, I also have hesitation about storing my collection with ammo and guns, gun powder etc causing some concerns for storage air quality, risk in fire/heat etc.
Buying a seperate high tech safe for cardboard will add up $$?
Any other thoughts on processing claims on your policies such as collectinsure.com? >>
just take some pictures of your stuff and put in a claim with collectinsure.com
it's that easy.
a safety deposit box is dumb because none of them are fireproof and you have to drive X distance whenever you want to get your cards. this can quickly become a nuisance. if your concerned about fire, water, ect. buy a fort knox gun safe. put all of your cards, jewlery, guns, ect. in the safe and put all of the ammunition in cool, dry place such as a closet or the basement.
The companies that manufacture safe deposit boxes and the vaults that house the boxes make them highly "resistant" to fire, flood, heat, earthquakes, hurricanes, explosions or other disastrous conditions. However, the key word here is "resistant." There is no 100 percent guarantee against damage, and substantial losses sometimes occur.
Are there extra precautions I can take to minimize damage?
Yes. Prevent water damage by sealing items in airtight, zip-lock bags or Tupperware-style containers. Also, put your name on each item, keep a list of the box's contents, make copies of important documents and even take photos of your most prized items left in the safe deposit box. That way, if a disaster occurs, your chances of successfully identifying,
Personally, I would never use a safety deposit box... I want to be able to enjoy my collection freely, otherwise I see no point in having it. One of the reasons I enjoy memorabilia so much is that it is easy to display out in the open to be enjoyed every time you walk by. It's bad enough most of my cards are stored away in boxes and in a safe... I sure don't want to have to hop in the car to be able to see and handle them.
Snorto~
Though the safety deposit box would be for items valued $2,500 or more.