HOW TO: Insure Your Collectibles

[Fsmdr]

A while back, someone posted the Insurance company that Stu uses. Anyone have their info and web site?. Thanks.

[carlosdetweiller]

A while back, someone posted the Insurance company that Stu uses. Anyone have their info and web site?. Thanks.

It is Collectibles Insurance Services. I use them too. They are very easy to insure with. Fortunately I have not had a claim but that also means that I don't know if they are easy to work with in that respect or not.

http://www.collectinsure.com/

[Fsmdr]

Thanks Bob. I had it bookmarked but the link doesn't seem to work anymore. I plan on calling them sometime this month.

[Patrick]

Thanks for the link, Bob.


(By the way, I changed the thread name to fit the sub-forum.)



If anyone else has other ways of insuring their stuff, please let us know here!

[carlosdetweiller]

Thanks for the link, Bob.


(By the way, I changed the thread name to fit the sub-forum.)



If anyone else has other ways of insuring their stuff, please let us know here!

I've tried other ways to insure my collection but these folks are used to dealing with collectors (stamps, coins, books, etc.) and really make it easy. For a long time I tried to insure my books with a personal articles floater attached to my homeowners policy. I used to have to submit a list of books yearly and there was ALWAYS much confusion on the insurance company side and it was a major hassle. I've got over 3500 items in my collection, many are $5 and $10 items, and generating a list every year was a real chore even though it is on a computer. And the rates were very high.

Collectibles Insurance Services requires itemization only on items valued at $5000 or greater. You just tell them the value of your collection and they tell you what the premium is. Very easy.

[ATG]

I needed this info.

Much thanks.

[Patrick]

A rider to the homeowners is the other option I was thinking of. Thanks for pointing out those hurdles and differences based on your personal experience, Bob. I appreciate it.

[jcf817]

Thanks for the link, Bob.


(By the way, I changed the thread name to fit the sub-forum.)



If anyone else has other ways of insuring their stuff, please let us know here!

I've tried other ways to insure my collection but these folks are used to dealing with collectors (stamps, coins, books, etc.) and really make it easy. For a long time I tried to insure my books with a personal articles floater attached to my homeowners policy. I used to have to submit a list of books yearly and there was ALWAYS much confusion on the insurance company side and it was a major hassle. I've got over 3500 items in my collection, many are $5 and $10 items, and generating a list every year was a real chore even though it is on a computer. And the rates were very high.

Collectibles Insurance Services requires itemization only on items valued at $5000 or greater. You just tell them the value of your collection and they tell you what the premium is. Very easy.

How does one go about establishing a value for one's collection?

[wizardsrainbow]

Thanks for the link, Bob.


(By the way, I changed the thread name to fit the sub-forum.)



If anyone else has other ways of insuring their stuff, please let us know here!

I've tried other ways to insure my collection but these folks are used to dealing with collectors (stamps, coins, books, etc.) and really make it easy. For a long time I tried to insure my books with a personal articles floater attached to my homeowners policy. I used to have to submit a list of books yearly and there was ALWAYS much confusion on the insurance company side and it was a major hassle. I've got over 3500 items in my collection, many are $5 and $10 items, and generating a list every year was a real chore even though it is on a computer. And the rates were very high.

Collectibles Insurance Services requires itemization only on items valued at $5000 or greater. You just tell them the value of your collection and they tell you what the premium is. Very easy.

How does one go about establishing a value for one's collection?

I use this company as well.

To value one's collection (I am assuming it is books), you can look at completed auctions on eBay as a start for each item. You can also search
on ABE or alibris, you can look at what Bett's Bookstore, Camelot Books, Bad Moon Books, Lloyd Currey, Barry Levin, Dave Hutcheson value them at.

Anyone else want to have a go at it?

[jhanic]

It would help if you keep track of how much you paid for each item, too, especially if you got them from the "aftermarket" (and not from the initial publisher). That at least will give you a starting point.

John

[gsvec]

I have both on my spreadsheet - what I paid and a ballpark value based on the things wiz mentioned above. I also note the source the ballpark came from (aka Betts, ABE w/ seller, etc.) and the date. That way I know if I haven't checked something out for a while and might need to update the value.

My issue usually comes with trying to determine the grade for each book since there are so many different ways. I know there are "primers", etc., all over the web, but even THEY are different.

[pixiedark76]

I am not sure if this is the right place for this question? How do you get to know how much your bookcollection is worth? Do you go to a bookstore and ask someone? Do you ask an insurance appraiser?

[wizardsrainbow]

I am not sure if this is the right place for this question? How do you get to know how much your bookcollection is worth? Do you go to a bookstore and ask someone? Do you ask an insurance appraiser?

pixiedark76-

See the various methods/sources listed in a few of the responses above this one. If your collection is not too big, several of us here would be happy to give you a ballpark estimate on each book if we know condition, 1st, 2nd third edition etc. We are more experts on King books though.

If you have lots of different authors, I would search eBay completed auctions to get an idea of vale. You can almost always find a certain book on ABE (www.abe.com), but often their prices are higher than the true value.

Does this help? If not, let me (us) know.

[pixiedark76]

Thank you everybody:grouphug: for the excellent advice! This information has really helped me a lot!

[Spaceman Spiff]

Great info in here! :thumbsup:

Thanks a lot!
John
My Stephen King collection (http://www.librarything.com/catalog.php?tag=Stephen+King&offset=0&view=SpacemanSpiff&collection=-1&shelf=shelf&sort=date)

[Pasiuk57]

What are people doing to their household insurance for extra insurance on their collections?
Fire and Water are bad for books.....

[ur2ndbiggestfan]

I asked my insurance company about this, and was informed books are hard to insure as they are subject to easy damage, unlike things like guns or jewelry. So consequently, insurance coverage for fragile items such as books is very high, and most times not worth the price.

[Randall Flagg]

The Collecting Tutorials (http://www.thedarktower.org/palaver/forumdisplay.php?129-Collecting-Tutorials)has a wealth of information.
HOW TO: Insure Your Collectibles (http://www.thedarktower.org/palaver/showthread.php?1864-HOW-TO-Insure-Your-Collectibles)

This thread will be merged soon. Thanks for refreshing the subject for our members.

[carlosdetweiller]

I would recommend checking this company out, get rates, etc. before committing to a rider or personal articles floater.

I have my collection insured with them and am very happy. I've never had a claim but I ask them a lot of questions as they occur to me and they always have a good answer. I think the rates are very hard to beat.

http://www.collectinsure.com/

[debungsmere]

I asked my ins. agent about it. She didnt have much of a clue and came back at me with $15 for $500 worth of insurance... So I imagine $30 for 1k, $60 for 2k or somewhere close to that anyway. I keep my pricier ones in a safety deposit box for now.

[frik]

What are people doing to their household insurance for extra insurance on their collections?
Fire and Water are bad for books.....

Nothing! If my collection goes up in flames, so be it.
After all, it's only paper.....:)

sk

[thegreattim]

Nothing! If my collection goes up in flames, so be it.
After all, it's only paper.....:)

Gasp! *looks around* You should be okay, I don't think anyone heard that...

[Tony]

Does anyone know how/where I can get some books appraised in Toronto? I need appraisals on some of my books before they can get insured.

[stroppygoblin]

does anyone have any recommendations for insurance in the UK?

[webstar1000]

Man this is help but I do not think it will help in Canada:(

[peripheral]

I have just started the process of insuring my book collection here in Australia. Fortunately I have some links with local booksellers who put me onto a broker that specialises in this. I've been asked to provide a valuation of my books (which may be different to what I actually paid for it, of course). This thread has been very useful in deciding how to come up with a value of a particular book. Thanks...

[herbertwest]

Thanks for the link, Bob.


(By the way, I changed the thread name to fit the sub-forum.)



If anyone else has other ways of insuring their stuff, please let us know here!

I've tried other ways to insure my collection but these folks are used to dealing with collectors (stamps, coins, books, etc.) and really make it easy. For a long time I tried to insure my books with a personal articles floater attached to my homeowners policy. I used to have to submit a list of books yearly and there was ALWAYS much confusion on the insurance company side and it was a major hassle. I've got over 3500 items in my collection, many are $5 and $10 items, and generating a list every year was a real chore even though it is on a computer. And the rates were very high.

Collectibles Insurance Services requires itemization only on items valued at $5000 or greater. You just tell them the value of your collection and they tell you what the premium is. Very easy.

How does one go about establishing a value for one's collection?

I use this company as well.

To value one's collection (I am assuming it is books), you can look at completed auctions on eBay as a start for each item. You can also search
on ABE or alibris, you can look at what Bett's Bookstore, Camelot Books, Bad Moon Books, Lloyd Currey, Barry Levin, Dave Hutcheson value them at.

Anyone else want to have a go at it?


I guess that it's only for USA (and better not to have an issue with a foreign company if there was to be the claim neeeded).
I dont remember what company uses Mr Rabbit Trick, but same I guess that it would only be relevant for UK citizens...


I thought that my books were part of my flat insurance value, but apparently it is not included. I could get a "collection" option, but those need to go through an expert valuation (which would both cost money and be hassle I think).

I also do not know what to do because my wife has created some artwork and will be part of an exhibition next month where she'll try to sell some. But we worry about and potential damages. An issue is that she's not registered as a freelancer, so technically she couldn't register to a professional insurance.
Any tips?

[herbertwest]

How do you value an item that you KNOW will be extremely unlikely to be replacable?

[Randall Flagg]

Fair market value. What would it sell for on the open market if auctioned.

[amd013]

A while back, someone posted the Insurance company that Stu uses. Anyone have their info and web site?. Thanks.

It is Collectibles Insurance Services. I use them too. They are very easy to insure with. Fortunately I have not had a claim but that also means that I don't know if they are easy to work with in that respect or not.

http://www.collectinsure.com/

Have any of you who use this company had a claim? If so how did it go? Anybody have a claim with any other company?

[amd013]

A while back, someone posted the Insurance company that Stu uses. Anyone have their info and web site?. Thanks.

It is Collectibles Insurance Services. I use them too. They are very easy to insure with. Fortunately I have not had a claim but that also means that I don't know if they are easy to work with in that respect or not.

http://www.collectinsure.com/

Have any of you who use this company had a claim? If so how did it go? Anybody have a claim with any other company?

Well, I guess this in a corner of the site few people frequent. Either that or no one has been unfortunate enough to have to make a claim. Is this company still the go to company for insuring your collectables?

[becca69]

I just insured my collection with Collectibles Insurance. I went with them because they also insure art. There is also American Collector’s Insurance.

I also confirmed with Bob that this is still the company he uses.

[cit74]

And I went with American Collection - only because I checked with USAA (my insurance company) who did not cover books - but they partner with American collection - and you get a slight discount (10%). Also very easy to work with - it was quick, only have to document/list books valued over $2000 and supply a picture of book /upload online. Plus I have no art ;)

Heck with Misery limited and lettered coming my way - figured it was about time

[Hunchback Jack]

Also very easy to work with - it was quick, only have to document/list books valued over $2000 and supply a picture of book /upload online.

But they will cover your whole collection, not just the >$2000 items? You only need to document the big ticket items?

HBJ

[becca69]

Also very easy to work with - it was quick, only have to document/list books valued over $2000 and supply a picture of book /upload online.

But they will cover your whole collection, not just the >$2000 items? You only need to document the big ticket items?

HBJ

You tell them how much coverage you need for your collection and you have to inventory those items above $2K for ACI or above $25K for Collectibles Insurance. They will need some proof of what you own if you need to make a claim. They will accept photos, receipts, inventory list, appraisals. So keep at least a photo of everything in a cloud storage or offsite. They also will only insure up to the amount of what you purchased.

I purchased $100,000 policy, so they will only insure up to that amount in a total loss or if the books damaged, stolen or destroyed amount to that.

[Hunchback Jack]

Thanks, Becca. That's very helpful.

[amd013]

So I have just gone through the arduous task of inventoring my collection (well only the SK portion, since that is about 95% of it). So I have totaled up the amount I paid for everything (including remarques, slipcases, and in some cases shipping). So obvious, most of everything is either worth the same or more (I think only a few items I overpaid for, and one I overpaid, it was probably not much, but then there are other things that have significantly appreciated, such as Suntup Misery Limited).

So my question is, should I insure for a certain percentage more then what I paid? If so, by howmuch? Was thinking of a 25%-50% padding. (the inventory doesn't include any preordered books, so that should be taken into account eventually)

Thanks for you comments.
Mike

[Randall Flagg]

I could be terribly mistaken, but pad all you want, just don't expect in case of a loss to be paid anything but (if you are lucky) current market value, minus betterment. Of course read the fine print of the policy.

[NiceM]

So I have just gone through the arduous task of inventoring my collection (well only the SK portion, since that is about 95% of it). So I have totaled up the amount I paid for everything (including remarques, slipcases, and in some cases shipping). So obvious, most of everything is either worth the same or more (I think only a few items I overpaid for, and one I overpaid, it was probably not much, but then there are other things that have significantly appreciated, such as Suntup Misery Limited).

So my question is, should I insure for a certain percentage more then what I paid? If so, by howmuch? Was thinking of a 25%-50% padding. (the inventory doesn't include any preordered books, so that should be taken into account eventually)

Thanks for you comments.
Mike

I just went through the process of insuring my collectible book and LEGO collection. I insured for what I think I need to spend to replace everything if it went up entirely in flames (the HORROR!). They base the premium on total value. I based that on what the books go for or recently went for on secondary market (eBay / Abebooks). That is 100-125% of real prices in reality
Depending on your total value its a decision based on what you feel comfortable with and with it will cost you in insurance premiums.

[Kingfan24]

I’d love to know if anyone has ever filed a claim with collect insure. Did they pay out? How easy was it? Did they pay full values?

[webstar1000]

I’d love to know if anyone has ever filed a claim with collect insure. Did they pay out? How easy was it? Did they pay full values?

Ask Gerald Winters.

[Kingfan24]

I’d love to know if anyone has ever filed a claim with collect insure. Did they pay out? How easy was it? Did they pay full values?

Ask Gerald Winters.

😂 pass

[peripheral]

😂😂😂😂

[HONKYTONKSMASH]

Thats funny shit right there

[BadHatHarry]

Is there any substantive difference between American Collectors and Collectibles Insurance? With a USAA discount, AC came in about $150/year cheaper than CI, but if one is easier to deal with and/or markedly better in case of a claim, then that's not a huge difference.

[amd013]

When I was robbed, I made a claim with my normal home owners insurance. I used the values that Jerome gave me (slightly adjusted a few). At first they used some formula to calculate depreciation based on the age of the book. But then I complained stating that the value I gave was the current replacement value and that these books don't depreciate, but rather appreciate. She agreed and adjusted the values and sent me another check.

I checked with my home owners insurance several months earlier how much it would cost to insure my collection for $100K, and they said it would be about $50/mo. So I passed. Looks like a good decision, since I got my money anyway through normal home owners insurance.

[becca69]

Is there any substantive difference between American Collectors and Collectibles Insurance? With a USAA discount, AC came in about $150/year cheaper than CI, but if one is easier to deal with and/or markedly better in case of a claim, then that's not a huge difference.

AC doesn't insure artwork. Also I don't think they insure when it's off premises or being shipped.

[BadHatHarry]

When I was robbed, I made a claim with my normal home owners insurance. I used the values that Jerome gave me (slightly adjusted a few). At first they used some formula to calculate depreciation based on the age of the book. But then I complained stating that the value I gave was the current replacement value and that these books don't depreciate, but rather appreciate. She agreed and adjusted the values and sent me another check.

I checked with my home owners insurance several months earlier how much it would cost to insure my collection for $100K, and they said it would be about $50/mo. So I passed. Looks like a good decision, since I got my money anyway through normal home owners insurance.

I've got a 2% deductible, though.