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Thread: HOW TO: Insure Your Collectibles

  1. #26
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    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...

  2. #27
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    Quote Originally Posted by wizardsrainbow View Post
    Quote Originally Posted by jcf817 View Post
    Quote Originally Posted by carlosdetweiller View Post
    Quote Originally Posted by Patrick View Post
    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?
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  3. #28
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    How do you value an item that you KNOW will be extremely unlikely to be replacable?
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  4. #29
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    Fair market value. What would it sell for on the open market if auctioned.

  5. #30
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    Quote Originally Posted by carlosdetweiller View Post
    Quote Originally Posted by Fsmdr View Post
    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?
    Wanted:

    'Salem's Lot Portfolio #606

    Blockade Billy Lettered edition

  6. #31
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    Quote Originally Posted by amd013 View Post
    Quote Originally Posted by carlosdetweiller View Post
    Quote Originally Posted by Fsmdr View Post
    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?
    Wanted:

    'Salem's Lot Portfolio #606

    Blockade Billy Lettered edition

  7. #32
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    I just insured my collection with Collectibles Insurance. I went with them because they also insure art. There is also American Collectors Insurance.

    I also confirmed with Bob that this is still the company he uses.
    Wanted: Human skin edition of The Book of the Dead. Will accept PC copy.

  8. #33
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    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
    Wanted:
    Gunslinger s/l #344
    Drawing of The Three s/l #344


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  9. #34
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    Quote Originally Posted by cit74 View Post
    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
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  10. #35
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    Quote Originally Posted by Hunchback Jack View Post
    Quote Originally Posted by cit74 View Post
    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.
    Wanted: Human skin edition of The Book of the Dead. Will accept PC copy.

  11. #36
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    Thanks, Becca. That's very helpful.
    If you don't know what you want," the doorman said, "you end up with a lot you don't.
    ― Chuck Palahniuk, Fight Club

    Looking for SubPress Lettered::
    Angel's Game and Prisoner of Heaven
    Wolf's Hour
    Mister Slaughter
    Ilium

  12. #37
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    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
    Wanted:

    'Salem's Lot Portfolio #606

    Blockade Billy Lettered edition

  13. #38
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    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.

  14. #39
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    Quote Originally Posted by amd013 View Post
    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.

  15. #40
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    Id 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?
    Wanted:

    Any Sk art portfolios
    Lsoe gift
    Salem's Lot Prints and Traycase!

    ANY SK S/l #54 or #464

  16. #41
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    Quote Originally Posted by Kingfan24 View Post
    Id 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.
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  17. #42
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    Quote Originally Posted by webstar1000 View Post
    Quote Originally Posted by Kingfan24 View Post
    Id 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
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    Any Sk art portfolios
    Lsoe gift
    Salem's Lot Prints and Traycase!

    ANY SK S/l #54 or #464

  18. #43
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  20. #45
    Gunslinger Apprentice BadHatHarry is on a distinguished road

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    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.

  21. #46
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    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.
    Wanted:

    'Salem's Lot Portfolio #606

    Blockade Billy Lettered edition

  22. #47
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    Quote Originally Posted by BadHatHarry View Post
    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.
    Wanted: Human skin edition of The Book of the Dead. Will accept PC copy.

  23. #48
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    Quote Originally Posted by amd013 View Post
    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.

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