Insurance question and possible head's up for collectors.

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Ryanfromindiana

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So I'm not in a great mood and don't want to go into detail, but I have had several things stolen including some Sideshow stuff that I found out about today. After talking about it with my father who is a retired insurance agent (haven't talked to them yet....have to wait til Monday) my homeowners will cover it, but I will have to pay the deductible and it will only cover the original value of the item, not any appreciation since purchase. I'm going to assume he is right since he hasn't been retired that long and did it for 55 years. The question I guess I have is how do we cover our collections for their true values? I should have asked him but got disgusted and wanted to get off the phone and just thought about it now. I always thought my insurance would cover the replacement value of the piece. :(
 
Sorry to hear. I'd be shocked if they cover more than $1000 total between all your items.
 
Sorry to hear about that man, I hope it works out in the end for you. After talking with my insurance company I did a
whole new separate policy for my collection. I found out that with my regular homeowners insurance would only cover
around $2500 for collectables/art. Now with the new policy it covers what the pieces are worth now not what they retailed
for. My separate policy is about $200 extra a year for 75k. I hope any of this helps.
 
It's gonna be pretty rough but it could have been worse. They left a gray Hulk pf and original Venom 1:1 but took a bunch of outdated home theatre equipment. Ugggg. They did get some good stuff but they had no idea what they were taking. :( I guess I will be asking about a seperate policy Monday....how do they determine the value?
 
That sucks :( I made a check with my insurance company a while back and they offer the replacement value on any house contents. For goods no longer available for purchase through regular stores, they told me that getting a range of ebay quotes on particular items was fine.
 
It's gonna be pretty rough but it could have been worse. They left a gray Hulk pf and original Venom 1:1 but took a bunch of outdated home theatre equipment. Ugggg. They did get some good stuff but they had no idea what they were taking. :( I guess I will be asking about a seperate policy Monday....how do they determine the value?


Was your stuff numbered? Keep your eye on eBay to see if anything shows up there. They might be stupid enough to post the numbers. Also, keep your eye on where their location is.

People can be pretty stupid.

Sorry about your stuff. I hope you can replace it.

Some insurance policies will pay you replacement cost or what it is worth now, depending on which policy you have.

When my father's tools were all stolen, thousands of dollars worth, he got replacement costs and they pretty much took his word for it.
 
It's so worth it bro. I've had them covering my collection the last three years and never had a problem with them.

Has anyone ever had to make a claim with them? I always thought their site and such looked a little hokey. I'm going to talk with my agent about a separate policy Monday...I'll let you all know how it shakes out.
 
Has anyone ever had to make a claim with them? I always thought their site and such looked a little hokey. I'm going to talk with my agent about a separate policy Monday...I'll let you all know how it shakes out.

I've made two claims with them. $700+ & $600+, for statues that I've accidentally broken respectively. To me this is the best collectors insurance comp. hands down. I think each claim took me all of two weeks from filing claim to a check being sent to me. Don't know how much better it can get. They also honor the current value of your collection.
 
Insurance is definitely a good idea and now that I've started writing up the estimate for the collectibles insurance agency, I am glad I'm getting started. We have way more than we thought we did. Yikes.
 
Check your local flea markets and Pawn Shops as well as ebay. Thats sucks. Hope all works out.
 
Hmmm... I never really thought about losing specific items. When we did the insurance policy for the house everything was included; and part of that was the current value of my collection.

I know if there was a total loss of the home I'd get back a large sum of money for the collection; but don't know how individual pieces would work? I'll need to look into that.
 
I have a separate policy for all of my items but it is only for what I purchased them for, which for the most part is fine with me. I would rather at least get something back than nothing else. I might look into one of those separate ones at some point.
 
So I'm not in a great mood and don't want to go into detail, but I have had several things stolen including some Sideshow stuff that I found out about today. After talking about it with my father who is a retired insurance agent (haven't talked to them yet....have to wait til Monday) my homeowners will cover it, but I will have to pay the deductible and it will only cover the original value of the item, not any appreciation since purchase. I'm going to assume he is right since he hasn't been retired that long and did it for 55 years. The question I guess I have is how do we cover our collections for their true values? I should have asked him but got disgusted and wanted to get off the phone and just thought about it now. I always thought my insurance would cover the replacement value of the piece. :(

Has anyone ever had to make a claim with them? I always thought their site and such looked a little hokey. I'm going to talk with my agent about a separate policy Monday...I'll let you all know how it shakes out.

I would imagine this is just like any claim with an insurance company and they'll be wanting to fork out as little as possible and will, if you don't do all the work for them. Your best bet would be to find a price guide like ToyFare or Lee's Toy Review (I don't think Overstreet even touches toys) or even find and print out completed ebaY auctions documenting the value of your items currently. Their obligation is to replace what you had. You can't do that at a bottom dollar payout. They'll have to honor it up to their maximum payout so long as you paid the deductible and have evidence proving the appreciated values of the items you insured with them.
 
Hmmm... I never really thought about losing specific items. When we did the insurance policy for the house everything was included; and part of that was the current value of my collection.

I know if there was a total loss of the home I'd get back a large sum of money for the collection; but don't know how individual pieces would work? I'll need to look into that.

I have a separate policy for all of my items but it is only for what I purchased them for, which for the most part is fine with me. I would rather at least get something back than nothing else. I might look into one of those separate ones at some point.

So how would that work with an ever changing collection? Do they need to know exactly what each individual figure is worth (regarless of whether its current value or MISB) and when you either remove or add to the collection you have to tell them and they adjust the policy? Or is it for the whole group of items?

Just seems like something really easy to pull something phoney off. Tired of an item, don't want to deal with the hassell of selling it, so you accidently knock it off the shelf. Oops.

Wonder how they protect themselves from that stuff?
 
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