Insurance for the collection.

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Keegan

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I was doing some figuring today on the rough value of my collection and realized it might be a good idea to insure it somehow. Thought I’d reach out to the board to see if anyone has any experience in doing this. My situation is somewhat unusual as I live in an airstream without a fixed address per say, so rental or home owners insurance doesn’t apply. I keep my figs in my art studio/office. Maybe I would insure the office, or the collection specifically? Any advice would be appreciated!

Apologies if this is in the wrong forum section and Mods please move if so.
 
I, too, share your concerns if someone could please chime in. For me, the circumstances are a bit different. Around where I live there have been a series of burglaries, so I'm a bit worried.

But first comes the infrared lasers and gun turrets.
Then comes the insurance.
 
I don't live in america, so I dont know. My home insurance cover both my figure and comics collection, I have asked. I would say get an office insurance and ask.
The best way to stop thieves is to share the wealth. If nobody is poor, there's no reason to steal. It's quite simple. In four years, elect someone who will fight for the poor. Till then - fight locally for distributing the wealth
 
I don't live in america, so I dont know. My home insurance cover both my figure and comics collection, I have asked. I would say get an office insurance and ask.
The best way to stop thieves is to share the wealth. If nobody is poor, there's no reason to steal. It's quite simple. In four years, elect someone who will fight for the poor. Till then - fight locally for distributing the wealth

Man after my own heart :wink1:
 
Most people steal to support drug habit. It really isn't "quite simple".

I really want to say more but I can't due to board policy. Gnaws fist
 
I definitely share your concern, given that I've got over 50 figures by this point. I live in an ok neighborhood and I've secured the place as best as I could (short of installing an actual security system), but I'm still away at work for 10 hours a day and have this vague worry in the back of my mind that someone might break in some day and steal everything.
 
Unless they know your collection and it's value, most thieves will skip carrying a 24 inch breakable statue, or the 12 inch toys, or the comics. They are looking for electronics, guns, jewelry, cash. Things that they can easily move on the streets or a pawn shop. I wouldn't get the insurance for fear of theft.

What the insurance is good for is stuff that will destroy your home like fires and natural disasters.
 
I don't live in america, so I dont know. My home insurance cover both my figure and comics collection, I have asked. I would say get an office insurance and ask.
The best way to stop thieves is to share the wealth. If nobody is poor, there's no reason to steal. It's quite simple. In four years, elect someone who will fight for the poor. Till then - fight locally for distributing the wealth

This does play a part but there are other factors but I'm sure you weren't saying this one solution would solve the world's theft problem.

Unless they know your collection and it's value, most thieves will skip carrying a 24 inch breakable statue, or the 12 inch toys, or the comics. They are looking for electronics, guns, jewelry, cash. Things that they can easily move on the streets or a pawn shop. I wouldn't get the insurance for fear of theft.

What the insurance is good for is stuff that will destroy your home like fires and natural disasters.

:goodpost:
 
I added an addition rider to my policy with an approximation of my collection's value. Like some have said, the fear of theft is pretty minimal, it's really to cover disaster type stuff. If someone wants to rent a U-Haul and load up my Star Wars statues, good luck :)
 
Unless they know your collection and it's value, most thieves will skip carrying a 24 inch breakable statue, or the 12 inch toys, or the comics. They are looking for electronics, guns, jewelry, cash. Things that they can easily move on the streets or a pawn shop. I wouldn't get the insurance for fear of theft.

What the insurance is good for is stuff that will destroy your home like fires and natural disasters.

I agree with Kebron. Thieves go after the items they can sell quickly. Most thieves are stupid & uneducated on anything that matters.
 
As far as I know, living in a home you should be covered if you get content insurance for your home/office whatever. If you have a particularly extensive collection you may need specific appraisal to be done for accurate values. This is something I face as my comic collection grows I'm size and value. But unless you've got something really exceptional requiring special circumstances or coverage you should be fine with content insurance. But speak to your insurance adcisor/carrier for details of your own coverage.

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Guys, don't assume your home insurance covers. Please check with your agent. That is why I got a separate insurance for collectible in case of fire or thief.
 
Just do a Google search for "Collectibles Insurance". It's out there.

Other options. We have a 'personal articles' policy on my wife's engagement ring. You can probably get something similar, though you'd need an official appraisal. Also might be able to have it covered under standard homeowners' or renters' insurance, provided it's declared under the policy and the policy is big enough to cover the value. Ask your agent on that one. Generally speaking, insurance is a mechanism for transferring risk for large financial problems you can't cover on your own. Most smallish value items aren't worth the coverage ... even if it's a bunch of $200 action figures.

Losing a toy collection doesn't strike me as a problem that needs risk-transfer. They're mass-market retail 'collectibles', not real collectibles (like fine art, or archeological artifacts, or antique guns, or something). They're not irreplaceable or of historical or intrinsic value. You have no liability risk. They can't bankrupt you. Their disappearance wouldn't ruin your life -- or even really disrupt it (like losing your daily-driver car would). They're moderately expensive toys. I'd probably self-insure them ... meaning, absorb the risk of replacing them myself, if I were so inclined.

But, if you have enough of them, I guess it could be worth the cost.

SnakeDoc
 
Just do a Google search for "Collectibles Insurance". It's out there.

Other options. We have a 'personal articles' policy on my wife's engagement ring. You can probably get something similar, though you'd need an official appraisal. Also might be able to have it covered under standard homeowners' or renters' insurance, provided it's declared under the policy and the policy is big enough to cover the value. Ask your agent on that one. Generally speaking, insurance is a mechanism for transferring risk for large financial problems you can't cover on your own. Most smallish value items aren't worth the coverage ... even if it's a bunch of $200 action figures.

Losing a toy collection doesn't strike me as a problem that needs risk-transfer. They're mass-market retail 'collectibles', not real collectibles (like fine art, or archeological artifacts, or antique guns, or something). They're not irreplaceable or of historical or intrinsic value. You have no liability risk. They can't bankrupt you. Their disappearance wouldn't ruin your life -- or even really disrupt it (like losing your daily-driver car would). They're moderately expensive toys. I'd probably self-insure them ... meaning, absorb the risk of replacing them myself, if I were so inclined.

But, if you have enough of them, I guess it could be worth the cost.

SnakeDoc

Theres a chance I might break 150 figures this year. A good chunk of them customs I put together myself and are virtually irreplaceable. $200 intervals add up quickly when you've been collecting for years.

Personally id be devastated if the collection I spent years putting together was lost or destroyed.
 
Thanks so much for the thoughtful responses everyone! Always good to hear different perspectives.

I think I'm more inclined to go with a collectibles-specific provider since I'm happily not tied to renters or HO insurance right now. I'm often not at my studio for days at a time and the security isn't the greatest so 10 or 12 bucks a month seems a small price to pay for a little peace of mind should something go down.

As for the other conversation lurking through the thread, I appreciate everyone's restraint. I know it's tough to hold back these days but I, for one, am REALLY happy that the freaks is a place where I can catch a break from the goings-on of the world and just enjoy our mutual hobby.

:duff
 
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