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Post by Roback on May 18, 2004 12:18:06 GMT -5
Has anyone ever thought to insure your collection? We've all heard horror stories on house fires so i'm thinking more and more of adding to my home owners poilcy. The rates are reasonable and the protection is thorough. Any thoughts on this??
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Post by BullocK on May 18, 2004 12:25:23 GMT -5
[shadow=red,left,300]I've tossed around the idea, especially over this last year. I just haven't really had the time to delve into that matter further. A collection represents the time and hard work one has spent (and in your case Roback, a virtual history of Mego..some of which can never be replaced) and to lose it all in one fell swoop, without any compensation.... Perhaps I need to make time to talk to various insurance agents...[/shadow]
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Post by levere on May 18, 2004 14:13:53 GMT -5
Sorry for saying so but if your collection is more than a handful of figures, you are foolish if you haven't already insured it. Like Bullock said, think of the time and money you've put into it. If something ever happened to it, could you afford to take the loss and rebuild your collection?
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Post by reideen1313 on May 18, 2004 15:06:57 GMT -5
Speaking as a licensed insurance agent I can make some recommendations.
Check your homeowner's insurance policy first. The amount of coverage will vary, if it doesn't seem to be sufficient to cover the $$ value of your collection, you can add an Antique/Specialty rider to it for a small amount. The cost of the rider will vary based on the dollar amount of the goods you are covering.
No matter what your agent tells you - there is no need to purchase a seperate policy.
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Post by Roback on May 18, 2004 18:04:31 GMT -5
I have and i believe you are correct as far as my homeowners policy covering me. The question is the replacement value. I've been told that an insurance policy by a company who specializes in this area is the way to go. Although i am sure my homeowners covers it i am just unsure to what extent.
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Post by Faithfulbutler on May 18, 2004 19:08:23 GMT -5
My home insurance covers my collection for replacement value as long as i keep a catalogue of everything i own,prices etc.I am so far behind in cataloguing my stuff though it's ridiculous.About 1/3 is in an old catalogue program i used,another 1/3 is in a new catalogue program and the balance i haven't got down anywhere.Slack HUH?
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Post by reideen1313 on May 18, 2004 20:05:32 GMT -5
FB is correct! As long as you document your collection, and keep your documentation up to date, your homeowner's policy (and any additional rider) should be sufficient to cover it's replacement value. Sounds to me like your agent either doesn't want to cover your collection, or they simply don't know what they're talking about. I'm licensed in 40 states currently, so in most cases, the information above should be valid.
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Post by BlackBat on May 18, 2004 20:11:56 GMT -5
LOL, this is too funny. I'm an insurance special claims investigator, and I never thought I'd be talking policy info on one of my bat boards.
The above info is correct, but make sure that you have replacement cost value, and not an ACV (actual cost value) policy....you'd be suprised how many people think they have one when they really have the other.
~Tim
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Post by Faithfulbutler on May 18, 2004 20:20:59 GMT -5
The above info is correct, but make sure that you have replacement cost value, and not an ACV (actual cost value) policy....you'd be suprised how many people think they have one when they really have the other. ~Tim I actually keep both in my collection records,always have.It just seemed to make more sense.
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Post by ThatBlockoGuy on May 18, 2004 22:34:23 GMT -5
This has been one of the coolest threads we've had here in a while, I'm not sure why and I'm not being sarcastic either. Just by reading it I've actually learned something. Thank you. We should have a "Practical side of collecting" thread or section. Also, since most of us have areas of expertise outside of our common love of the bat, it would be nice to also have a place to exchange other types of useful information. Feedback?
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Post by levere on May 19, 2004 11:07:51 GMT -5
Since you've got home owners covered, perhaps one of you guys "in the know" could tell house/apartment renters how they could go about insuring their collections.
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Post by Frosty Fries on May 19, 2004 12:30:37 GMT -5
Since you've got home owners covered, perhaps one of you guys "in the know" could tell house/apartment renters how they could go about insuring their collections. Hey everyone, Yeah, I would like to hear what my best options would be for renters insurance since I'll be moving to another place this August and is strongly considering to get started on insuring my collection. I've been putting it off for way too long already. Been lucky so far that nothing bad has happened yet. Cheers, Frosty
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Post by shadowbat on May 19, 2004 16:32:54 GMT -5
when i bought my house 3 years ago i asked my agent about this. they have a seperate rider for collections, the premium is based on the value of a collection. all i'd have to do is catalog each individual piece. now, i'm new here and i don't have a scanner or digital camera to show you guys, but my collection is rather big. also i would have to catalog each issue of my comics, individually. so i passed.
on more on my collection i'll put a post on the collector thread.
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Post by MANBAT on May 20, 2004 7:41:37 GMT -5
on May 18th, 2004, 9:11pm, BlackBat wrote:The above info is correct, but make sure that you have replacement cost value, and not an ACV (actual cost value) policy....you'd be suprised how many people think they have one when they really have the other. ~Tim I actually keep both in my collection records,always have.It just seemed to make more sense. What blackbat was referring to was the actual policy type, a replacement cost value policy will replace your property based on what was lost and what it cost to replace it. Where as an actual cost policy will only pay out what you actually paid for the item, example…I bought this comic book for 35 cents, but today its worth $400 dollars a ACV policy would pay me 35 cents, a RCV policy would give me the $400 dollars to buy a new one. This is an important fact to keep in mind.
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Post by Faithfulbutler on May 20, 2004 8:40:38 GMT -5
What blackbat was referring to was the actual policy type, a replacement cost value policy will replace your property based on what was lost and what it cost to replace it. Where as an actual cost policy will only pay out what you actually paid for the item, example…I bought this comic book for 35 cents, but today its worth $400 dollars a ACV policy would pay me 35 cents, a RCV policy would give me the $400 dollars to buy a new one. This is an important fact to keep in mind. I probably did'nt word that quite right but i have RCV type policy covering my stuff.I just meant that i like to keep a record of what i paid in the first place and what the actual current value is for the insurance purposes.Either way i will never part with any of it but it's important to keep your records straight IMO.I review it annually as the policy comes around.
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Post by PJ on May 20, 2004 12:27:22 GMT -5
Roback, If I had your Mego collection I'd add the insurance. PJ
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Post by Roback on May 20, 2004 21:36:54 GMT -5
Absolutely PJ, i just started the process today as a matter of fact. better to be safe than sorry! ;D
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