Can you insure your collection?

[tkjaer21]

Just wondering, and if you would do so. I've seen some pretty large collections out there.

[VMF115]

Just wondering, and if you would do so. I've seen some pretty large collections out there.

Yes you can, I believe they need pictures and receipts, and I would get replacement clause, you can insure just about anything.

[ostketten]

Just wondering, and if you would do so. I've seen some pretty large collections out there.

You can insure anything if you're willing to pay the premiums, ever hear of Lloyds Of London?? But seriously, most homeowners policies insure your "collectibles" up to a certain limit, but check your companies policy to find out more. If your stuff exceeds that limit you'll need what's known as a "rider" which is an addition to your basic policy, and of course it costs extra. People who have high value collections like coins, stamps, and the like usually have riders on their policies to cover replacement in the event of some disaster or theft, but they normally have to inventory and document the stuff pretty thoroughly with photos and such before the insurance company will grant the rider. Your mileage may vary, so check with your insurer.

[tkjaer21]

Many thanks, I do not have the reciepts but I'l check into it with my insurance agency.

[Threetoughtrucks]

I have worked for an insurance company and once upon a time I was a claims adjuster.

The key with a rider is to document each plane or vehicle with receipts, pictures and if you get replacement value you must prove that the item is now more costly than you originally paid for it. Ebay is good to prove what an item is worth, when you see a high priced auction, print out the auction detail if you are setting an insurance price on something no longer available.

A rider on a homeowners or renters policy is fairly cheap.

The most important thing to remember is not to keep all this documentation records in your house. Remember those pics of Katrina damage. Water or fire destroys paper. Does a number on computers also. "Off site" storage of a back-up is a must.

TTT