Insurance, and I'm back
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Post Posted: Thu Jan 19, 2006 6:15 pm 
 

Thanks to all of you that kept me up to date on recent auctions, even though I didn't get a chance to bid on most (and beasterbrook beat me out on the interface mags I put a snipe in on).  I will likely be returning to collecting soon, the wife insisted we buy a house...so assuming I did my budgeting correctly, I should again have some free cash to spend.

The main purpose for this post is to find out if anyone else has tried to insure thier collection, and what steps/resources did you use.  I am considering adding extra insurance on my policy to cover my meager collection, however, as i have never done that before, I am not sure what I would need to present to show the value of the individual books.

Any advice/suggestions out there?

~jeff

  

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Post Posted: Thu Jan 19, 2006 7:21 pm 
 

Funny that you brought up this topic as I got to thinking about it and started asking my wife questions about it ( She's an account executive for St.Pauls-Travelers ) but she works in the Construction unit so she had to ask others.

Anyways, it's definitley insurable but  what the people she talked to seemed to question is what value could be paid out for D&D stuff if there's no "true" valuation guide. Even they all admitted it wasn't their expertise so they were just going by past experience/gut feelings and felt  there was someone better to ask.

I see their point as with my 1968 firebird 400.  I definitley paid more out doing the restoration than what the apraisal was ( I knew this but the car was so sentimental to us we didn't care ). I guess it would be the same for D&D stuff. Just because you pay $1600 for something that doesn't  mean you would get that if it were destroyed.

I'm sure there are ways to get/make a valuation guide that would be recognized by an apraiser I just don't know how it's done. If this
hobby of collecting D&D stuff  were more widespread there would probably be more guides. I would guess at the very least if you could get certified copies of auction results from Gen-Con that would help.

just my 2 cents...if it was worth even that.

  

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Post Posted: Thu Jan 19, 2006 7:31 pm 
 

I tried to get insure my stuff at a point in the past and the company wanted 10% of the value of the collection per year in premiums 8O

I told them to go f**ck themselves

J


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Post Posted: Thu Jan 19, 2006 7:38 pm 
 

Blackmoor wrote:I tried to get insure my stuff at a point in the past and the company wanted 10% of the value of the collection per year in premiums 8O

I told them to go f**ck themselves

Good idea.
I pay $190/yr. for $60,000 of coverage on philatelic items. Should not be that much more for RPG collectables.
Home insurance covers most of mine as they are classed as books up to a limit of $250 each.

  

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Post Posted: Fri Jan 20, 2006 1:38 pm 
 

faro wrote:
Blackmoor wrote:I tried to get insure my stuff at a point in the past and the company wanted 10% of the value of the collection per year in premiums 8O

I told them to go f**ck themselves

Good idea.
I pay $190/yr. for $60,000 of coverage on philatelic items. Should not be that much more for RPG collectables.
Home insurance covers most of mine as they are classed as books up to a limit of $250 each.


KingofPain's fiancee is in the insurance industry. She says Chubb insurance will handle collectibles...maybe King can chime in here with some advice.

Mike B.

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Post Posted: Sat Jan 21, 2006 2:36 am 
 

Badmike wrote:
faro wrote:
Blackmoor wrote:I tried to get insure my stuff at a point in the past and the company wanted 10% of the value of the collection per year in premiums 8O

I told them to go f**ck themselves

Good idea.
I pay $190/yr. for $60,000 of coverage on philatelic items. Should not be that much more for RPG collectables.
Home insurance covers most of mine as they are classed as books up to a limit of $250 each.


KingofPain's fiancee is in the insurance industry. She says Chubb insurance will handle collectibles...maybe King can chime in here with some advice.

Mike B.


Just looking over Chubb's website...I doubt that they would be serious about insuring anyone's RPG collection no matter how rare or expensive it is. From what I can tell, they insure high-dollar antique, wine, stamp, coin, jewelery, and car collections. From what I skimmed over they are very specialized in what they will insure and it would have to be worth a substantial dollar amount. It seems they will insure very rare memorabilia such as golden age comics or older baseball cards as well.

That reminds me...my fiance handled a claim awhile back and a guy had claimed several older game consoles (Atari, Sega Genesis, Nintendo 8-bit) in the list of items he lost in a fire. Apparently they werent going to be able to reimburse the guy for them because they had no idea what they were worth. She asked me what I thought they were worth since I collect vintage video games and I explained to her that they are now collectibles and should have some value attached to them for insurance purposes. I cant remember how much they ended up giving him but at least it was something.

  

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Post Posted: Sat Jan 21, 2006 4:27 am 
 

I spoke with my insurance company about my comic book collection several years ago. They stated that it could be covered under my home owner's insurance.



The steps that will most aid you in the event somethings happens are proof of what you have (and then proving their worth).



For instance, take many detailed pictures of everything. Itemize all your items (you can even grade them if you like) and note the appoximate value of each. Make sure these are stored somewhere outside your home as well. There are ways to establish value if the collectible nature is not widely known. The acaeum, itself, is a resource that you could use. As is ebay.





The reason it was not necessary for me to get additional insurance for the comics themselves, is they weren't nearly valuable enough to exceed my policy. For instance, say your policy covers you for 100,000 on replacing the contents of your house (this may be divided into other smaller limits such as a jewelry max, collectible max, etc.) Just because you can conceivably get $100,000 doesn't mean you will though . . . it is up to you to prove what you own and what it is worth. The contents of our house do not nearly equal the max coverage we have, which leaves me plenty of room to submit for reimbursement on collectibles.



If you have a detailed list, pics to prove it and a price guide to go by, that's a good case to submit to your insurance. Additionally, if you buy any big ticket items, you could save the receipt for additional proof.


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Post Posted: Wed Feb 15, 2006 8:37 pm 
 

In addition, you could get a rider for any item that you wanted to insure - either on homeowner's or renter's insurance.

Although I think that a rider on renter's insurance would be a little more expensive.

Yes. They will want pictures.

No. you won't get full value for your more recent Dragon Magazines (for example).
But you will probably get what you paid for the earlier ones.
Goes for the rares, also.

Probably subject to some actuarian doing some research on our hobby.

After We're done paying for the new car I'm going to convince my wife to insure my collection.


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Post Posted: Thu Feb 16, 2006 2:54 am 
 

I looked into it some years back (what it would take to insure my own collection).  In short, my insurance company *would* insure the collection under what they call a "Personal Articles Floater".  However, in determining replacement value, they require the collection be professionally appraised.

The American Society of Appraisers (don't know if there's other, similar organizations) will certify you as an appraiser if, among other qualifications, you have professionally worked in the particular field for a minimum of three years.  While this disqualifies myself (haven't worked professionally), I'd think it would leave the door open to resellers who could show that they earned a majority of their income from the business of selling RPG's.

Just a thought.

Foul

  

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Post Posted: Thu Feb 16, 2006 5:04 am 
 

FoulFoot wrote:While this disqualifies myself (haven't worked professionally), I'd think it would leave the door open to resellers who could show that they earned a majority of their income from the business of selling RPG's.

Interesting how things work in the US! Thanks for that info, Scott :)

Would be interesting that I might have to ask the likes of Dave Whitfield (coug) for an appraisal were the same system in operation here for RPG items.
(Philatelic-side, a couple of valuations from any dealer tied in with a recognised dealer's org. - regardless of their percentage income derived from such a source - were not essential, but didn't hurt...).

  


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Post Posted: Thu Feb 16, 2006 7:16 am 
 

faro wrote:Would be interesting that I might have to ask the likes of Dave Whitfield (coug) for an appraisal were the same system in operation here for RPG items.

Might not be such a bad thing if you needed to make a claim.

Based on his retail prices, your collection should treble in value! :D   Not so good news for the insurance premiums though. :(

  


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Post Posted: Thu Feb 16, 2006 10:39 am 
 

johnhuck wrote:
faro wrote:Would be interesting that I might have to ask the likes of Dave Whitfield (coug) for an appraisal were the same system in operation here for RPG items.

Might not be such a bad thing if you needed to make a claim.

Based on his retail prices, your collection should treble in value! :D   Not so good news for the insurance premiums though. :(

Nah, go with Creep if you want your value to jump.   Think of the OCEs... :)

 YIM  

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Post Posted: Thu Feb 16, 2006 11:13 am 
 

I had Quincey Koziol do some appraising for me a bunch of years ago when he owned Titan Games.  I'm sure Aaron at Noble Knight or Mike at Dragon's Trove could do the same today.

  
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