Homeowners Insurance

[Ampico66]

Does anyone have an insurance plan they feel is adequate to compensate them for their collection in case of total loss to their home due to fire, flood, natural disaster, etc.? Any advice? I'm currently with State Farm and my agent, as well as others, have told me that I would have to get everything appraised and buy supplemental insurance. It sounds like a pain.

[Steve]

I would have to get everything appraised and buy supplemental insurance. It sounds like a pain.

Well it's a pain either way, these days there's little way around it whichever route you go down. I have got a dedicated special policy that covers my collection only and is a supplement to the main house policy. The good news is that in recent years the premiums for THESE policies have actually come down in cost! Is it because collectors are throwing things away or floggng off the family silver to buy gas and food? Anyway no house policy can cover me for what I need so I added a separate policy about 10 years ago. Every year I get a reminder and I simply complete an online form updating my collection and agree how much I want. At least I don't have to explain to some young kid in a call centre what a gramophone is!

You should have similar policies in existence in the States.

[FloridaClay]

Based on the info I got from USAA, my main insurer, regular homeowner's policies don't adequately cover antique collections here in the U.S. They put me in touch with American Collectors Insurance Co. (http://www.americancollectors.com) Individual items worth more than $2,000 have to be "scheduled," but that is not hard. It just means that they are listed individually with their insurance value. You get lump coverage in the amount you want for the under $2,000 items. It is pretty inexpensive and well worth having. They can answer your questions about when appraisals are required (often they aren't), etc.

As an aside, thanks for your question as it reminded me that I need to have a good look to see if I need to update my coverage.

Clay

[Steve]

Based on the info I got from USAA, my main insurer, regular homeowner's policies don't adequately cover antique collections here in the U.S. They put me in touch with American Collectors Insurance Co. (http://www.americancollectors.com) Individual items worth more than $2,000 have to be "scheduled," but that is not hard. It just means that they are listed individually with their insurance value. You get lump coverage in the amount you want for the under $2,000 items. It is pretty inexpensive and well worth having. They can answer your questions about when appraisals are required (often they aren't), etc

That sounds near enough identical to what I have in place currently.

[Valecnik]

I have something like Clay described. Lump sum insurance based on a list of machines, serial numbers, serial numbers on the reproducers etcetera all laid out in an excel spreadsheet. Only the most expensive items required an appraisal from someone recognized in the trade. I don't recall the amount of the cutoff but it was high enough that only a very few machiines required that appraisal.

I just added a lump sum for records, by type, cylinder, disc etcetera based on an average value.


Even though I had available detailed individual pics of the machines, the agent had to come to the house and take her own pics, showing the collection in the location and, I guess, allowing her to confirm they were all actually there.
I'm pretty sure I would not be totally covered case of a catastrophic accident like a fire but I'm guessing I'd get 80% assuming they honored the claim.

The price was not unreasonable.

[FloridaClay]

PS As I recall, American Collectors does not cover records, so you might want to check that if you talk to them.

Clay

[rodpickett]

Ask your State Farm agent to research a Fine Arts Policy. They cover my entire collection via this policy which will require an itemized list of the items (phonograph, records, etc.) you want insured and the coverage amount you want on each. No appraisal required.