Slotcars on your homeowners/renters insurance?

[Grandcheapskate]

Originally Posted by win43

I too have a seperate policy ($10,000) for my collections. It runs me less then $200 a year ($186 I think). What a good idea to take pics of everything. They never mentioned that to me.

That would be 1.86% per year of the estimated value, even higher than I was paying. After about 6 years, you've paid 10% of the value (assuming you convince them it was worth $10k).

And if your collection is estimated at 5 times as much, which as I've pointed out is not a hard number to achieve, you're talking about $900 per year, which I'll bet is far more than the premium on the whole house (and contents).

My agent came over to verify I had loads of slot cars, but I also gave them a spreadsheet with everything on it, including the estimated price. Of course, you'd have to constantly update that spreadsheet whenever there's a significant change in the contents.

So yes, insurance is a good idea. But it is very costly, even at 1% of the value. Whether you have insurance or not, taking pictures and keeping a spreadsheet are two excellent ideas. Just keep both safe, like in a safe deposit box.

Joe

[TUFFONE]

[quote=win43;3059684]Yeah what he said ......

I too have a seperate policy ($10,000) for my collections. It runs me less then $200 a year ($186 I think). What a good idea to take pics of everything. They never mentioned that to me.

I also have a seperate collectable and toy insurance policy that covers my slot cars, trains, models, non-sports cards, almost any collection. It does not cover sports cards, stamps, or coins if I remember correctly.The collection or parts of are covered in shipping(to some extent) and in transit(to or from a show or moving). No inventory is required. The policy gives about $70,000 in protection for about $350.00 per year.