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01-07-2012, 03:10 PM | #21 |
Crimson Guard
Join Date: Feb 2009
Location: quad cities
Posts: 4,918
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It's added on to my homeowners insurance. I could purchase it seperately but it's cheaper as a package. I'm sure you could do the same with renters insurance, but I'm not a real estate agent, so don't take my word for it.
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01-07-2012, 03:36 PM | #22 |
Thin the Herd
Join Date: Feb 2009
Location: Wilmington, NC
Posts: 115
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Sounds like a lot but if you incorporate your collection (LLC, S-Corp, sole proprietorship) you can get small business insurance on your collection ("product stock"). Since most collectors buy and sell (Ebay or otherwise) to some extent it's not illegal at all. You also get the tax shelter for writing off toy purchases, fuel when toy shopping, the square footage of your toy space, etc. States vary on their procedures for incorporation but I have found it well worth the hastle.
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"I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very freedom that I provide, then questions the manner in which I provide it." |
01-07-2012, 03:37 PM | #23 |
Elevation: 945 ft
Join Date: Jun 2008
Location: Iowa
Posts: 2,639
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You should be able to add certain items to your policy by "scheduling" them under an endorsement to the policy. Scheduled Personal Property allows you to place certain things on the policy (like bikes, guitars, furs, jewelry) and have a specific value. The key with this is to speak to your local insurance agent to see if this endorsement applies to "collectables". Like everything in insurance, it all comes down to the policy language.
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01-07-2012, 03:41 PM | #24 |
Thin the Herd
Join Date: Feb 2009
Location: Wilmington, NC
Posts: 115
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Quote:
You should be able to add certain items to your policy by "scheduling" them under an endorsement to the policy. Scheduled Personal Property allows you to place certain things on the policy (like bikes, guitars, furs, jewelry) and have a specific value. The key with this is to speak to your local insurance agent to see if this endorsement applies to "collectables". Like everything in insurance, it all comes down to the policy language.
__________________
"I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very freedom that I provide, then questions the manner in which I provide it." |
01-07-2012, 03:46 PM | #25 |
I'm here for Cobra.
Join Date: Jul 2011
Location: Oregon, in the woods with the bears.
Posts: 16,370
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Quote:
For those of us who have USAA, they will not cover collectables under "valuable personal property policies". They will however cover guns, jewelry, cameras, and my floor length black mink coat. USAA has no policy to cover GI Joes. (As of 3ish years ago when I looked closely in to it. Advise if mistaken)
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01-07-2012, 03:47 PM | #26 |
I'm here for Cobra.
Join Date: Jul 2011
Location: Oregon, in the woods with the bears.
Posts: 16,370
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Quote:
Sounds like a lot but if you incorporate your collection (LLC, S-Corp, sole proprietorship) you can get small business insurance on your collection ("product stock"). Since most collectors buy and sell (Ebay or otherwise) to some extent it's not illegal at all. You also get the tax shelter for writing off toy purchases, fuel when toy shopping, the square footage of your toy space, etc. States vary on their procedures for incorporation but I have found it well worth the hastle.
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01-07-2012, 03:49 PM | #27 |
Thin the Herd
Join Date: Feb 2009
Location: Wilmington, NC
Posts: 115
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Just looked, I'm paying $250 a year for 25k in valuable personal property insurance with USAA. Not that that answers your question but it may give you a guideline.
__________________
"I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very freedom that I provide, then questions the manner in which I provide it." |
01-07-2012, 04:01 PM | #28 |
I'm here for Cobra.
Join Date: Jul 2011
Location: Oregon, in the woods with the bears.
Posts: 16,370
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Sorta, I have a lot of things covered under my valuable personal property insurance, wife's rings, computers, camera, etc, just wish I could get my collection covered properly with USAA, I know I can change coverage and it sounds like other insurance companies will cover it properly but at the end of the day I get a really good price on my vehicles and I have excellent customer service with USAA so I would not drop them over this. I will look in to other options maybe the business Ideal or some other collectors insurance company, I will shop around find the best price. Thanks for the inputs everyone.
Last edited by DaveViper; 01-07-2012 at 04:02 PM.. Reason: bad grammer |
01-07-2012, 05:45 PM | #29 |
Banned
Join Date: Jul 2008
Location: THE GARDEN STATE OF EDEN!
Posts: 25,591
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one of the months club comic book thing that they mail out had a thing about collectors ins. maybe someone can chime in and explain what t explained, because i just toss em after i get em, they are worthless.
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07-20-2012, 03:22 PM | #30 |
Cobra Viper
Join Date: Sep 2007
Location: San Antonio Texas!
Posts: 140
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Not to breathe life into an old thread, but I am wondering very similar things - I rent, so the best I can do is renters insurance. Most of the stuff in this house I would not care to replace, but as I have gotten married, my wife and I have nicer things, and then there is my collection, which in the last few years has grown in size and value to the point that I could not just "start over"...
Does anyone know anything about the collection insurance that you hear about? Just curious if anyone has any updates - Thanks |
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