Are your collectibles insured?

I have a few 1/6 figures that are now fetching stupid money on ebay and I got to wondering how much I would have to outlay in the event that I lost them through fire, theft or flood.

I do have an insurance policy, but I wanted to make sure I 100% understood the fine print. So I called up my insurance company and they said I was covered for their replacement value. If it came to having to replace them, all I'd have to do is provide proof of ownership in the form of photographs or receipts, and a few ebay quotes which they'd average to determine the amount of the payout.

What about other freaks? Are your figures and statues properly covered for their actual value should they end up damaged, incinerated or stolen?

Give them another ring. Did you tell them how much they are worth as a collection? I guess it depends on how big your collection is and your policy. I'd have to insure mine under a separate policy, and it's expensive. Two or three figures, yeah they'll probably be covered under your general household items.

My collection is covered for their purchase price for damage/loss due to, theft, flood and fire only. My insurance policy does not extend to civil unrest, riots, war etc.

It is actually not a seperate policy but a subset under my overall home insurance policy and it is specifically stated that the collectibles payout will be up to a maximum of USD$75000. My current collection is worth way below that amount though ....

That's cool T, but I'm talking Australia not The Land Before Time.

creecher said:

Give them another ring. Did you tell them how much they are worth as a collection? I guess it depends on how big your collection is and your policy. I'd have to insure mine under a separate policy, and it's expensive. Two or three figures, yeah they'll probably be covered under your general household items.

Click to expand...

Yeh, they specifically asked about the value of the figures individually as opposed to as a collection, as they define a collection as being a group of objects that have a higher combined value than the individual parts sold separately.

In my case the figures are worth more separately than altogether, so for me they come under my general house and contents insurance - they advised me to simply keep my estimate updated to reflect the appreciation of the figures, whether I had 20 figures or 200 (I have 20).

I'm still suspicious. What you said in that first paragraph sounds like typical insurance jargon to me. Specifically, what THEY define as a collection as opposed to what they may define as a group of objects. Just a loop hole. Afterall, when is a collection worth more than their individual parts? As far as figures go, that is, because most here would probably say, sell your collection parted out, than as a whole.

Anyway, get it in writing because when things go wrong it doesn't matter what you thought, or are told on the phone, or even what your policy says. It's so easy for them to take the 'you're under insured' route or some other loop hole, like you needed to take out a separate policy, or whatever.

i need to get insurance ...may have to find out if my home insurance covers it

my statue/figure/kit collection is worth well over 20k and i should have looked into this log ago

Funny this popped up now because I am in the process of generating a master list of every 1/6 figure I have to submit to my insurance company for proof of coverage. My list is pretty detailed so anyone can get on ebay and type in my description from the list to see its value. This was done at the suggestion of the insurance company.

creecher said:

I'm still suspicious. What you said in that first paragraph sounds like typical insurance jargon to me. Specifically, what THEY define as a collection as opposed to what they may define as a group of objects. Just a loop hole. Afterall, when is a collection worth more than their individual parts? As far as figures go, that is, because most here would probably say, sell your collection parted out, than as a whole.

Anyway, get it in writing because when things go wrong it doesn't matter what you thought, or are told on the phone, or even what your policy says. It's so easy for them to take the 'you're under insured' route or some other loop hole, like you needed to take out a separate policy, or whatever.

Click to expand...

Yeh, thinking about this I will get it in writing - I'd hate for it to come to a claim and my only argument is 'what Susan told me when I called up x months ago'. But in terms of making a claim, it does make sense that if my house contents are insured for x dollars, then figures are just one component of this. If I lost everything in a fire, for example, then it wouldn't make any different to the insurance company what they paid out of the claim so long as it fell within that amount - unless they contested the replacement value of the items themselves. But I guess they might always seek to do this... yeh, I'll get it in writing

ali032373 said:

Funny this popped up now because I am in the process of generating a master list of every 1/6 figure I have to submit to my insurance company for proof of coverage. My list is pretty detailed so anyone can get on ebay and type in my description from the list to see its value. This was done at the suggestion of the insurance company.

Click to expand...

That's the other option I have also - I was told that I could itemise my collection and insure them for a specific value. But you'd have to do this every time a figure went up in value, and with some figures this happens just about on a monthly basis until it reaches some sort of ceiling.

Boondocksaint said:

i need to get insurance ...may have to find out if my home insurance covers it - my statue/figure/kit collection is worth well over 20k and i should have looked into this log ago

Click to expand...

Where I live break-ins and fire are the two most likely ways for me to lose my stuff - touch wood, but s__t happens!

I have them covered under my AAA home insurance.

Most insurance policies cover the collectibles under your "Personal Property Coverage". The pieces are usually covered under up to their replacement cost (NO DEPRECIATION...CURRENT MARKET VALUE). My best advice on how to prove what you owned...is by posting pics on a forum or photobucket...it documents the date and has your screen name associated with the photo proving ownership.

it makes sense to call your Home/renters insurance company to make sure there aren't any provisions regarding collectibles. I've heard of certain insurance companies refer to statues as FINE ARTS, which require a seperate rider...and must be SCHEDULED on the policies with appraisals, bills of sales...ECT.

If anyone is renting and doesn't have renters insurance...i suggest looking into a renters insurance policy to cover your collectibles from theft, fire, water damage...ect. Renters insurance policies can be purchased to $15,000 of personal property covage for as little as $50-$100 a year. It really makes sense.

Try contacting these guys. they are at a lot of the conventions and you'll be surprised what your homeowners insurance doesn't cover.

https://www.collectinsure.com/

Great thread, I've also been wanting to look into insuring my collection as of late. How is the value of a custom 1/6 piece determined I wonder?

MarfMaster said:

Great thread, I've also been wanting to look into insuring my collection as of late. How is the value of a custom 1/6 piece determined I wonder?

Click to expand...

Replacement cost

MarfMaster said:

Great thread, I've also been wanting to look into insuring my collection as of late. How is the value of a custom 1/6 piece determined I wonder?

Click to expand...

Yeh, with my insurance company it'd be replacement cost - if I had a custom I'd photograph and label every part of it and make sure I was up to speed on the latest replacement costs for each part. I'm not sure how you'd go with custom sculpts and paint apps though, this would probably require quotes from the artist/s. Best ask your insurance company about that one given how much custom figs can cost.

Thanks for the info All of my most expensive pieces are customs, so that's something I definitely need to look into.

grphyx1 said:

Try contacting these guys. they are at a lot of the conventions and you'll be surprised what your homeowners insurance doesn't cover.

https://www.collectinsure.com/

Click to expand...

hmm, these guys seem decent. $61 annual for a $10,000 collection. $112 for 20k. anybody use these folks?

Great thread thanks

grphyx1 said:

Try contacting these guys. they are at a lot of the conventions and you'll be surprised what your homeowners insurance doesn't cover.

https://www.collectinsure.com/

Click to expand...

I use these guys and I pay $173 a year for $30,000 in coverage. This company is the best to me when it comes to coverage of your collection.

Mookeylama said:

hmm, these guys seem decent. $61 annual for a $10,000 collection. $112 for 20k. anybody use these folks?

Click to expand...

Those prices are current anymore.