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eebuckeye

Getting insurance for your collection?

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I called my insurance company today about insuring my collection including classic computes, etc...  They would not do anything and said I would only get current value of something equivalent.  Another wards, I'd be screwed.

 

Anyone have suggestions?  Thank you!

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You can get insurance if you want it, but you'll have a deductible and you probably will need professional appraisal of individual items over a certain value. In addition, the insurance company may require certain security measures. Most significantly, the cost of insurance and required efforts and services may make it quite expensive compared to the actual value of the collectibles.

Don't expect most normal household insurance companies like Farmers, State Farm, Allstate, etc. to be very interested in helping you set it up. There may be some people here who can refer an agent or company to you, but I once looked into it and decided my collection wasn't valuable enough to be worth it, especially with all the rigamarole involved. I've since divested myself of most of the rare stuff I never used, so my collection isn't really worth much anymore anyway, other than to me for playing the games I like.

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I looked into this some years ago with a large, non-gaming collection. As noted, any insurance company would want an appraisal of the collection as a starting point. Finding a qualified appraiser would be the first challenge, and as my collection is largely packed-away in a storage unit, I would need a substantial open space to spread it out so the appraiser could review it in detail. 

 

I never did reach the point of contacting a broker about discussing the cost of coverage, etc.  

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When I inquired with my insurance agent, he told me any lost possessions would be covered by our homeowners policy. I would just have to document what I had. It kinda sounded like a polite non-answer and I didn’t dig any deeper.

 

So most importantly, no matter your situation, the first thing you should do is document your collection with lots and lots of photos and videos.  Then of course make copies of everything for the cloud or to give to a trusted family member, in case of fire, flood, etc.

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Metal Jesus guy covered this a few years back I think, but it probably depends what country your in. I don't have a $666,666 copy of super mario bros on nes (just a regular boot sale £1 one) so my home insurance which is a legal requirement anyway where I'm from covers it anyway, as nothing I have is incredibly expensive, just a little expensive. 

 

It appears having a record of what you have is good enough, and while they like photos or videos of it it doesn't seem to be a historical requirement. I have multiple copies of my digital catalogue in various places (just in case my laptop with the catalogue on it gets Knicked as well... Haha!) and I have occasional YouTube videos showing off my collection as well and the odd photo I take for people or family to show. 

 

I do now start keeping a record particularly for cartridge games of if I have a manual and box as well. The value difference these days for a bit of cardboard is incredible so just to cover myself I do that too. Same for consoles, a lot of my console boxes aren't the original box for that specific unit, but I've paid money for the joy of tetris storing so I include that information too. 

 

Edit:as others have said specific cover for items is more expensive. I think you should only consider this if something is particularly rare and you spent more money on it than say, someone like me that would buy anything working in any condition would pay. In some situations, you have to think as well if you do have a "one of a kind" item, you likely won't be able to find a replacement on sale no matter what the insurance pays out, and depending on the plan you have with them, that may make a difference. 

Edited by Mikebloke
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