Insuring your collection..

Discussion in 'Transformers Toy Discussion' started by PrimulArchangel, Jul 28, 2008.

  1. PrimulArchangel

    PrimulArchangel Well-Known Member

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    Hey guys :) 

    I been seriously thinking about getting renters insurance ever since a neighbor in my buiding fell asleep with a lit cigarette and torched her couch ..
    I got way too much money invested in my collection to have something happen to it ..

    I rememer a thread on here a long while back about some you insuring your collections with renters insurance. So i was wondering if it would be possible to find out what insurance groups you all use or what is the best one to go with..

    I also remeber someone saying that you got to call your collections "toys" and not collectibles or else they wont insure them ? Maybe someone could let me know exactly what i got to do and have ready for when i insure my collection..

    Over the past few days i been using Excel to catalog everything i got from Comics to toys from the 80's till now . Will i have to photograph everything i got seperate ? I mean like photograph every little PVC figure and everything seperate ? Also i will be insuring the other things in my apartment like anything of value .

    Any help on this would be great.. You can post it here instead of PMing me . This way others can use the info :) 

    Thanks in advance guys :) 

    -Curt
     
  2. WheelJacksWrkShp

    WheelJacksWrkShp Here goes nothin'

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    Yeah, second that I would like to know as well.
     
  3. Gingerchris

    Gingerchris Telly-headed Tyrant

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    Me too. I have a pretty large collection of TFs, DVDs and comics. I'd hate to lose it all and then also be out of pocket on them.

    Although a cleansing fire would free me up and give me a clean slate to stop collecting these things. :p 
     
  4. Superquad7

    Superquad7 We're only human. Super Mod

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    Currently, we have renter's insurance and I've listed all of my TFs on there. However, since I lost my wedding band recently, insurance companies prefer a policy called "personal effects" because the policy is more comprehensive. Aside from the usual deductable, it covers anything lost. Primarily, one has to list all their items and their value appraisal.
     
  5. Gingerchris

    Gingerchris Telly-headed Tyrant

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    Do they take into account fluctuations in value? Do you have to keep updating it if a TF takes on a huge leap in cash value?
     
  6. Superquad7

    Superquad7 We're only human. Super Mod

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    I'd say just keep track of it. Insurance companies are well aware of things like "collectibles" increasing/decreasing.
     
  7. Cascadia

    Cascadia Ion Storm

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    I have renter's insurance and when I got mine, they simply put my collection under collectibles. They did not ask me to develop a list of what or how many I had.
     
  8. Superquad7

    Superquad7 We're only human. Super Mod

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    I did the same, but they had to have an estimated worth to go in with everything else.

    The requested list came from when I went to the insurance company to check about insuring my wife's wedding bands. Those were the instructions for personal effects insurance.
     
  9. PrimulArchangel

    PrimulArchangel Well-Known Member

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    In the one thread i seen a long while back, they were saying not to put them down as collectibles, or they said to list them as toys because the insurance wouldnt cover collectibles.. I cant really remember..

    I have a pretty large colection as im sure most of us on here do lol . So to be safe i been using this Excel program to catalog everything i got . I am listing the figures name, condition, and replacement value. Ill will also have book value on hand in case they want that as well. I been typing for almost a week now listing everything from each issue of comics from the 80's to now and then every TF figure i got from PVC to Leader Class . It's pretty wild, i never thought i had so many lol.

    Does anyone know the best insurance agency to use that is maybe nationwide or something ? Also about how much does it cost per year for renters insurance ? Oh and if i missed anything that theymay ask for when the time comes to insure...

    Thanks for the responces to this so far :)  Hey Mods This should be a stickied so everyone can benifit from it in the future.

    Thanks again and keep the info flowing in :) 

    -Curt
     
  10. Counterpunch?

    Counterpunch? Interior Renovator

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    I put up an article on Seibertron about this last year as a direct result of having my apartment broken into and robbed blind...

    In brief:

    Yes, renters insurance will cover your collection, IF you have pictures and documentation of 'what' and 'worth'.

    NO, you should not call your toys 'collectables'. Collectables fall under their own limited category. Your collection may be worth 10k, but if your collectables category only covers a max of 3k, you are out of luck. Toys, are toys unless your specific policy says otherwise. Most policies say collectables are: cards, comics, and coins.

    Also, seperate policies are more often than not unnecessary. Cover things through your home or renters insurance.

    PM me for a link to the article or if you have questions. The article comments have helpful info from insurance workers as well if you read the whole thing.
     
  11. Superquad7

    Superquad7 We're only human. Super Mod

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    Could you mirror the content here, please?
     
  12. Counterpunch?

    Counterpunch? Interior Renovator

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    This is the link to the article:

    View topic - Terrorists are coming for your toys! (I ain't scared...)

    It starts off answering a few questions in brief about sun, smoke, etc because people kept asking about all that. The insurance stuff is the meat of the article and follows the other content. The thread itself has great info from people in the insurance industry, particularly Homer and Darth Screamer.

    Best of luck guys.
     
  13. silverstreak70

    silverstreak70 Well-Known Member

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    As far as what company to go through, check with your auto insurer. Most national companies also deal with home owners/ renters policies in addition to your auto. You can also get a multi policy discount by going through the same company in most cases.
     
  14. PrimulArchangel

    PrimulArchangel Well-Known Member

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    This really should be stickied. This is important stuff for the serious collector. Insurance may not even cross here minds.

    Also what if you dont have all the reciepts from every toy you own ? I been collection since 84 and i dont have any receipts at all. Alot of my newer stuff i gotthrough trades..
     
  15. bouncing boy77

    bouncing boy77 Syntax Error

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    this is what i did, i got renters insurance for all the stuff we have, including my tfs with the same company that i get my auto insurance from and i got a multi-policy discount by doing so.
     
  16. Superquad7

    Superquad7 We're only human. Super Mod

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    I know this thread is a bit old, but I just added a redacted version of all of the information to the Radicons Tutorials: http://www.tfw2005.com/boards/tutorials-how-tos/278828-insuring-protecting-your-collection.html

    If you're wondering, "SQ7, why is this in the Customs and Fan Art Tutorials area?", my answer would be that I'd think it's pertinent to include any custom-made pieces and other artwork when your itemizing things. If you have a receipt, that's good. If you're like me and make most of your things, you can give a valid appraisal for each item. :) 

    If you feel something is missing, etc., just let me know, and I'll add it :) 
     
  17. ORIO

    ORIO Plant-Based Bot Super Mod News Staff

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    I should do this as well. My apartment building is full of F-tards.

    Thanks for bringing it up again!
     
  18. Superquad7

    Superquad7 We're only human. Super Mod

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    No problem. With my recent moving process, this became an issue once again. I'd wanted to resource this for a while, so this seemed like a good time to do it since I had to do it for myself anyways. I hope it's helpful! :) 
     
  19. Wajo357

    Wajo357 Well-Known Member

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    My big issue now is that I want to research and try to get a new homeowners insurance that will have a decent policy towards my collection. My current policy does not have the ability to add my collection of 'toys'. They want me to create a new expensive policy. If you have insurance from your homeowners, please let me know what company you use. Any other tips or tricks would be greatly appreciated. The link above is a great resource.
     
  20. Superquad7

    Superquad7 We're only human. Super Mod

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    Right now, I'm currently working with State Farm. It was suggested for me to get an additional policy, but an insurance company will ALWAYS suggest that, especially when it'll almost double your premium.
     

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