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-   -   How to Insure a card collection?? (http://www.net54baseball.com/showthread.php?t=312104)

KaBooM 12-15-2021 02:52 PM
How to Insure a card collection??
 
My vintage card (and some autographs) has grown and appreciated over the years. i have started the process in looking into insuring my collection (against theft and natural disaster). Any tips, recommendations would be greatly appreciated.

I received a reasonable quote from one insurer (CIS). However, their process seems unduly burdensome. For example, I have many high grade complete sets from the 50s and 60s. I can come up with a reasonable estimate for "replacement value". However, they are asking me to provide "documentation" as to my collection. I probably have over 30,000 cards that have been acquired over 40 years of collecting. While many of the star cards are graded, many are simply in very strong raw form. Again, I am not sure what documentation I can provide to demonstrate that I actually own all of the cards.

Anyone who has been done this path and provide me some input as to reasonable logistics would be greatly appreciated.

thanks

Snapolit1 12-15-2021 05:45 PM
I just called the broker for my homeowners policy and said "hey I now have a bunch of valuable collectibles in the house" and they offered me a rider for art and valuables coverage. Thankfully I've never needed to use it, but it seems fine for what it is.



Quote:
Originally Posted by KaBooM (Post 2175320)
My vintage card (and some autographs) has grown and appreciated over the years. i have started the process in looking into insuring my collection (against theft and natural disaster). Any tips, recommendations would be greatly appreciated.

I received a reasonable quote from one insurer (CIS). However, their process seems unduly burdensome. For example, I have many high grade complete sets from the 50s and 60s. I can come up with a reasonable estimate for "replacement value". However, they are asking me to provide "documentation" as to my collection. I probably have over 30,000 cards that have been acquired over 40 years of collecting. While many of the star cards are graded, many are simply in very strong raw form. Again, I am not sure what documentation I can provide to demonstrate that I actually own all of the cards.

Anyone who has been done this path and provide me some input as to reasonable logistics would be greatly appreciated.

thanks

todeen 12-15-2021 08:20 PM
Quote:
Originally Posted by KaBooM (Post 2175320)
My vintage card (and some autographs) has grown and appreciated over the years. i have started the process in looking into insuring my collection (against theft and natural disaster). Any tips, recommendations would be greatly appreciated.



I received a reasonable quote from one insurer (CIS). However, their process seems unduly burdensome. For example, I have many high grade complete sets from the 50s and 60s. I can come up with a reasonable estimate for "replacement value". However, they are asking me to provide "documentation" as to my collection. I probably have over 30,000 cards that have been acquired over 40 years of collecting. While many of the star cards are graded, many are simply in very strong raw form. Again, I am not sure what documentation I can provide to demonstrate that I actually own all of the cards.



Anyone who has been done this path and provide me some input as to reasonable logistics would be greatly appreciated.



thanks
I am with American Collectors, but I'm not particularly happy after needing to file a claim this year. I had to babysit them and walk them through the entire process.

I think what they mean by document is to send pictures of cards over a certain value. American Collectors wanted pictures of cards / sets / groups over $1000. So I only took 15 - 20 pictures of my most valuable items or pairings (like my Tris Speaker collection).

Sent from my SAMSUNG-SM-G930A using Tapatalk

mrreality68 12-16-2021 04:53 AM
American Collectors is ok on price but not the easiest to insure with either. Home Insurance Riders you need to ensure you get the print out and read the details on it and the limitations(not covered as much as you think, often many have limitations and things not covered in fine print.
CIS is a little tedious but it is the best and has nice features like shipping of cards etc is covered. You may want to call them about your specific situation as I am sure your is not unique

Good Luck

KaBooM 12-16-2021 06:08 AM
Thanks for the responses.

I guess another approach, as most collections subscribe to the “90/10” rule (10% of the items make up > 90% of the value), would be to insure only the individual items that are worth over a threshold. That way providing photos becomes a bit less burdensome

philo98 12-16-2021 09:20 AM
I just got my CIS renewal in the mail yesterday. No price increase for another year of service at the same amount of coverage, however due to the appreciation in the market, I will have to increase my coverage amount.

I have never had a claim with them, but one of the benefits is the coverage on lost or missing mail. As long as you get signature confirmation, I believe they will cover up to $25K on Fedex shipments and $2.5K on UPS and USPS shipments. Where I live and the amount of missing mail, that is a big bonus of the coverage.

timzcardz 12-16-2021 09:28 AM
Quote:
Originally Posted by KaBooM (Post 2175320)

I received a reasonable quote from one insurer (CIS). However, their process seems unduly burdensome. For example, I have many high grade complete sets from the 50s and 60s. I can come up with a reasonable estimate for "replacement value". However, they are asking me to provide "documentation" as to my collection. I probably have over 30,000 cards that have been acquired over 40 years of collecting. While many of the star cards are graded, many are simply in very strong raw form. Again, I am not sure what documentation I can provide to demonstrate that I actually own all of the cards.


thanks

With CIS pretty sure that you need to keep your own inventory, which you would need with any insurance carrier.

As for documentation, I think they require scheduling items/sets that are individually more the $25K. Seems pretty reasonable.

Your best bet is to speak with them to be sure.

mrreality68 12-16-2021 10:55 AM
Quote:
Originally Posted by philo98 (Post 2175574)
I just got my CIS renewal in the mail yesterday. No price increase for another year of service at the same amount of coverage, however due to the appreciation in the market, I will have to increase my coverage amount.

I have never had a claim with them, but one of the benefits is the coverage on lost or missing mail. As long as you get signature confirmation, I believe they will cover up to $25K on Fedex shipments and $2.5K on UPS and USPS shipments. Where I live and the amount of missing mail, that is a big bonus of the coverage.
+1 Agree. That is the most useful portion of the coverage


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