Collectors insurance

[scottglevy]

Ted Z's thread really got me thinking about this.....

What are the best options out there and about how much will it cost to insure cards. Just a rough estimate as a percentage of value would be great.

Regards,
Scott

[Robextend]

Good thread idea. I would also like to add a question for homeowners.

Would homeowners insurance cover my collection? I know there was a thread on this a few months back, but it seems like a good time to re-hash the subject.

Thanks - Rob

[usernamealreadytaken]

Depends on the policy, but generally you have to list items like these and pay a premium... The safest bet (depending) is a safe-deposit box, but if I had a Plank, it would be like dropping a kid off at daycare...a tough goodbye...

[botn]

I have been using Collectibles Insurance Services for a long time. I highly recommend them. http://www.collectinsure.com/

[Leon]

I would end up paying quite a bit to insure my cards personally. I made the choice to have them online and keep all of my expensive ones in a safe deposit box. It costs me $100 a yr and gives me a huge peace of mind. For our auction it was a very easy decision, we use CIA Insurance. regards

[T206Collector]

It is very reasonable. But I have never had to make a claim (thankfully). It is much easier than homeowners' insurance.

[Chicago206]

Originally Posted by usernamealreadytaken

Depends on the policy, but generally you have to list items like these and pay a premium... The safest bet (depending) is a safe-deposit box, but if I had a Plank, it would be like dropping a kid off at daycare...a tough goodbye...

Its called a "ryder" in insurance terms. You can insure certain things, but others are not insurable (at least through Allstate), such as my wife's jewelry as an example.

[Orioles1954]

I also highly recommend CIA and the "safety deposit box" method. Even for collections like mine which are valued at $5000 or less....it is wonderful for peace of mind.

[JasonL]

As soon as I get anything worth near $100 (not too often), I scan it, enjoy it in full daylight for maybe a day or two and then it is tossed into the bank safe deposit box. While it takes some of the fun of having the cards around, I never worry about them, and a trip to the bank is alot more fun!

[Ladder7]

Dont need no stinkin eensurance

[jbsports33]

I agree - Collectibles Insurance Agency is the best and they have very fair rates, safe deposit box is always good as well! Homeowners Insurance can be a lot of paper work and extra fees to add your cards.

Jimmy

[calvindog]

Has anyone ever had to make a claim with CIA?

[botn]

Jeff I have made 2 claims in 7 years. One was something which was lost in the mail for around $1000 and another for about 12K in which I had a Fed Ex coming back from PSA and the box had been cut open and contents removed. The claims process was very easy and took them about 35 days to pay out.

[Chicago206]

Originally Posted by Ladder7

Dont need no stinkin eensurance

I have yet to see a gun that fires bullets at bad guys while you are 1,000 miles away on vacation!

[Ladder7]

You think youre better than me, cuz I cant afford a vacation?

Besides, with this outfront. Who's gonna check to see if anyone's in the trailer!?

[timzcardz]

Originally Posted by calvindog

Has anyone ever had to make a claim with CIA?

Here is a fairly recent thread about a theft and successful insurnace claim:
http://www.net54baseball.com/showthread.php?t=118262

[M's_Fan]

I contacted my insurance company (Travelers) and they said I was already insured up to a certain amount from theft and fire, but only for the cost of my cards (not current value). It was totally inadequate.

But you really can't be compensated for the time you've spent putting your collection together. The safe deposit box is fine if you don't mind being away from your cards. But as I said in the other thread, if you like to be near them as I do, I highly recommend a top quality fire proof safe. Ft. Knox safes are built like, well, Ft. Knox.



http://ftknox.com/

[ibuysportsephemera]

Been using Collectors Insurance for probably 5 years or more. Thank goodness, never needed to make a claim

Over the years I have compared pricing as compared to a rider on my home owners...the cost is not even close, homeowners is at least 2x as much and doesn't include flood (which is include by CIA).

Jeff

[smtjoy]

I was the person in the thread who made a claim late last year after having cards stolen out of my truck around Christmas. I was paid in full and very glad I had insurance. I keep my cards in a home safe and have them fully insured (my homeowners policy was a joke regarding collectibles).

My Collectibles Insurance Services annual rates are a bit less than 1% of the total value insured.

[calvindog]

Scott, that's a perfect safe to hold MJ Roop boxes! What kind is it?

[slidekellyslide]

I have a safe deposit box...not just for cards that are expensive, but many of my items are unique and thus irreplaceable. I also don't have a huge collection so I can get by with just that.

[smtjoy]

Jeff, Its a Sentry Safe- my model has been replaced but I think this is the new one. I paid $831 total which included $200 delivery fee. It has worked out great for me and yes it holds roop cases perfect.

http://www.sentrysafe.com/products/p....si_p=CartView

[botn]

I use a Gardall safe at home which is both Burglary and Fire rated.

I use a safe deposit box at the bank for some of the better stuff and the rest is at home. My homeowners insurance policy covers about $130K worth of my collectables which is more than enought to replace them. Also use my wife as a deterent for theives. They have to take her with them and most never make it up the drive, the rest just leave when she answers the door.

PLEASE PLEASE come rob me quick

[terjung]

Does CIA cover your cards if you are in transit and they are stolen? ...for example, to and from a show... or at a show?

[calvindog]

Are these safes bolted to the ground? Or are they just too heavy to steal? Is that the concept? I'd like a safe that will be fireproof but I'm guessing there's a limit to how long a safe can be in fire and not melt.

[Rob D.]

What about if a card I'm selling but don't own yet gets stolen? Do I have a claim?

[Kenny Cole]

Many homeowners policies limit coverage for jewelry, gold, collectibles, etc. to $10,000 or so. Riders that increase coverage to something resembling real value can be pretty expensive. I, like Leon, go the safe deposit box route. $90/year, my bank is close, and I have scans. Not perfect, but it works for me.

[smtjoy]

Jeff, my safe is bolted to the floor and can also be bolted to the wall, it weights over 500 pounds. I'm sure a pro would be able to get what he wanted but im sure it would deter any random thief. At some point down the road I do plan to upgrade to a larger safe as Im running out of room.

My Insurance policy does cover cards in transit, my claim was from cards stolen from my truck in transit from my office to my home. They also cover mail losses but those do have different limits.

[Rickyy]

CIA for me too... for the past 4 yrs or so...

[PhilNap]

Originally Posted by botn

Jeff I have made 2 claims in 7 years. One was something which was lost in the mail for around $1000 and another for about 12K in which I had a Fed Ex coming back from PSA and the box had been cut open and contents removed. The claims process was very easy and took them about 35 days to pay out.

Out of curiosity how have those claims affected your premiums? I have a CIA policy and have a potential claim. It's less than a $1000 loss and wonding if its worth the claim if it will result in a significant premium increase.

[Batter67up]

Contacted Collectibles Insurance and was very disappointed in ther follow up with me. I had to call them to find out status on my application over a couple of days and then they seemed to pass it on to another rep. I asked them to cancel my application and I am looking elsewhere. If their service is that bad getting me a policy, I can only imagine how it would be if I had to file a claim. Thumbs down for me (Just My Opinion)

[Chicago206]

Originally Posted by calvindog

Are these safes bolted to the ground? Or are they just too heavy to steal? Is that the concept? I'd like a safe that will be fireproof but I'm guessing there's a limit to how long a safe can be in fire and not melt.

Steel begins to melt at around 1500-1600 degrees if I remember correctly. The average house fire (in my personal experience) gets no hotter than around 1200 or so.....maybe a little hotter for a very brief period known as flashover. But since most fires that have had a flashover are now self venting in some way (through the roof, out a window) the higher temp is not sustained. Unless you have some type of unusual scenario in which the safe would be trapped in a void in such a manner as to expose it to ultra hot temps for a lengthy period, I seriously doubt that a fire safe will have any problems in the typical house fire.

[joed25]

Could someome please post a link to CIA Insurance? I am having trouble finding there contact info. Thanks.

[bbcard1]

I got a policy from Erie that seems reasonable

[E93]

Originally Posted by terjung

Does CIA cover your cards if you are in transit and they are stolen? ...for example, to and from a show... or at a show?

Yes, I believe it is up to 60k in value and you can get a rider for more if needed. I think you need to inform them of dates and what you will be bringing with you. My memory of the details is vague but I inquired about this when bringing cards to the National to get graded in the past.
jimB

[e107collector]

Originally Posted by joed25

Could someome please post a link to CIA Insurance? I am having trouble finding there contact info. Thanks.

Here you go:
http://www.collectinsure.com/


Tony

[joed25]

Thank you

[sdkammeyer]

Great thread. Nice to see it back from the dead.

[conor912]

I have USAA for homeowners. They are nothing short of incredible and have made the several claims we have made with them 100% painless. I asked them about valuable collections and they said they have a standard amount factored in to their policy. Upon further investigation I found that they do not do itemization for collectibles. For that, they subcontract American Collectors Insurance. I am not positive, but I assume you do not need to be a USAA member to get insurance though ACI. Last month ACI quoted me about $250/year for a $40k policy. I do not own said policy (yet) so I cannot vouch for their integrity were the sh*t to hit the fan, but if USAA vouches for them, then I will too. Insuring my collection is at the top of my list for 2013.

[conor912]

Originally Posted by botn

Jeff I have made 2 claims in 7 years. One was something which was lost in the mail for around $1000 and another for about 12K in which I had a Fed Ex coming back from PSA and the box had been cut open and contents removed. The claims process was very easy and took them about 35 days to pay out.

Wow....that's sketchy.