Bad Collectors Insurance

[Snowman]

This is a pretty good video where a comic book collector interviews someone at CIS about insuring his collection through them and what they offer collectors. Worth a watch if you're interested in insuring your collection.

https://www.youtube.com/watch?v=i07G...CollectsComics

[DanP]

I just got off the phone with CIS. They provided a quote over the phone. I have been with American Collectors Insurance for over five years. I could not even get ahold of someone (phone or email) in March to try and raise my coverage. My dealings with them have been absolute torture!

CIS rates are much better than ACI. My insured value is almost double what it was with ACI and the CIS premium is only 10% higher.

I hope this helps!

[philliesfan]

About wo weeks ago, I went with CIS.
It gives me a little peace of mind now when it comes to being away from the house or from fire and theft.
I hope to never have to file a claim though.
Bob

[brianclat11]

Originally Posted by Snowman

This is a pretty good video where a comic book collector interviews someone at CIS about insuring his collection through them and what they offer collectors. Worth a watch if you're interested in insuring your collection.

https://www.youtube.com/watch?v=i07G...CollectsComics

Good video that explains why Homeowners coverage is generally not enough. Thanks for that....

[jefferyepayne]

If you're looking around for better insurance, you might want to check out Antiques & Collectibles Insurance Group https://aciginsurance.com/

I've been using them for nearly a decade and check their prices every year against CIS and they are always lower. You do need to individually itemize and send them an image for any single item >$5K which is initially a bit of a hassle and for some collectors here probably too much work for the savings. I think CIS only makes you do this for items >$25K.

I have not filed any claims with them, though, so can't comment on the claims process. They are associated with an antiques association so would assume they are pretty decent to deal with for claims but don't have any proof of that.

jeff

[mrreality68]

Originally Posted by jefferyepayne

If you're looking around for better insurance, you might want to check out Antiques & Collectibles Insurance Group https://aciginsurance.com/

I've been using them for nearly a decade and check their prices every year against CIS and they are always lower. You do need to individually itemize and send them an image for any single item >$5K which is initially a bit of a hassle and for some collectors here probably too much work for the savings. I think CIS only makes you do this for items >$25K.

I have not filed any claims with them, though, so can't comment on the claims process. They are associated with an antiques association so would assume they are pretty decent to deal with for claims but don't have any proof of that.

jeff

I will check them out

Thanks

[Yoda]

One further point about insuring your collection under your HO policy: We all have had a situation whereby a precious card suddenly can't be found, gone as if by mystic forces. We search everywhere, we are close to a panic attack, however, we remember our cards are covered by HO insurance, so we submit a claim. The insurer will always automatically reject it under the policy defense of "mysterious disappearance".
What is needed is a fine arts personal floater policy, Cobbs rather than Picassos, so that the cards are covered both inside the premises and out. "Mysterious disappearance" claims still may not be covered but the loss adjuster will at least listen to the circumstances and you might have a chance.

[egri]

Has anyone used USAA for collectibles insurance? I’ve never had a problem with them for my auto and home insurance.

[Gorditadogg]

Originally Posted by egri

Has anyone used USAA for collectibles insurance? I’ve never had a problem with them for my auto and home insurance.

I called USAA but was not impressed with their understanding of the risks and ability to explain coverage. I called CIS too and they were very knowledgeable but I ended up buying from Finklemeier Insurance Agency (FIA). They basically created the collector insurance market so they have a lot of experience, and I like that they place coverage with major insurance companies (my policy is issued by Markel).

Sent from my SM-G955U using Tapatalk

[todeen]

Originally Posted by egri

Has anyone used USAA for collectibles insurance? I’ve never had a problem with them for my auto and home insurance.

USAA contracts with American Collectors Insurance. I have USAA for checking and insurance. I asked about insuring my wife's classic car, and they told me to go through ACI. So I got collector car insurance with them, liked them for that, and decided to get card collectors insurance too. But as I said, their two divisions are night and day different.

Sent from my SAMSUNG-SM-G930A using Tapatalk

[conor912]

Originally Posted by Yoda

One further point about insuring your collection under your HO policy: We all have had a situation whereby a precious card suddenly can't be found, gone as if by mystic forces. We search everywhere, we are close to a panic attack, however, we remember our cards are covered by HO insurance, so we submit a claim. The insurer will always automatically reject it under the policy defense of "mysterious disappearance".
What is needed is a fine arts personal floater policy, Cobbs rather than Picassos, so that the cards are covered both inside the premises and out. "Mysterious disappearance" claims still may not be covered but the loss adjuster will at least listen to the circumstances and you might have a chance.

Really?! The odds of me mysteriously losing a Cobb are about the same as me mysteriously losing one of my kids.