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ramblin on / insurance/ card values
Posted By: Brian Lindholme
I bought a new house and it gives me the reason to look at homeowners insurance once again...I have to switch agents anyway because I'm moving to another state (WA). |
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ramblin on / insurance/ card values
Posted By: robert a
Hi Brian, |
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ramblin on / insurance/ card values
Posted By: Paul
I use CIA for my cards. I insure my collection at cost, but the policy I believe supposed to cover any price appreciation or replacement cost. I was told that they would poll dealers/experts to get estimates on current values if needed. CIA doesn't require much documentation to setup the policy, only on cards that you suspect are valued over 5k. The best thing to do once your policy is in place, is to document your collection with pictures & receipts, but they seem to put more emphasis on pictures. I would try to get yourself pictured with most of your major cards too. I had a policy with State Farm before CIA, but soon realized they were clueless & a hastle to deal with. |
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ramblin on / insurance/ card values
Posted By: DaveW
I also live in WA, but I don't think that makes much difference. |
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ramblin on / insurance/ card values
Posted By: Frank Wakefield
I've attempted to explain this in past times... |
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ramblin on / insurance/ card values
Posted By: Brian Lindholme
Guys thanks for the reference, I looked over the website and I'm puzzled as to how they will actually pay me off if I have a claim. I guess I have been really taking a chance in the past anyway, so I'll call them on Monday. |
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ramblin on / insurance/ card values
Posted By: Cobby33
CIA's principal is Hartford, I believe, which is a very reputable company. |
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ramblin on / insurance/ card values
Posted By: RC McKenzie
I agree with Frank... My office was burglarized a few months back and the theifs made off with a copy machine, a fax machine, a clock/radio, and a 12 inch tv. They left an Ellsworth Kelly numbered print worth about 50 x what they stole. The problem is a Kelly print is like baseball cards; you have to seek out the small number of folks who will pay you what it is 'worth'. You can sell an ounce of gold to a farmer in sri lanka, but he's not gonna give you anything in return for an Ellswoth Kelly print or a tango eggs Bob Bescher. |
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ramblin on / insurance/ card values
Posted By: barrysloate
I say get a safe deposit box and keep your most valuable cards in it. Leave some of the less expensive ones at home so you have something to look at. I would hate to be in the position of having to claim that the cards that were just stolen were worth a ton, and then have to count on the insurance company to make you whole. I guess I just have a level of distrust. |
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ramblin on / insurance/ card values
Posted By: cmoking
Has anyone used CIA and filed a claim with them? If so, how smooth was the process? |
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ramblin on / insurance/ card values
Posted By: Joe D.
as you mentioned. |
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ramblin on / insurance/ card values
Posted By: warshawlaw
CIA allows you to set the limit of insurance and doesn't do the whole inventory thing. I assume that in the event of a claim Hartford will put you through the usual ringer where you have to prove up your claim. Document everything of note with images. |
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ramblin on / insurance/ card values
Posted By: Jeff O
Joe - while it's true that the bank will not take responsibility for the theft or loss of items stored in a safe deposit box, many if not most homeowners (or renters) insurance policies will provide coverage for items that are stolen, damaged or destroyed in a bank safe deposit box. I'm not sure if CIA's coverage includes this, though it very well may. |
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ramblin on / insurance/ card values
Posted By: leon
When you said: |
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ramblin on / insurance/ card values
Posted By: JK
Brian - not having to individually itemize your cards with CIA (except for those worth over 5k) does not make getting paid in the event of a loss any less likely. Whether the insurance company requires a full list of your cards (which, for many of us, would require almost weekly amendments due to frequent buying and selling) or not - if you claim a loss, they will require proof of ownership. In other words, even if you provide an inventory up front, w/o scans, receipts, etc. the insurance company is no more certain that you actually own the list provided up front as they are if you provide a list of items taken after the fact. CIA is also backed by Hartford which carries, I believe, the highest rating for insurers. |
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ramblin on / insurance/ card values
Posted By: Joe D.
lets say i have a one of kind item (at least one of a kind that I know of, but lets just call it rare). |
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ramblin on / insurance/ card values
Posted By: Frank Wakefield
Warsawlaw has omitted mentioning inheritance tax. |
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ramblin on / insurance/ card values
Posted By: JK
Joe - that is the stuff that makes for a great lawsuit Seriously, I think I would advise getting the item appraised if there is someone with sufficient expertise to do so - I dont practice insurance law, but I think it would be a good start. |
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ramblin on / insurance/ card values
Posted By: Joann
Let's see - Joe is right, Leon is right, Josh is right. Hey - everyone's right! What kind of board is this becoming now, anyways?? |
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ramblin on / insurance/ card values
Posted By: Jeff O
Joe - your question is a good one, and the default answer is that how you are compensated for an item will depend on the language in your insurance policy as well as the laws of your state. |
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ramblin on / insurance/ card values
Posted By: warshawlaw
Regardless of the term you use, "death tax", "estate tax" and "inheritance tax" ARE THE SAME THING. Your estate is valued after you die (depending on changes in asset value it may be on date of death or 6 months later) and if it reaches a threshold of value it is taxed. The current threshold is a net value of $2 million (if your house is worth $2 million and you owe $1.9 million on it, the net value is $100K). Your heirs do NOT pay taxes on what they inherit; your estate pays taxes on the net value of what you owned, if it exceeds the $2 million net value floor, with a final tax return. Your heirs inherit whatever is passed on to them, taking a basis in the item at fair market value (called a stepped up basis) because the estate paid taxes on it at fair market value. They are not taxed again. If they elect to sell the items they would pay taxes only on the net appreciation between the date it was valued for your estate (the stepped up basis) and the sale price. |
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ramblin on / insurance/ card values
Posted By: Andrew
Hi Frank, |
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ramblin on / insurance/ card values
Posted By: Frank Wakefield
Estate tax is a fed tax on the estate, based on gross amount of estate, adding back in lifetime transfers in excess of 10k per year per recipient. |
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ramblin on / insurance/ card values
Posted By: Andrew
Frank, |
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ramblin on / insurance/ card values
Posted By: Frank Wakefield
I said some of that... |
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ramblin on / insurance/ card values
Posted By: warshawlaw
in my state (and in most states) the state law on inheritance is conformed with the Federal law. Since I don't practice in KY, I'll take your word for it. |
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ramblin on / insurance/ card values
Posted By: Andrew
Frank, |
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ramblin on / insurance/ card values
Posted By: Frank Wakefield
Dangerously close isn't there. |
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ramblin on / insurance/ card values
Posted By: Joann
I pay the max use tax every year. It's about $40 or something like that. I can't go back and remember everything I've bought mail order so I pay the max amount just to be on the safe side. |
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ramblin on / insurance/ card values
Posted By: JK
Frank, |
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ramblin on / insurance/ card values
Posted By: warshawlaw
Two wrongs don't make a right. The fact that I sped with ten others doesn't excuse me from a speeding ticket if the cop happens to pull me over. It doesn't matter whether someone else pays use tax; that doesn't justify your apparent advocacy of avoiding records relating to assets to avoid an audit trail. |
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ramblin on / insurance/ card values
Posted By: Frank Wakefield
His question was should he get insurance on his ball cards. |
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ramblin on / insurance/ card values
Posted By: leon
Usage tax is the same amount as sales tax, in Texas...mostly about 8%.....if you pay at the time of purchase it's sales tax....if you pay at the end of the year it's usage...but you have to pay one way or the other. Corporate customers used to tell me they bought computers from out of state to avoid sales tax. I called the State Comptroller to see what the deal was. When I told the customers what I found they barely ever knew there was a state usage tax. Even some tax departments didn't. This was several years ago when the internet first started. I would guess most corporate customers are a little wiser today. Uncle Sam always gets his share.... |
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ramblin on / insurance/ card values
Posted By: Andrew
Frank, |
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ramblin on / insurance/ card values
Posted By: Joann
OK - just to clarify on use tax. |
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