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Harneloot
Sergeant
575 Posts
    
 | | 12/13/2006 3:23 PM |
| I just noticed that Bifur now has a "summary" button in their "build your collection" box. I have long since inputted my collection into Bifur and have been updating it as each new set comes out. Well, imagine my surprise when I pressed that button recently and discovered I have $19,000+ worth of plasti-crack!!!
This started me thinking - would my homeowners insurance cover that should i suffer some sort of catastrophe like fire or flood? (i hope i can safely assume nobody is going to steal them).
Has anyone else pondered this? Has anyone gone ahead and made the proper arrangements to have their collection insured? If so, how did you do it?
Thanks! | |
"What is to give light must endure burning" -Viktor Frankl
Champion of the Large Myconid
Deacon of the ANY aligned Raistlin. | |
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smilinIrish
Sergeant
908 Posts
| | 12/13/2006 3:52 PM |
| | I'm not sure how regular homeowners insurance treats collectibles. They may refuse, or tack on a large premium hike to cover something like that. Usually things are payed for as purchase cost less 5% per year depreciation. Not sure how they handle things that don't depreciate, but appreciate. So if you paid $1000 for your couch 10 years ago, they give you $500. I suppose they would have to handle it like antiques, sort of. hmm. good question. | |
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Faragdar the Wise
Commander
3484 Posts
Albuquerque, NM, USA
| | 12/13/2006 6:31 PM |
| | Usually you need a personal articles protection plan for something like that (such as you would have for expensive jewelry) in addition to your homeowner's insurance. Homeowners insurance usually puts a cap on the amount that they'll pay out for anything that falls under certain categories, like jewelry or computers. I did hear of someone who was able to collect a couple thousand from homeowners when they lost their DDM collection, but I wouldn't count on it, and certainly not to the tune of $20K. | |
"Before God we are all equally wise - and equally foolish." - Albert Einstein
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yack
Commander
3164 Posts
Gatineau Canada
| | 12/13/2006 6:36 PM |
| I think it falls into a groove like comics. You need a special insurance as stated above because there is the odd chance you will have someone with a scam stating they lost their minis by saying they were stolen when really they weren't.
And it pricey insurance I believe...one of the reason I sold most of my comics. | |
Champion of the Peryton
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MuscledDestroyer
Sergeant
435 Posts
Prospect Park, Pa
| | 12/13/2006 7:07 PM |
| | Very Interesting! | |
Champion of Grape Juice. Its delicious. | |
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ScruffyRanger
Sergeant
356 Posts
Central Coast AUSTRALIA
| | 12/14/2006 2:31 AM |
| | Yeah interesting... I was only talking about this with my partner during this cricket this aftertoon. | |
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Dordledum
Commander
3189 Posts
Netherlands
| | 12/14/2006 6:56 AM |
| My insurance company has a special option to insure "general collections (unspecified)". I've got my DDM and my books insured for about 10.000 Euros combined. In case of a fire I cannot replace everything, but I can at least restock within reason.
D.
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Member of the Bearded Devils
Champion of the Huge Spider (WotDQ 46/60), A New Umber Hulk (DoDe 57/60), and Hardcopy Printed DDM 2.0 Stat-Cards for all Minis! | |
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nycfarmkid
Underboss
1210 Posts
Wadsworth, OH
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Harneloot
Sergeant
575 Posts
| | 12/14/2006 3:44 PM |
| How does Bifur compute the worth of a collection?
Anyone know? | |
"What is to give light must endure burning" -Viktor Frankl
Champion of the Large Myconid
Deacon of the ANY aligned Raistlin. | |
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Star
Sergeant
978 Posts
New Britain, CT
| | 12/14/2006 9:07 PM |
| Posted By Harneloot on 12/13/2006 3:23 PM
 (i hope i can safely assume nobody is going to steal them).
My apartment got broken into about two years ago. They stole my DVD player, X-box, a watch I wasn't wearing because the battery died and a beer mug full of loose change. I was happy that my TV is too big for one person to carry.
My mini's and other collectible items? They didn't touch. Sort of like the saying that only friends will steal your books.
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Champion of Gromph Baenre | |
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Vrecknidj
Warlord
10288 Posts
United States
| | 12/15/2006 5:00 AM |
| I don't yet have insurance for my DDM collection, but I am definitely thinking about it. I too have about $19,000 worth of minis (per the Online Price Guide). I think that the eBay value of my minis, if sold, would bring about half that. But, my concern isn't how much I could get for them, but how much it would cost me to replace them.
I think that covering them for $20,000 would be a good investment, in the event of a loss. It would take a lot of time and money to get back all the pieces.
Dave | |
Knowledge Arcana editor issues 5-9, Phoenix Lore Magazine editor, assistant editor for Rite Publishing;
My Trade Thread and My Reference Thread; Winner of WBC IV, IX and XIII; Rule #0: bshugg is always right! | |
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Gryfalia
Sneak
81 Posts
| | 12/15/2006 11:57 AM |
| In the US this type of policy (which I strongly urge people to have) is called, as mentioned above, a Personal Articles Policy, shortened to PAP. I work for a rather large insurance company, so I try to keep on top of this stuff. My Magic cards are worth a rather obscene amount, and my homeowners only covers 2500 in collectibles (which is pretty much the norm).
Plus, with a PAP, you can declare a certain value. Without something from a book (or recognized source of information) declaring a value, things are worth, at most, what they cost originally. So if you like your Huge Reds, I would suggest getting this stuff down pat with your agent/company. So when I took my friend's $25,000 Magic collecting into my house to sell it on EBay for him, I made sure I had a PAP to cover it for 6 months. Sure it cost me money, but NOTHING compared to how much it would have cost to replace 30 pieces of Power and 500 dual lands... | |
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Harneloot
Sergeant
575 Posts
| | 12/15/2006 12:45 PM |
| http://www.collectinsure.com/
I found this, but the web-site is a bit short on details. Anyone know more?
OK..here is there page for toys/figurines:
http://www.collectinsure.com/SpecPages/toys.htm | |
"What is to give light must endure burning" -Viktor Frankl
Champion of the Large Myconid
Deacon of the ANY aligned Raistlin. | |
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Thenameless
Warlord
9034 Posts
The Fortress of Solitude
| | 12/16/2006 1:34 PM |
| | I spread them between my parents' place and my place. One of each set at their house and at my apartment. Not exactly insurance, but at least I'll have something if something bad happens (knock on wood). | |
Over 270 successful online DDM trades. | |
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Harneloot
Sergeant
575 Posts
| | 12/16/2006 6:13 PM |
| | I'd be curious to hear how Zenako handles it. | |
"What is to give light must endure burning" -Viktor Frankl
Champion of the Large Myconid
Deacon of the ANY aligned Raistlin. | |
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Corim Danex
Warlord
6621 Posts
West Valley City, Utah
| | 12/16/2006 6:51 PM |
| | If I have a fire, I will just be without DDM and many other things. I'm not going to go through whatever process to insure them. | |
"Look to God and live." Alma 37:47
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tirwin
Sergeant
455 Posts
North Dakota, USA
| | 12/17/2006 9:34 AM |
| I lived this nightmare with a flash flood in my neighborhood about a year and a half ago! My basement egress window shattered under the pressure of the water and my basement filled up seven feet deep in about seven minutes. The minis survived (thank god it wasn't a fire!) but all the cards were lost along with my football, baseball, hockey, basketball, star wars, elvis, and KISS cards. I had been collecting since the first set and had completed all sets up to that time. The minis cleaned off well in the dishwasher using a silverware basket to hold them, although it was a lot of loads of minis! My collection lost much of its value due to the missing cards. Luckily I only use them for RPG purposes so the cards don't matter a lot to me except for the collections value, which I could never sell anyway as I am sure I will game forever and am forever attached to the little things. My collection was valued at over $6000 at the time and is probably atleast twice the size now. We had damages of over $100,000 and are still trying to replace many of the items we lost. Unfortunately we had most of our valuable items in the basement like computers, stereo systems, 57 inch flat screen TV, entertainment center with surround sound, piano, and lots of other furniture.
I found out the hard way that insurance only covers about $2000 of collectables and the rest need a special policy in order to be covered so BEWARE! And for some dumb reason I still have no extra policy on these things now that I think of it!
I had a flash flood that was a complete nightmare, and a fire would have been much worse. I lost cards but atleast the plastic crack was washable. | |
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Bert the Troll
Commander
3858 Posts
Adelaide
| | 12/17/2006 4:37 PM |
| Posted By nycfarmkid on 12/14/2006 9:51 AM
I know my renter's insureance has an allowance of 2500 for collectibles, which this would fall under. Of course, my minis have a value of more than that. However, you do run into a problem of proving their worth to insurance companies. There doesn't seem to be an official value guide to determine what they are worth.
There is the scryre (?) colelctable stuff magazine, that has price guides for minis which might look more 'offical' for insurance purposes, though the value of minis isn't overly accurate.
Posted By Star on 12/14/2006 9:07 PM Posted By Harneloot on 12/13/2006 3:23 PM
 (i hope i can safely assume nobody is going to steal them). My apartment got broken into about two years ago. They stole my DVD player, X-box, a watch I wasn't wearing because the battery died and a beer mug full of loose change. I was happy that my TV is too big for one person to carry. My mini's and other collectible items? They didn't touch. Sort of like the saying that only friends will steal your books.
I'm as woried about diaster as theft. Or the sort of thief that trashes stuff because they cant use it.
Posted By Harneloot on 12/16/2006 6:13 PM
I'd be curious to hear how Zenako handles it.
Me too.
~~~
I know I should have them covered (thansk for advice btw Gryfalia).
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"Mutton yesterday, mutton today, and blimey, if it don't look like mutton again tomorrer." Bert the Troll - The Hobbit
Semi-Secret sig business: "In the age of the internet attaching a famous name to your personal opinion to give more weight to it is a very valid strategy." - Benjamin Franklin
Champion of Epic Lolth, Orcus, & Demogorgon and bring us Asmodeus! | |
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Zenako
Commander
3468 Posts
| | 12/18/2006 12:35 PM |
| | I have had conversations with insurance agents. One sticking point will be that most policies do not insure collectible paper goods and since the value of the minis is at least tied to the cards, that is an issue. Much as they do not handle baseball cards collections under standard policies either. | |
Built the addition for this addiction, now on to the "gaming table" project....
http://www.maxminis.com/hw_list.asp?user=Zenako last updated 29 May 2006
Set Status: in a nutshell = all of all
In Process trades 0), (Sig last updated 05/29/06) 300 plus Completed Trades -
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