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jlcre2003
Posts: 169
Joined: Jul 2015
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Thursday, December 15, 2016 2:08 AM | |
This topic may have already been discussed in the past but I'll rehash anyway. Do any TCDB members have their collection insured? I notice that some are very valuable and I hope to get mine there someday. I rue the day that some unforeseeable act of God somehow destroys my collection and have looked into insuring in the past and wanted to know what others may already know. I've thought about adding a rider to my homeowner's policy but am not sure if my insurance company provides such a thing. This site certainly helps keep track with an estimated value, I just need to back it all up with pictures I guess. Just wondering if anyone has looked into this or gone through with it and what the options are?
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sandyrusty
Posts: 4,614
Joined: Dec 2014
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Thursday, December 15, 2016 3:22 AM | |
Not sure with your insurance company but here,you would need an official appraisal of your whole collection. It is like jewelry, paintings, etc. Without documentation, the insurance company will not insure it as a specific item. I too rue the day should I get broken into or flooding. It might be enough to make me quit the hobby.
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Bruno -------- Check my Profile page to see my 2023 Goals and my Lists of sets near completion (5 cards or less) or sets getting close (less than 100 cards missing and 75% complete). https://www.tcdb.com/Forum.cfm/Page/B/ID/0/?MODE=VIEW&ThreadID=25745&C=0
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jlcre2003
Posts: 169
Joined: Jul 2015
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Thursday, December 15, 2016 3:32 AM | |
I would go broke and probably get divorced if I tried to rebuild.
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bevans
Posts: 436
Joined: Oct 2016
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Thursday, December 15, 2016 5:38 AM | |
I recall being quoted a completely absurist figure of $25 per 100 cards to insure my collection back in the early 1990s. I obviously didn't go through with it.
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ranfordfan
Posts: 4,975
Joined: Jun 2014
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Thursday, December 15, 2016 6:26 AM | |
My wife works for a large insurance firm here in Canada, I have the paltry sume that is included of $800 for everything as it needs to be professinally appraised about every three years (due to pricing changes) and then the rider policy is SO shocking you can't afford it, anotherwords they do not want to insure entire collections, maybe a few expensive ones but my wife says you simply face the facts and take the risk.
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Vvvergeer
Posts: 2,057
Joined: Jan 2014
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Thursday, December 15, 2016 7:48 AM | |
Of course, my smart wife is in charge of all things financial, but my collection is allegedly "listed" on our insurance policy, like a piece of jewelry or expensive electronic equipment might be. It's insured for what I estimate the value to be -- well below what TCDB thinks its worth, but significant. I did not have the collection appraised. I did send a complete list of every card to our insurance guy awhile back, but it's probably about three years out of date at the moment, which I should really fix. I have no idea what we pay, but I suspect it's just a small additional cost. I have a solid 37% confidence that the insurance company would pay up if disaster struck.
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RoundtheDiamond87
Posts: 808
Joined: Oct 2015
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Thursday, December 15, 2016 8:49 AM | |
...a good alarm system and a shotgun.
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Mitch
Posts: 258
Joined: Feb 2016
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Thursday, December 15, 2016 9:03 AM | |
I've asked a couple of shop owners about this and basically what I have heard is that the problem with insuring collectibles is that it can be difficult to prove loss. If you have a classic car there will be evidence of the damaged car after a fire for example. For cards you could just end up with a pile of ash so how do you prove that it was your Mint Jordan rookie that was burned? The nature of the hobby is constantly acquiring new stuff so keeping any sort of policy rider up to date could be difficult. Condition to prove value could be complicated as well unless all of the cards are graded by a company the insurance company deems reputable. I would assume most would require a formal appraisal and it would probably only make sense to insure specific cards. Honestly this thought scares me to death but I really don't have any individual cards worth large value. A fireproof/floodproof safe may be the best insurance policy you can get for specific high value cards / sets.
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switzr1
Posts: 6,332
Joined: Dec 2013
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Thursday, December 15, 2016 6:45 PM | |
My card collection would be the least of my concerns. For all the time I spend on this site, you might think I have a huge, possibly valuable collection, but I really don't. Other than a couple Ozzie Smith RCs I managed to hold onto when I sold my collection in 2005, I may not own another card worth even $20. That being said, I also work in insurance, and the owner of my company is a collector. I might ask him about this subject next time I see him, and let you all know what he says about it.
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I'm going to reevaluate how I collect after the new year. It's just getting way too expensive for the new stuff. Sometimes I just want to buy a pack, not a whole box or even blaster.
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ranfordfan
Posts: 4,975
Joined: Jun 2014
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Thursday, December 15, 2016 9:06 PM | |
Cool Beans David, I will let the wife know about your career, I keep her in the loop with you kooks on here and she will find it interesting that you are in insurance. =D You seemed more of a tech guy or a bean counter, then again maybe that's what you do in insurance. LOL .... kidding of course bud, more like surgeon or super-hero. Bahahaha.
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