Hey Folks,
This is a question directed more towards the major collectors here like Scott and Gary, but anyone is welcome to weigh in. Do any of you carry insurance on your collections? If so, do you have any recommendations:
-At what point is insurance advisable?
-Which insurance providers are recommended for trading cards?
-Any other tips on keeping your investments safe?
Thanks in advance!
I do carry some, though it isn’t insured for full value. It is covered enough that I would be shielded from too large of a loss for me to financially handle. It is also covered enough for me to sleep well. Mostly covering the value of things not securely protected off site or in a fire safe which is still a decent bit.
At whatever point that you can not afford to lose it all in the event of fire, theft etc. Same goes for anything with regards to insurance IMO (house, life, car etc.)
Everyone will have a different recommendation if any at all as you will find most here don’t insure or protect their collections to any extent really. I recommend whomever you use for your renters insurance and/or homeowners insurance. There is usually a rider or some extension they can offer to the base insurance as collectibles are usually only covered to a small portion.
Tight lips, a fire rated safe or off site storage and insurance if necessary.
There’s several insurance company’s for pokemon cards. I hate to recommend one (CIS hihi).
Mine insures everything in my storage lockers in both California and Nevada. Check your state cause laws and rules may be different. I keep everything in my lockers except next day shipment stuff and new listing items.
Depends on you when insurance is needed.
Here’s a good article.
www.cardboardconnection.com/how-to-insure-your-sports-card-and-memorabilia-collection
I asked my insurance guy about type of coverage along time ago for collectibles due to theft, house fire (I’ve already had one house first and lost a bunch of stuff), flood, etc. I forget the exact term (something like valuable property or item). Anyway you select the coverage amount you wish to purchase and there you go. Most of the time it’s used for valuable items like jewelry or art, basically things that aren’t normal household items.
I’ve always documented what I have somewhere, preferably online in something like google docs or something. Having pictures is always a good idea as well. I think if you have Amazon Prime you have unlimited photo storage anyway, you can just take photo from you phone and send it straight to Amazon Cloud storage. I’d imagine you can run through a large collection in just a few hours.
Hope this helps.
I may be wrong, but I think that you are referring to “scheduled items”. These items are often covered under other insurance policies (like homeowners), but one can choose to fully insure exceptionally rare, expensive, or irreplaceable items. They do this by “scheduling” the item by taking pictures, generality documenting it, and having it appraised.
For example, if you have a wedding ring worth 25,000, but your general policy only covers up to $1500 per piece of jewelry, then you should get it scheduled. You will end up paying roughly 400 or so dollars extra to have it insured, but then if something happens to it, you are covered for the full value.
Please correct me if I am wrong about any of this since it been many moons since I last reviewed this topic.
Yes, this is true with those type items. Collectibles, especially cardboard items, are normally not insured under those circumstances.