Does anyone insure their personal collection?
How exactly does insurance for collectibles work for things like theft or fire?
I roughly estimate that my entire collection is worth about $175,000 based on today’s market values, so I’ve been thinking that this is a lot of money for me to leave at risk. I want to explore the options to protect my assets.
This was asked back in July and it appeared that the only site that was offered that could insure a collection was this: collectinsure.com/?gclid=EAIaIQobChMI1KHK0s_g4wIVxZ6zCh10uQLSEAAYASAAEgJgLfD_BwE
Hope it helps!
I wouldn’t recommend it if you live in a decent part of town or off the beaten path. It’s just not worth it. I would get a dog, security system, a vault/safe, heavy duty doors/locks, or put everything worth over 10k in a safe deposit box before I would waste money on insurance. No matter what anyone tells you it’ll be a pain in the butt to deal with the insurance company over the ever changing prices of collectibles.
I got ya. My main collection lives in a relative’s home (in a very safe neighborhood) and is pretty well hidden within the home. I guess I’ll just stick it out with that arrangement.
Out of curiosity, I looked up how much the insurance would cost that @azulryu posted, and it would cost me nearly $1100 per year.
So in theory, over the course of 30 years, the insurance would cost $33,000. And I can’t even say I’d have 100% confidence in this insurance fully covering the losses if something did happen.
So yeah… Gonna pass.
Relatives houses are tricky. I don’t recommend it not because I don’t trust my relatives, but because I don’t trust them to not accidentally set the house on fire lol. My own home is a much more controlled environment, but that’s just my opinion 
I trust my relatives to not set my house on fire just as much as I trust myself not to set my house on fire. (knock on wood!)
I use CIS (collect insure) for my comic and card collection. The best part about it is they cover you during transit (like submitting for grading) so you don’t have to buy crappy postal carrier insurance that definitely will not pay you. You just have to make sure it’s signature guaranteed and take plenty of photos before you ship. I have yet to hear or read any horror stories about not being able to collect in the event of an insured loss. To me, $1000 a year to protect $175k investment is a no brainier (in your case, since I have a much smaller collection so the premium is much lower) especially that it covers travel and house. BTW, CIS uses fair market value for replacement value not any kind of guide or list
Agreed I used them as well. If you don’t have 175k insured dude then you’re going to have a bad time. I hate paying medical, car, and homeowners insurance too but it is what it is. Theft and fires and floods and crap luck happens all the time.
The PWCC vault offers insurance. It’s fairly new, so not sure if anyone has any experience using it. The downside is that your collectibles won’t be easily accessible.
It would cost you $875 (0.5%) the first year and $437 (0.25%) the following years.
I’ve thought about that too…saving the 8.9% NY sales tax sounds really nice right about now.