With the amazing collections people post and with a hurricane hitting the southeast US leading to lots of flooding, I’m wondering steps you should take to protect your collection in the event you have the ability to prepare for a disaster. I know Australia has had massive flooding in the past and really disasters can happen anywhere so hopefully people can we share what steps are best to protect things like sealed collections, loose cards, plushies, and other collectables from all levels of disaster (full evacuation expected or just a simple firesprinkler mishap).
What about insurance options and how you should document a collection?
I think about this too. I guess the answer differs greatly for everyone based on where they live.
I live in the Midwest US, so thankfully I don’t worry about hurricanes, earthquakes, or wildfires. I also don’t have to worry at all about flooding because I live on higher ground.
The biggest threat here would be a house fire or a tornado. For tornadoes the answer is to keep collectibles on the lowest level (such as a basement, which most people here have) and away from windows. However, that advice is only good for those that are certain they don’t have to worry about flooding. Otherwise, the basement would probably be the last place you’d want your collectibles…
The only true universal answer is to keep your most valuable and prized items in an off-site vault, like PWCC vault or similar alternatives.
My understanding and also my personal situation is that for stuff like collectibles, this is not very useful because the max is so low. For instance, I believe mine would only be something like $2k for all my collectibles.
I have a fine arts insurance policy that covers collectibles. I am pretty much covered for any type of loss. For items over a specific dollar amount they need to be documented with the insurance company and be stored under certain conditions, the rest don’t need to be. I just need to have a list for myself incase something does happen. In the event something does happen, like a house fire or robbery I would send the list of lost items with the current value and would be reimbursed. Of course I need to have proof of whatever happened; police report etc. I have a policy that covers up to 175k and only pay a little over $400 a year with a $500 deductible. In my eyes having an insurance policy like this is a no brainer.
You should double-check that Personal Property in this case includes collectibles. It was definitely was not included when I asked my insurance provider directly about it. It might be grouped along with stamps or something in your Special Limits list - that’s basically what they told me that it was under a special group capped at $2k
My lawn is at a slight incline sitting on granitic gneiss and we don’t get torrential rain so any flooding in my bunker is more than likely going to come from the inside. Other than acts of god there is only one room in my basement with a minute potential flooding hazard but that room is proofed in such a way that it is near impossible for the flooding to reach anywhere else.
There is a window a few meters away from the stuff however, and although water is not an issue I have taken measures to prevent ants from getting in. No rodents yet.
The worst realistic nightmare scenarios in my case would be a fire or ruptured plumbing I think.
I’ve been told outright in no ambiguous terms that homeowners insurance does not cover collectibles. I looked into insurance for collectibles specifically as a result but never really followed up with it.
This is why i thought it would be interesting to bring up, since there are lots of variations to disasters.
Ive heard for moderate flooding using waterproof storage containers of collectables half full with bags of air for buoancy to try keeping them above complete submersion.
Obviously a full fire has no real prevention that would save collectables.
But maybe if anyone has tips for quick tornado packing tips or earthquake safety tips for collections.
Flood or water damage is probably the most prevalent that can be prepared for so hopefully people can give more ideas of what they use.
Homeowners insurance only covers normal household items like furniture, appliances, clothing, etc. For something as common as a wedding ring, a unique line item is needed on the policy, and the policy typically costs 1% of the value a year. Collectibles are most definitely not part of your base insurance policy. If anyone is banking on that, you should call your insurance agent today, not tomorrow.
On this topic, I do wonder how people operating in Florida handle the very real risk of hurricanes. Rudy from Alpha Investments comes to mind. I would hope that he has a huge insurance policy to cover everything. If it were me I think I would be very anxious about it during each hurricane season.
Insurance for collectibles never seems like a good route imo. I’m not super aware of how it works and obviously it would vary from insurance policy to policy but I’ve heard that some will only do it based on money spent on said items which for most of us is going to be a fraction of current value. Even if it was a policy based on current value, that’s only really going to be good for graded cards.
Lastly, sentimental items cannot be replaced and you’d probably be fighting tooth and nail just for equal value of cards that you would have never wanted to part with in the first place. I fortunately live in a place with pretty much 0 natural disasters but if I ever move anywhere with risk, especially in any water related disasters, I’d plan ahead of time. Not keeping my collection in a basement or first floor of a house. Not everyone has that luxury but perhaps being able to easily move your collection, or at least the more valuable parts in the event of some type of evacuation warning, to somewhere safer for your cards.
There’s a perception that insurance is just the band-aid to cover any risk. In reality, many things are completely uninsurable or at least not worth insuring. Even flooding! In the US, insurance companies use government funding through National Flood Insurance Program otherwise flood insurance would not be feasible in many regions.
If you can’t sell the same insurance policy to many people, it will end up being prohibitively expensive. If you create a unique policy for one customer then whether or not that policy is profitable depends on if the expected payout over time is smaller than the policy cost to the customer. The math in this situation always works out that it’s better to just self-insure
As someone who has lived in several disaster-prone areas, here are my two cents.
Hurricanes/Typhoons/Floods
Determine your vulnerability to flooding and roofing damage. If you live in a flood-prone area, create an evacuation plan that includes transportation of your collectibles. Determine which collectibles you would leave behind if time was limited.
Tornadoes
If you’re hit by a tornado, you’re more or less f*cked. Evacuation is not typically possible with tornadoes. You will have to identify an area within your home that will sustain the least amount of damage, and move your collectibles into that area (i.e., basement or closet/bathroom).
Wildfires
If you find yourself in the path of a wildfire, evacuation is your only option. The products left behind will almost certainly be destroyed and/or damaged from smoke. Create an evacuation plan that includes transportation of your collectibles. Determine which collectibles you would leave behind if time was limited.
Nuclear Disaster
Once again, you’re pretty much f*cked. The only option here is to evacuate. Create an evacuation plan that includes transportation of your collectibles. Determine which collectibles you would leave behind if time was limited.
One of the reasons why I try to keep my collection small is if a war breaks out and I have to leave the country my thought is. Everything I can fit in a backpack, I can take with me and everything that doesn’t fit I will need to leave behind. When natural disasters happen and again we need to evacuate, it’s the same. I don’t store things in the attic in case of a house fire because if it starts higher up you can say goodbye to your stuff but when its on the ground floor maby there’s a tiny chance you can save it. So I store my valluables on the ground floor but still high up in case of a flooding but still behind lock in case of a burglary. I have thought a bit about this stuff but haven’t worried to much about it because if you do your living in fear and that’s not the way to live a life.
