How do you place a value on your collection? Do you insure it ?

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Im wondering how everyone determines the value of their collections. And do you have a rider on your homeowners policy in case something happens to it? What valuation requirements does your insurance company ask for?
I have quite a collection and I'm having a bit of a problem with the insurance company I'm with on that issue.

Any help/advice would be appreciated.
 
RingMasterDuck said:
Im wondering how everyone determines the value of their collections. And do you have a rider on your homeowners policy in case something happens to it? What valuation requirements does your insurance company ask for?
I have quite a collection and I'm having a bit of a problem with the insurance company I'm with on that issue.

Any help/advice would be appreciated.
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Just get Nikki to speak to your agent. Works every time.

Explicit Language Warning on video.
 
Most insurance policies will cover under collectibles up to 10k, but you can take out a floater policy per item if you want.

I know for us the rare and/or expensive stuff is in our safety deposit box at the bank.

The floater account can get expensive on annual fees as we have it for certain comic books, so takes away from the buying budget so keep under 10k at home then you are covered 100% under most policies.

Hope that helps.
Joe
 
You can also have an umbrella policy that will cover say the 80,000 chips but does require security cameras. Those are cheaper and to be honest the best option if you want everything covered at one address.
 
Thunder Snow said:
Most insurance policies will cover under collectibles up to 10k, but you can take out a floater policy per item if you want.

I know for us the rare and/or expensive stuff is in our safety deposit box at the bank.

The floater account can get expensive on annual fees as we have it for certain comic books, so takes away from the buying budget so keep under 10k at home then you are covered 100% under most policies.

Hope that helps.
Joe
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Do they use the value that you actually paid for the chip or do they try to verify value of the chip?
 
Meaning the actual value of the chip
and if that’s the method, how do they verify it and what do they base it on?
 
RingMasterDuck said:
Do they use the value that you actually paid for the chip or do they try to verify value of the chip?
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book value no different then when you donate to a museum or etc as book value is the means to determine it. It can hurt you as if the market is higher on the chip you only get book, but if the market is lower than the book then you win I guess.

Floater/umbrella policy is the way to go if you have security cameras.
 
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You will also want to check...to make things even more complicated...if you are covered if you bring items to a meeting or a conference. I know in the small notes on all of James Campaglia's editions that he notes things like "this chip was stolen from my dealer table in 1998"...and he is talking about a chip worth, then, 5-10k.
 
jhelik said:
You will also want to check...to make things even more complicated...if you are covered if you bring items to a meeting or a conference. I know in the small notes on all of James Campaglia's editions that he notes things like "this chip was stolen from my dealer table in 1998"...and he is talking about a chip worth, then, 5-10k.
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Well, this is America so good luck to them if they try and steal an item.

View attachment 1328
 
jhelik said:
You will also want to check...to make things even more complicated...if you are covered if you bring items to a meeting or a conference. I know in the small notes on all of James Campaglia's editions that he notes things like "this chip was stolen from my dealer table in 1998"...and he is talking about a chip worth, then, 5-10k.
Click to expand...
We had that happened to us as well.
Not fun!
 
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