Insurance question??

[sherbertlegs]

Hi, hope you are all having a lovely day.  I was just wondering as my collection is beginning to grow do you take out extra insurance or have your collection noted on your home insurance policy?

I'm sure people have bigger collections than mine which hold sentimental value not to mention money value.  The net worth of some of the collections must be astronomical.

I wondered whether anyone took out insurance of some sort to cover your collections.

Thanks.xx

[Ivy]

I haven't I probably should but I haven't..

[Oneleo1]

If you feel you should have insurance on your collection, then I would do it

I should have insurance on mine (it's around 1500 ponies) but have not because of the amount of work involved. I should just get it done though...

[Dawn]

I've seen several threads where people have worked out that it's impossible to get specific insurance for a pony collection, because there are no professionals who are able to value these things accurately? I'm sure someone else will come in who knows more about these things and will be able to tell you more about it though :-)

[partypony566]

I am going to do that.

[Aadra310]

Yes, there are a couple of threads on this with really no great answer.   I suggest you look at your homeowners/rental policy.  There might be a clause for "collectibles" but it often has a cap at $1000 or so.  You can add extra insurance to your policy for things like jewelry, guns, etc, so I would think you could add for collectible items.  You could invest in some of Summer Hayes' pony guides.  She has included general pricing ideas for G1 and G2 ponies that could help you come up with a documented estimate of collection value.

[lovesbabysquirmy]

Yep, if you do a search, the question comes up every few months.  Pretty much the consensus is, save your paperwork from Ebay/Paypal as it is the only official value you have on your ponies.  There isn't any way to validate their value should something happen so it is up to the policy holder to document as much as they can. 

[achab1984]

I have insurence on the stuff in my house. You can get it up to a dollar amount. I have it on jewerly and other things. Is super cheap and just nice to have a piece of mind   Call your insurence company and they would be able to help you more

[hathorcat]

Its a tough one. And there are 2 options.

1. Speak to your home contents insurer to see if they will increase your contents value to include your collection. Such a question can panic an insurance company however as sometimes they will not value a "collection" over a certain value or will not allow "one thing" [i.e your collection of ponies] to be worth a certain percentage of the overall contents value. Kind of like how you couldnt insure your home contents for £100,000 with £50,000 of that being the price of one piece of jewellery - for something like that an insurer would expect additional insurance or simply not insure the value [I know thats an extreme example]. If your insurer are simply willing to increase your contents and premium to cover your collection fantastic.

2. There are specialist toy/collectable insurers who will look at things like pony collections and offer you insurance. Personally I think once a collection starts to get to a certain value it is worth speaking to these people. Insurance can be expensive but not crazy bad - just the kind of value you would expect someone to charge you.

The main thing to do is keep a record of each collection piece - probably with a picture and a reference for value - it could come in helpful if either insurer made a request for such information. It can be time consuming depending on how many ponies and items you have but it is probably worth it.

[LadyGuinevere]

I've seen several threads where people have worked out that it's impossible to get specific insurance for a pony collection, because there are no professionals who are able to value these things accurately? I'm sure someone else will come in who knows more about these things and will be able to tell you more about it though :-)

I actually asked my insurance company about it the last time we renewed, as we have it itemised as 'My Little Pony' collection with an overall figure on our insurance and have done for years. They advised me that it wouldn't be a problem, and in the event of a claim, photographs would be enough to prove ownership. Not entirely sure how the value would be worked out though. (I'm not at all worried about theft, it would be water or fire that might do it. We have made three claims for water damage since we've been there, but they're  on a different side of the house)