Do you have Insurance for your collection? How do you go about it?

[dIGITS]

[Mods: I'm not sure if this is the proper forum section... if not, please move]

I actually don't have much of a pony collection, but I'm a blythe collector and a friend of mine said I should ask the pony community about insurance on their collections.
I'm just wondering if you have insurance and how the heck you even go about getting insurance on something like a collection. Seems like prices are always changing, imperfections in each piece can effect prices, etc... How does your insurance stay up-to-date with current prices? What kind of questions would you need to ask when getting insurance?

Any help is appreciated!

[Aadra310]

This topic comes up every now and then so you could probably search some older threads some more tips!

My best tip is to look at your current insurance.  Some policies have a "heirlooms and collectibles" (or something like that) which has a cap limit of say, $2000.  If your collection is worth more than that, you'd probably need to purchase additional.

To find the value of a collection, first have it all documented, obviously.  I have text and pictures saved on my computer and a copy at my mother's (in case of fire or computer theft).  I record values of individual ponies if they are more expensive like Mimic or mailorders and exclusives.  The rest, I give a general value range of $5-8 each (for example!).  So, after you've got it documented, you can fairly quickly come up with an amount you'd want for insurance purposes.

Then, you just have to do a little legwork and talk to your provider about the options.  Seems like every company is a bit different.

Hope that helps!

[Princess Lala]

My collection is insured through state farm along with my car amd home! Having a very big collection you have built up for many years is very foolish not to have insured. Every year I show proof of what I bought and have take pictures of my collection documented for reassurance. Here in Texas its just important to have things insured anyways, not because of sterotypical tornados (which mind you do not occur in my area) but for wildfires and flooding. We got flooded here soooooooooo bad last uear I couldnt go into work and I was gratefull to have my collection insured!

[Tak]

I had started the same thread a month or so ago.... I recommend talking to your insurance agent about it if you have one for home, rental, or car insurance. My agent was super awesome about it and now they're insured for $5000. I don't have many super spendy nirvana ponies and rapunzel is supposed to be temporary. If you don't have an agent, get someone local that you trust to recommend one and start their. Unless you're collection is worth over $10,000 you shouldn't have any trouble.

Post Merge: August 25, 2016, 09:20:37 PM

Also, take pictures of everything.

[ClosetAvalanche]

What happens when your collection is like $40k+ lol?

[nessa16]

I really need to do this; I keep putting it off or forgetting about it. My mom had her coin collection stolen and insurance on collectibles capped at $200 so she lost put big time. I at least should start with my HTFs and nirvanas.

[dIGITS]

What happens when your collection is like $40k+ lol?

You sell it and buy a house

[ClosetAvalanche]

What happens when your collection is like $40k+ lol?

You sell it and buy a house

No kidding, lol. I don't want to know monthly payments on something like that 0.0

[dIGITS]

What happens when your collection is like $40k+ lol?

You sell it and buy a house

No kidding, lol. I don't want to know monthly payments on something like that 0.0

Haha right ? If I could sell my collection I could probably have a nice car down payment... But that'll never happen

[FarDreamer]

You can insure anything, I'd check with your homeowners or renters insurance first if either of those are applicable.  I have a rider on my homeowners insurance that is only $5 per month for $5,000 in coverage.  All we did was call them, tell them about the collection, and they told us what to do.  Then every year we call and update the coverage as needed, but I rounded up on estimating my collection's value, so I won't need to update it for awhile.

[Tak]

You can insure anything, I'd check with your homeowners or renters insurance first if either of those are applicable.  I have a rider on my homeowners insurance that is only $5 per month for $5,000 in coverage.  All we did was call them, tell them about the collection, and they told us what to do.  Then every year we call and update the coverage as needed, but I rounded up on estimating my collection's value, so I won't need to update it for awhile.

Truth. I stick by my earlier response.

I recently had to raise my renter's insurance. The cost to replace every single, thing adds up quickly.