Insurance on a collection.. Is it a good idea?

[vixen_icefox]

I was showing my recent additions to a family member the other day who asked me if I had added my collection to my house insurance policy.  I haven't .. but then it hit me just how much money I have tied up in My Little Ponies.  We have lots of tornadoes come through our area. 

Is there a lawyer (or anypony with legal smarts) in the house who can tell me:
Is it a good idea to insure my collection?  How would I do this?  Will it raise my rate?  I suppose it would have to be appraised too..? 

It's just a thought for now, but you can never be too careful.  Do any of you guys have your ponies insured?  For now, I'm putting my prized ponies by the door so I can grab them quickly in case anything happens!   

[GothMummy]

hey, I have my dolls insured - I just told my household building and contents insurance that I had a doll collection and guessed at its approximate value. Of course they said that I should catalogue and photograph them all as evidence if I needed to make a claim but I have not completed that task yet. And yes I would be distraught if anything happened to them, or the ponies.

[Twilight Pink]

I need to insure my ponies they're like my children. And if anything happens to them, it'll be like Hell on Earth.

[Jemofirongate]

Not sure on the rules in the US but here in the UK if the collection is not a named item on the insurance policy then its unlikely to be covered if you lost the entire lot but you might be able to claim for an individual item if you can prove what you paid for it so that you have evidence for the value. It depends on the insurer.

Its probably better to get the collection separately insured by a specialist insurer who understands about insuring collections, in which case they will probably require you to catalogue/photograph/value all the items. The Ponydex (google 'Ponydex') is a great resource to help you do this .

Theft of anyones collection is probably unlikely (a burglar is unlikely to have the time/inclination to steal toys of unknown value when he/she can just swag your electricals instead) but damage such as fire/flood/tornado/smoke etc are more likely threats.

I hope that helps - And on that note, I really need to get mine done!! 

Jem

[Lightning Twirl]

I think I need to get mine insured. I know exactly how much I paid for EACH item in my collection....even where I bought each one from but I dont have any receipts! I didnt expect my collection to bloom so crazy, I want to insure mine soon because we also have tornados!

If I could insure my collection, would it help boost my credit? O-o

[vixen_icefox]

Thanks for the heads up on the Ponydex, Jem!  I didn't know a database like that was out there!  I just registered to use it.  I've been cataloging my collection over at Dash Action Figures, but it's fussy sometimes.  I think I'll have to talk to my insurance lady about collections.. I can't prove how much most of mine are worth because a lot of them are from my childhood.  The ones I've bought recently, I haven't really kept receipts on.  I *have* taken pictures recently... although it needs to be done again due to July being a busy buying month for me. 

[Stormness_1]

Mine is included under a 'collections' clause in our policy, that as long as it's under a certain amount, all you need is photos. Mine are all individually photographed on both sides, and I have a copy on a USB (as well as on my PC) that lives in my handbag, so if my house were to burn down (heaven forbid!) while I was out, I'd have the info the insurers would need.

[banditpony]

I kind of have a question about this.

:/ Like is it necessarily to have some proof of how much it cost? Like I have some costly nirvanas, and yeah... I'm not sure anyone would believe that a little piece of plastic cost over $1000. :/

[vixen_icefox]

I kind of have a question about this.

:/ Like is it necessarily to have some proof of how much it cost? Like I have some costly nirvanas, and yeah... I'm not sure anyone would believe that a little piece of plastic cost over $1000. :/

TOTALLY!  I just came across a Lambaditsa Greek Easter pony on Ebay that's Buy It Now for a mere $1235.      Who would guess that ponies can be so expensive? 

Mine is included under a 'collections' clause in our policy, that as long as it's under a certain amount, all you need is photos. Mine are all individually photographed on both sides, and I have a copy on a USB (as well as on my PC) that lives in my handbag, so if my house were to burn down (heaven forbid!) while I was out, I'd have the info the insurers would need.

After I talk to my insurance lady, I'm going to have to go through and individually take pics of mine.  That's a great idea!  Also a handy way to show off a collection if you have the USB with you all the time   

[achab1984]

I think that I might be ok with my home owners insurance But it is a good things to talk about and look into.

[lovesbabysquirmy]

We've had a number of topics on the issue...

http://mlparena.com/index.php/topic,309802.msg421428.html#msg421428
http://mlparena.com/index.php/topic,329089.msg746166.html#msg746166
http://mlparena.com/index.php/topic,319789.msg588276.html#msg588276
http://mlparena.com/index.php/topic,304152.msg331924.html#msg331924

Hopefully that answers some of your questions! 

[vixen_icefox]

We've had a number of topics on the issue...

http://mlparena.com/index.php/topic,309802.msg421428.html#msg421428
http://mlparena.com/index.php/topic,329089.msg746166.html#msg746166
http://mlparena.com/index.php/topic,319789.msg588276.html#msg588276
http://mlparena.com/index.php/topic,304152.msg331924.html#msg331924

Hopefully that answers some of your questions! 

Thanks!     I'll check those out!  Everytime I searched for "insurance" the results kept pulling up threads about selling something and shipping insurance.  Sorry to drag out an old topic!  I didn't realize.    

[achab1984]

Sometimes it is hard to find things on this site.

[Galactica]

It depends on your insurance policy.  Read your policy to see what it covers-  talk to your agent (if she or he is knowledgeable) about your concern. 

Regardless- you should definitely have photos and inventory your collection.  If you ever did have a loss- they would want you to provide some evidence of the items you are claiming (if they are rare or particularly expensive).

[Sarahlacewing]

It depends on your insurance policy.  Read your policy to see what it covers-  talk to your agent (if she or he is knowledgeable) about your concern. 

Regardless- you should definitely have photos and inventory your collection.  If you ever did have a loss- they would want you to provide some evidence of the items you are claiming (if they are rare or particularly expensive).

^This.  It would be best to have item- description and condition- price you paid- photos for each one.  They will want an itemized list if you ever needed to make a claim.  Any purchase slips too (ebay/paypal receipts that show item).