Collection Insurance concern

[lazer4856]

Hello, recently I have been considering/contemplating how exactly to go about insuring a collection. Over the years as the collection has grown I have become concerned about "what happens if there is a fire". First off I would be devastated in loosing the collection to something like fire, but secondly the overall value would be a hard hit to the bank account as well.

Does anyone insure there items? Has anyone had luck with getting them to fall under the category of " contents within the house" ? when it comes to value its your word versus someone at the insurance office. I have looked at individual insurance on certain items, In Canada they need to be appraised first, then based on value they fall into a premium bracket. I did the math on a few helmets alone it would be about a $650-$700 annual bill to keep them insured.

Opinions on anyone else experiences please and thank you

[Rossi]

Hello, recently I have been considering/contemplating how exactly to go about insuring a collection. Over the years as the collection has grown I have become concerned about "what happens if there is a fire". First off I would be devastated in loosing the collection to something like fire, but secondly the overall value would be a hard hit to the bank account as well.

Does anyone insure there items? Has anyone had luck with getting them to fall under the category of " contents within the house" ? when it comes to value its your word versus someone at the insurance office. I have looked at individual insurance on certain items, In Canada they need to be appraised first, then based on value they fall into a premium bracket. I did the math on a few helmets alone it would be about a $650-$700 annual bill to keep them insured.

Opinions on anyone else experiences please and thank you

I have my Collection insured. I catalog everything via website and when anything is added or subtracted they update the policy. I am in USA and did not have to have an appraiser but showed receipts to everything purchased over the years. It is a policy on its own for WWII Collectibles.

[lazer4856]

Thank you for the comment. So your website basically keeps a visual record of everything within the collection?

[Rossi]

Thank you for the comment. So your website basically keeps a visual record of everything within the collection?

Yes along with a video and comprehensive records. Also I have over the years logged what the retail (dealer) rate of goods is. Each year I go through the entire collection and adjust values and policy according to the market. They will usually only insure it for what you have on record for purchasing. I have good bookkeeping on every item for proof of purchase which is important. It is a labor for sure but is important. I would also consider having them look at your security system, safes, personal protection as it gives me a break on the policy a bit. Not sure how it works in Canada.

Good luck! Rossi

[HoundsTooth]

I've not been collecting as long as Rossi, but i record every item i purchase in a spreadsheet with the value and also have digital photos and receipts. Everything falls under my home insurance apart from one item which needed to be separately listed under the same policy as it was above a certain value.
Everything else was covered as a regular antique item.
Nick

[lazer4856]

Thank you both for the reply. I have kept receipts of value for my own records. Your ideas of a spread sheet seems like something I should be doing. Solid game plan. Just need to get the insurance company to agree to it...or find a new insurance broker lol.