Collectibles Insurance??

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Collectibles Insurance??

Postby glovejunkie » October 5th, 2013, 10:20 am

Well, first of all I'd like to say, Dave, I'm very sorry to hear about the terrible news, but very happy to hear everyone is ok physically. I know we have never communicated with one another before, but I can certainly relate to the situation, I had a place that caught on fire once also, just not an easy or fun thing to go through at all, hang in there bud, things WILL get better and more/new memories will be made. I got a few gloves to throw in the box when your ready too, just build your new "man cave" the way you REALLY always wanted it, you'll have a new collection together in no time;)

Now, as to the point of this topic, and for all I know it's been discussed before perhaps, but I would personally like to know more about collectibles insurance. Can anyone suggest some good companies/carriers to look into?? Or even adversely, ones to stay away from, bad experiences?? Prices/rates?? I hear about this rider insurance, don't have any, have thought about it for a few years now, actually even know better having already been through a fire once, and still don't have it:(( However, in wake of these recent happenings, I want to get some, and actually having talked with several fairly large collectors, their story seemed to be the same, though I've been pointed in a few directions, I was wondering if anyone wanted to chime in with what they have/had, good or bad. And Dave, what do you have and how had the experience dealing with them thus far, if you don't mind me asking??

And the Mr. Mitt collection, just stunning!! Amazing stuff!! Mr. Mitt you must have extra insurance, any suggestions you can provide??
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Re: Collectibles Insurance??

Postby Mr. Mitt » October 5th, 2013, 11:26 am

Thanks! Yes, insurance overkill! I've used Chubb as my homeowners insurance for 20 years. They are a tad expensive, but pay when you need them. I know a few people in the insurance industry and they all rate Chubb as one of the best, if not the best, as far as taking care of their customers. I had a claim with them when I had my first apartment. A unit above me was using an uninsured contractor to remodel their kitchen. Well, they broke a pipe, never turned off the main, and my kitchen was destroyed. The water collected and ultimately the entire ceiling collapsed from the weight of the water. Chubb paid me for the replacement of absolutely everything, even stuff like pots, pans, dishes and the granite counter top, all of which were fine, just wet. My second claim was when my wife lost an ear ring two years ago. No questions asked, check for full value of both ear rings, in a day.

The rider I use with Chubb is their Masterpiece Policy. It's specifically designed for art, coins and other collectibles. I have each glove itemized with pictures and descriptions. I have no worry, they'll definitely pay if the day ever comes, I just hope it never does.
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Re: Collectibles Insurance??

Postby glovejunkie » October 5th, 2013, 1:04 pm

Thank you for the info Jerry, very helpful!! Also, JD and and few others mentioned Chubb and suggested them. I will be calling them very soon;) Thanks again!! Oh, and geezz I hope you never need to use that insurance either!! Wow
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Re: Collectibles Insurance??

Postby stockbuddy » October 5th, 2013, 6:33 pm

Hi glovejukie,

I have State Farm Insurance and they paid for them. I had each one documented in my glove book along with a description and if that was not enough I had the tv video that the adjustor watched. LOL

Ball gloves are a bit tricky on the values as there are not that many of us compared to coin collectors, etc. But, I had a very good agent and she kept up with my collection over the years. I did not have much overkill on my collection but I would say I did end up with a bit more than what I had them over the last 17 plus years. I also had jewelry insured etc. My jewelry was fine but not the rest of my stuff.

If one has invested much into their collecting, then to me it makes sense to insure them. I have always believed it is good to insure stuff and now I am thankful I did. I am just sorry I had to use it.

Jerry, has the right idea. Insure them if at all possible.
Dave
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Re: Collectibles Insurance??

Postby glovejunkie » October 6th, 2013, 7:53 am

Thanks also for the info Dave!! I too have State Farm for all my insurances, car, apt., atvs, etc... And under my rental/apt insurance I do have extra coverage for the collection, however, I obviously haven't had books/videos made of it, pics is about all I've got. So anyway, most have told me it will be tough to get State Farm to pay out for it if anything truly happens, so I was also thinking about getting this separate rider coverage with Chubb, but maybe I'm going to far, and that's all unnecessary. I'll have to look into it, but thanks again Jerry and Dave for the info. Just really want to make sure I'm covered, especially considering when your in an apt, could be 20 other people that start a fire or something that could destroy the building/collection. I very much appreciate the quick responses!!

Eric
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Re: Collectibles Insurance??

Postby stockbuddy » October 6th, 2013, 4:33 pm

Hi Eric,

It would be very important to check out each possible Insurance company. I am not familiar with Chubb but I do not think it is very ordinary to insure the ball gloves. My agent had to work very closely with me .

Good luck.

Dave
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