Insuring you collection

[iamgritter]

Hi ,
After reading the storage of items thread it crossed my mind regarding insurance of items, i have no issue with storage but owning a rather large Smiths / Morrissey collection i would like to hear from people who own the same to see what they do . I phoned up the Nationwide Building Society who said they would require the whole collection photographed . Each item 4 times , cover front and back , disc / record front and back ! , is this something people actually do or is this more of a leave it to chance sort of thing and not bother with insurance,
Intrested to know your thoughts
Cheers
Chris

 

[Dave2006]

Interesting question, I'd like to know what others do. When I last changed insurance companies I think the answer was "we cover 'collections' up to the value of £3000, anything above that you would need a separate quote..." But 'collections' wasn't just records, it would include books, DVDs, artwork... whatever it is that you may collect.

I don't have the largest collection by any stretch of the imagination, but I'm pretty sure I have spent more than £3000 on my Moz / Smiths collection (hope my partner isn't reading this) ... posters, promo CDs, rare vinyl... it all adds up ... god knows what it would cost to replace.

Dave

 

[Stephane]

You'll never find it is worth it, the cost is too prohibitive.

For some time I rented a safe at the bank for my most valuable items, but even that came to be too expensive in the long run. And you can't get to see your collectibles when you feel like it.

Stephane

 

[beau]

Perhaps things are different in the States, my insurance company only asks that items over $250 be individually listed and photographed. About 1% of the value of items is the yearly premium. Not too bad.

 

[INTESTINAL FARTITUDE]

Perhaps things are different in the States, my insurance company only asks that items over $250 be individually listed and photographed. About 1% of the value of items is the yearly premium. Not too bad.

That sounds about right to me. I don't have a special insurance rider for my collection (yet), but getting one has been on my to-do list for years now.

Stephane's right about bank safe-deposit boxes; they're WAY too expensive. I've also considered getting some of those fireproof safes, but they wouldn't hold more than a fraction of my stuff--besides, I'd use up some of that space for documents & other stuff that's (arguably) more valuable than my collection.

 

[mikael]

I got my "home" insured for 150 000 euros, my collection is included there. I just need documentation.