Collections Insurance

[macstrat]

So I wanted to do a post about this because we all put TONS of time, money, and energy into our collections and to lose them something like a fire, flood, theft, etc. would for many of just be absolutely devastating. When my basement flooded a few years ago it really put me on guard for the things that I wouldn't want to lose, so I started looking to insurance for my collection. Most homeowners insurance (mine included) wont cover collections past a certain point or may only cover 70-80% of the value if they do.

This is where Collectable Insurance comes in.

There are a number of companies that offer collectables insurance, but much to my surprise, almost none of them would cover playing cards. Eventually I found one that would. The site is https://collectinsure.com/ . When I told them I wanted to insure contemporary playing cards I didnt get laughed at, I was met with "oh thats cool." The process is super simple, and since i document my collection to the point of going well past anal retentive the whole process took mbe 5 minutes.

The person that I worked with was (info posted with permission):

Jeannie Stanca
Producer
Fine Art Specialist
P: 336-550-4811
C: 678-234-5297
F: 410-876-9233
jstanca@collectinsure.com

I dont intend this to come across as an ad, more of an FYI.

How I protect my cards also plays an important role.
All my cards are in carat case's DS1 and DS1L, except my dupes. Aside from the obvious protection the cases offer, most of my decks are opened for card scanning (i can do another post on that of people want) so having the cases protects the tucks out of the cello as well.



These are stored in BCW card boxes and the boxes are stored in BCW's "card house", which I shall refer to as a case. On a personal note, I prefer the flip top to the shoebox because it makes it easier to write on the sides. The PVC business card holders fit perfectly on the side of these and i am in the process of adding them to all my boxes now. The cases are numbered A-E (currently), and then each box gets a number. so A1, A2, A3, etc. The reason for this will become clear in a moment.

https://www.bcwsupplies.com/card-house- ... 00ct-boxes




After scanning, and as I box them up, I photograph them and get their pertinent data and enter this info into Memento Database. from here I can sort and organize the boxes, cases, and contents. This is why the boxes and cases are numbered. This allow quick lookup and retrieval of a deck as needed. Below is how I have my database set up, but this is 100% customizable to your own needs and collections. At one point I had a link for the sites I used as price reference, but then got rid of it because on many things prices GREATLY fluctuate. When looking at the cost of replacement for insurance, dont just look for the highest value of that deck, Look for sites and users that have actually sold the deck or for auctions that the auction has completed and someone actually did buy it for that price. playingcardsdotnet and a few other users are good users to get an estimate of what a deck is worth from. I link my scans to my private server, but the flickr archive would work as well.

Memento database is available for all platforms and is a very reasonable cost for what it is. I use Samsung DeX to do the photography as I can use my phone camera and have the images immediately, get the items into the database with name, case, box, and photos. and then fill the rest out on my PC.









Some decks arent listed. Thats just The way it is. 2 examples from my own collection are the Vanda Planets LE Set and the Vanishing Inc. World Travelers suitcase. these have never gone up for auction, and the are sold out everywhere. so what do you do? What I do is take the original price, and add 10-15% per year. Some decks do buck this trend, but I have found that it is uncommon.

Remember, If your insuring, your looking at cost to replace, NOT cost to sell! Aside from sentimental value, the harsh reality is that your collection is only worth what someone else is willing to pay. Youre trying to keep your collection safe, not hawk it at a flea market!

[brownsl]

Thanks for the post, very helpful!!

I have photos of 99% of all my decks but do not have them entered into a database. I really need to do this. The problem is that the task seems overwhelming at this point, I should have done it from the very beginning of collecting.

I also like the BCW boxes and need to get more, they seem to be consistently out-of-stock.

Thanks again!

[EvilDuncan]

I was just thinking about this the other day.

My issue (probably just like everyone else) is trying to keep track of what everything is currently worth. For most decks, adding some percentage per year is acceptable I guess, but many others shoot up in value immediately or over a shorter time period and then fluctuate quite a bit (e.g. KWP + S17). Keeping track of that seems daunting.

Currently I have a spreadsheet full of everything I currently own and how much I initially paid for it. There is enough detail that someone could use it to find each deck online if they wanted.

[macstrat]

Thanks for the post, very helpful!!

I have photos of 99% of all my decks but do not have them entered into a database. I really need to do this. The problem is that the task seems overwhelming at this point, I should have done it from the very beginning of collecting.

I also like the BCW boxes and need to get more, they seem to be consistently out-of-stock.

Thanks again!

It can be, esp with a larger collection. When I started this, having the boxes broke them down into more manageable chunks. I found d putting a movie on amd just a little here and a little there really added up.

Bcw is def the best place for multiple cases at once, but you can find similiar prices elsewhere. Like bcw is 36+25 shipping, but Amazon and eBay have them for ~55-60 with free shipping so it work out about the same..
https://www.ebay.com/p/16030240921

My issue (probably just like everyone else) is trying to keep track of what everything is currently worth.

I totally understand this. Remember is that your just looking for a baseline number. Collection items always fluctuate and its impossible to always be up to date with many types (stamps, coins, baseball cards) people will always have the cherries of their collections that they keep up to date, but the rest are just impossible to always be keeping up to date. So keep tabs on the guilded signed KWP wood brick prototype, and just baseline the table players standard

https://www.ebay.com/itm/233975526643?h ... SwDRFgeu4n <----seriously wtf

My number for 2021 is because I started doing this last month. All you need is photos of the deck. Receipts help as they can provide you with that rough baseline, as well as establish proof of ownership. I talked with the insurance representative about this. They pay market value at the time of destruction for a replacement. So if it's $40 ten years from now, they will pay $40. As long as you have a rough estimate and keep your policy up to date,, they will pay for replacement.

[Entaro]

This is great info thanks! Been interested in learning more about your organization process since you mentioned it on reddit, gearing up to do a reorganization of my collection soon and this gives some great suggestions on that too, so how do you handle price Flux? Just update it with the insurance company annually?

[macstrat]

This is great info thanks! Been interested in learning more about your organization process since you mentioned it on reddit, gearing up to do a reorganization of my collection soon and this gives some great suggestions on that too, so how do you handle price Flux? Just update it with the insurance company annually?

Sorry for the delay in responding, I was looking thru my policy info so i could answer this correctly.

In this case i dont. the baseline is a rough estimate of how much it would cost to replace at the time of the policy being issued. in my case it was price as of 2021. NGL, it took a while. at the end of the day this is just a baseline and for my own reference to actually get a page/site to reference that price from.

So, all that said, the company offers a few options in terms of appreciation and additions:
the first is a optional automatic monthly increase of 1% with your premiums reflecting accordingly. For example if you are paying $8 a month for a $10,000 collection the first month, the next month would be $8 for $10,100, $8.50 for the month after $10,200, etc (those are example numbers, ymmv)
the second is similiar where it increases 12% every year, as opposed to every month

Now idk about you, but pretty easy to spend $100 at once on a single kickstarter, let alone 3-4 other KS in a month, and Black Friday is just devastating on my wallet. that goes WAY beyond that 1%. Which brings us to option 3: do nothing (kinda). What i do is as i get new items i just add them to the database, when you goto pay your bill (or anytime really) you can increase or decrease your coverage. by using the database with that baseline pricing, you have already done most of the work you need to do.

With collectors insurance, because of price fluctuations in pricing certain items and the fact that there is no deductible, i look at it like this: in the even of a SHTF scenario, instead of paying a $1000 deductible to an agency and hope they cover what i need them to cover, i can use them to get 95% of the way there, and use that $1000 to replace and make up the difference.

sorry for the long read, i know i tend to make longs posts.

[EndersGame]

My house insurance policy allows me to list separate items (e.g. collections) with an estimated total value.

As long as I've got some kind of inventory or photos, that has been the simplest way for me to ensure I'm covered.

[Siege]

I just discovered this thread, as I am in the process of investigating insurance for my collection. I have it inventoried and photos etc, and am at the stage of attempting to discern the best insurance company for the task. I’m based in the U.K.

So, my query is directed to fellow U.K. collectors - can you recommend an insurance company in the U.K? What’s been your experience of this process?

Greatly appreciated.

[Manji]

My Lego collection has finally hint a large round number and I have been told it won't be covered by the house insurance. Does anyone have a good recommendation for a company that will? GBWhatsApp APK

[Harvonsgard]

Saving and investing your money yourself is the best insurance.
I never read or heard it's not being a hassle to deal with insurance companies to get your money. They either aren't covering collections or are so expensive that you can go back to what I wrote in my first line.

[Bradius]

I am in the insurance business. My first job actually was in the London insurance market working in Marine and fine arts business. Getting insurance for stuff like paintings has a whole process. You can even get coverage for stuff like certified coins, especially if held in a vault. However, I would think that trying to insure something like a playing card collection would be a challenge. I can tell you that your standard homeowners policy is not going to cover it. You can get a scheduled rider or a special policy that will likely cover it for a scheduled value maybe. I can say that some insurers like Chubb are better for stuff like this than other insurers as they focus on high wealth clients, where this is an important need for a number of their clients.