APPRAISING ONE'S COLLECTION (Renter's Insurance)

CosmoCosmo 9,767 Posts
edited September 2005 in Strut Central
So I'm getting renter's insurance and I don't know how to factor in my records. I got anywhere from 6-8,000 here at the crib. Some are $200 records. Some are $2 records. Do I have to do a piece by piece appraisal of them? Can I just throw out a number like $50,000 and call it a day?I checked with All State and the most they'll cover me for is like $75,000 and that includes all our computers/equipment/clothes/diamonds/gold/furniture... don't wanna lowball myself you know. Anyone done this before?

  Comments


  • This has come up before, and I actually ran it by an agent once. The answer I got from her is the answer I've heard here, and that's that they want a piece by piece inventory.

  • volumenvolumen 2,525 Posts
    This has come up before, and I actually ran it by an agent once. The answer I got from her is the answer I've heard here, and that's that they want a piece by piece inventory.

    Yeah, plus good luck getting them to believe a lot of LP's are worth more than a few dollars. You have to itemize everything on paper and insuring collectables can be pretty hard to value. But, if you can come to some sort of middle ground it's better than nothing when your house gets damage (god forbid).

  • CosmoCosmo 9,767 Posts
    That's what I was assuming. Lord what a hassle.

  • Renters insurance will probably only offer you $1 an LP. You need to find an insurance agent who will insure collectables. You don't necessarily need to get the collection appraised. It really depends of who is covering you and what has caused the loss. A friend lost his house in a tornado last year and was reimbursed in full for his claim on the record collection. With insurance you've got to shop around and make sure they understand your needs. I did a quick search online and there are people out underwrite insurance on record collections (check with a local independent agent to see if they can shop arount to get you a quote).

  • What I meant to say was "there are people out there who underwrite insurance on record collections"...

  • mylatencymylatency 10,475 Posts
    What I meant to say was "there are people out there who underwrite insurance on record collections"...

    plaese to send URL's?

  • I think these guys also advertise in Goldmine/Discoveries:

    www.collectinsure.com

    You all probably know somebody who knows someone who is an independent insurance salesperson...they may be able to shop around to get an underwriter who will insure you. Independents do not work for one company but shop you around to a number of them to get you the best rate/service...ideally. Some independents are assholes who will laugh at you and your record collection. You just have to shop around to find someone who respects you.

  • mylatencymylatency 10,475 Posts
    Thanks dude, I needs this.





    You just have to shop around to find someone who respects you.



    REAL TALK

  • I don't know about Renter's insurance, but you might want too look into small business insurance.

    My record store carries a cool mill of insurance for about $500 a year. Most of this money is to cover the costs in case I burn the building down, or if some one trips over the dollar bin and takes me to court. (Marco & Dig Dug, don't get any ideas)

    We stated that DJ'ing was part of our business and that we keep equipment, a library of music, and extra inventory at our personal residences. Our agent was very cool in including this.

    The best part is you also get insurance for transporting equipment, records, and even cash. Since cash deposits are a big part of any small businnes they cover you for getting jacked, if I remember correctly, up to 20 grand.

    Now you can leave the glock at home, but still flash some roll wit the Moet sippers.


  • Lloyd's insured my records and although I've had no need to make a claim, they've so far been very easy to work with.

  • EVERYBODY STOP


    Renters is NOT going to give you full collectible coverage, neither will commercial property (for a record store) or homeowners. It will give you a scrap of coverage if you supply a full inventory but a used record in insurancespeak is worth like $2.15. Collectibles, art, jewelry, etc are not covered fully on any of these policies. You have a max value of like $2,000. Ask your agent if they will cover $50-100,000. Doubt they will.

    You have to take out a separate collectibles policy (which can be had, just do a google search). You have a declared value of your collection and it is covered up to that amount. They don't need an inventory but it is best that you do one. Have as much proof as possible.

  • Lloyd's


    Yes this is good. Lloyds will cover anything. They cover rock star hands, rareass art, beyonce ass, airplane fleets, etc.

  • My renters insurance covers me up to $20,000........every single item must be documented with actual current value and submitted in case of a claim. They say they'll cover collectibles with decent proof of value. I'm in the process of putting together an excel spreadsheet of all my 10.00+ records, as well as gear and valuable assets. Problem I'm having is estimating worth on records where there is little to no info/price category. I can make up a number but I think the insurance company is going to try to force me to prove it if it's a big one. It's a sketchy situation (no castillo).

  • According to Michael Carroll of Carroll Insurance, " When a loss occurs the valuation is on a replacement value basis. Replacement value is the cost to purchase property similar to the lost property at the time of loss. If some or all of your collection was acquired over many years from many vendors, you estimate the value of your collection to apply for insurance based on what similar items sell for.

    Their value is assessed by estimating what they would bring at a public sale or auction with collectors and dealers of similar interest in the collectible that is for sale. The estimate does not have to be precisely valued, but should be close to actual auction prices. Auction prices are more commonly used as they are a more established and recorded market price for a collectible. Who ever handles a claim for a loss may call upon dealers and knowledgeable specialists to help evaluate replacement value should a loss occur. " If this is the case would you be comfortable with what the insurance company would come back to you with. This will impact your decision with regard to who to go to, how much insurance to get, and what riders or stipulations you should have specified in the policy.


    A Selection of Brokers and Underwriters For Insuring Collectibles:

    Collectibles Insurance Agency
    P.O. Box 1200
    Westminster, MD 21158.
    1-888-837-9537
    e-mail: [email]collectinsure@pipeline.com[/email]


    American Collectors
    P.O. Box 8343, Cherry
    Hill, NJ 08002-034
    Telephone: (800) 360-2277
    Fax: (609) 779-7289
    e-mail: [email]moreinfo@americancollectorsins.com[/email]


    Marsh & McLennan
    1166 Avenue of the Americas,
    New York,NY 10036
    Phone: 212-345-6000
    Fax: 212-345-4808


    Nordstern Insurance Co.
    199 Water Street,
    New York, NY 10038
    Phone: 212 412 0700
    Fax: 212 412 0820


    Huntington T. Block Insurance Agency
    1120 20th Street NW,
    Washington, DC 20036
    Phone: 800-424-8830
    Fax: 202-331-8409


    Fine Art Risk Management/New North National Group
    55 East 52nd Street - #3100
    New York, NY 10055
    Phone: 800 795 8075
    Fax: 212 702 3334


    Henderson Phillips Fine Arts
    5750 Wilshire Boulevard - Suite 525,
    Los Angeles, CA 90036
    Phone: 213 933 3770
    Fax: 213 933 1173


    Chubb Group of Insurance Companies
    15 Mountain View Road
    Warren, New Jersey 07059
    Telephone: (908) 903-2000
    Fax: (908) 903-2027
    To be connected to the Chubb office nearest you for a list of agents and brokers in your area, call us in the United States at 1-800-36-CHUBB or at +1 908-903-2000 outside of the U.S.


    Frenkel & Co
    123 William Street,
    New York, NY 10038
    Phone: 212 267 2200
    Fax: 212 349 6947



  • every single item must be documented with actual current value and submitted in case of a claim.
    I wonder if you could use Recsim (GEMM) as proof of value? My collection would be worth a lot more.
    This thread has got me thinking about my house and contents insurance and the need to document any rare or semi rares for insurance purposes.

  • I want to get mine valued by RECSIM with an independent assessment from ArchDD.

  • DrWuDrWu 4,021 Posts
    ARCHDD is where it's at in terms of evaluating collections and spit takes on northern soul prices.

  • CosmoCosmo 9,767 Posts
    I ended up going with All State and they're covering me up to $75,000.

  • I ended up going with All State and they're covering me up to $75,000.

    How much was it if you don't mind my asking? I am looking into getting it myself.

  • CosmoCosmo 9,767 Posts
    Around $40 a month.

  • meshmesh 925 Posts
    well i have around 35K worth and it only cost me $120 a year. worth it fo sho.

  • CosmoCosmo 9,767 Posts
    Yeah but I got all my gold and my jewels as well to worry about so I had to go higher.

  • meshmesh 925 Posts
    Yeah but I got all my gold and my jewels as well to worry about so I had to go higher.



    hahaa, i keed i keed.

    i actually have that policy mostly for my gear. i am still working on my excell spreadsheet itemizing my collection so i can get a seperate policy for my wax.

    i will be moving in the next year and will hopefully be getting homeowners insurance. but i will still want the seperate collectors insurance.



  • Yeah but I got all my gold and my jewels as well to worry about so I had to go higher.


  • CosmoCosmo 9,767 Posts
    Saying.


    I WILL BE KING.
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