Best insurance for my knife collection?

cockroachfarm

cockroachfarm

Joined
Jan 6, 2001
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My collection is growing to the point where I would like to have it insured separately from my homeowner's policy, and with someone who is familiar with knife values.

So far, I've only checked out Collectibles Insurance Agency in Maryland (they have a website). Premiums seem suspiciously low.

My question: has anyone here ever made a claim on their insured knives and been paid off with a minimum of hassles?

I'm sure finding someone to take my premium year after year with no loss isn't hard - but how will they respond when I have the audacity to make a claim after half a dozen knives have been stolen?
 
I insure my collection with CIA. I've never had a claim. But it is underwritten by Hartford, so it's legitimate. And I don't consider the premiums to be expecially low. Compare it with your overall homeowners policy. You can insure a $300,000 house plus $150,000 in contents plus $250,000 in liability, $700,000 in total coverage, for about $800/year. $100,000 with CIA is about $400 year, 1/7 the coverage for 1/2 the price. That ain't cheap.

But, when you look at your homeowners policy, you'll find that it probably has a sublimit on "collectibles" at typically $5000. That is $5000 for all items in your house that have special value to to historical, cultural, or artisitc merit, not just your knives. If you go to your homeowners insurance company and ask to increase that sublimit, they'll be happy to do so... for a fee. Those fees are usually more than CIA charges and homeowners insurance will often insist on appraisals and proof of ownership, etc. all at your expense.

And if you own guns, check your homeowners policy. They just about always have sublimits on guns. In Oregon, All State's standard sublimit on guns is like $500. One even just good (not even collectible or otherwise special) gun can exceed that. The reason for this is that guns are commonly used in insurance fraud. You can sell a gun readily on the black market for a very good price (perhaps what you paid for it), report it stolen, and claim the insurance (perhaps replacment value), thus recovering two times what you paid for the gun. It's quick. It's easy. It's lucrative. And, as a result, insurnace companies have cracked down on sublimits on guns on homeowners and renters policies. This leaves most gun owners way under-insured.
 
Another option is to check with your agent about a rider for guns and knives. I have to provide them with more documentation than CIA but the rates for me were quite reasonable.
 
I was able to add them as "stated items". Fees were very reasonable (SAFECO), less than CIA. Stated items do not require a deductible, at least with my insurance policy.
 
Gollnick said:
....I insure my collection with CIA. I've never had a claim. But it is underwritten by Hartford, so it's legitimate......
Click to expand...

I don't doubt that they're legitimate, Chuck. But I asked this a couple of years ago and I *still* haven't had anyone answer my question: have you ever made a claim to your insurance company for the loss of a knife and been able to collect without too many hassles?

Sure, my own insurance company, and dozens more, will gladly cash premium checks year after year after year. But how do they respond when you actually have to file a claim for a loss? And if they do pay off on that claim - will they *continue* to insure you? I have two friends who made claims on their auto insurance and when they were handed the check were told that their policy would not be renewed.
 
CIA's website is http://www.collectinsure.com/ and they do insure all across America as far as I know.

As with anything, shop around. Depending on many factors, adding to your existing home owners policy may be cheaper.
 
When you travel by air domestically in the US, your ticket includes $2500 worth of insurance for your checked baggage. That's not per-bag, that's total. A nice pair of shoes can be worth $100 easily. A good suit is easily $500. It's not hard to reach that limit with just your ordinary things much less a nice knife or two. And with airport security the way it is these days, you MUST put ALL of your knives into your CHECKED baggage.

Most airlines sell "excess valuation insurance." But they don't promote it, so very often the clerks don't even know how to sell it to you. And it's expensive. Delta airlines, for example, will sell you $5000 coverage per bag, but it costs $50 per bag. If you're only checking one bag, then you just spent $50 to purchase $2500 worth of insurance (the first $2500 are included with your ticket purchase) that will only, assuming they don't mis-route your bag, be in effect for a matterof hours.

$5000 worth of insurance from CIA is $22 per year. If you travel with even a few knives even a few times per year, maybe go to a couple of shows, you can pay for your CIA premium just in the savings of not buying the airline's excess valuation insurance. And yes, CIA's insurance specifically includes checked airline baggage. Homeowners insurance generally does not cover checked airline baggage.
 
Still waiting to hear from someone who has actually filed a claim for a loss and been reimbursed to their satisfaction.

Anyone? :(
 
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