Collection insurance?

[cmfkdragoon]

Valuable personal property insurance is the way to go. It is the same thing I use to itemize my watches, camera gear, jewelry, and knives. At USAA I can even upload serial numbers and receipts.

 

[Triton]

Maybe drop Bernard Levine a note, and see if he suggests anything or a company. I remember once he had a detailed post on it, and which insurance companies he found decent to work with as an appraiser, but I can't find it now, it might've been on Knifeforums.

Thanks, good idea!

 

[Triton]

Just because the guy works at a pawn shop doesn't mean he doesn't know knives. Just like working at a knife store doesn't mean a person knows knives. You never know where you might find someone who is very knowledgeable about knives.

Before you pay someone for an appraisal, I would check first to see if your insurance provider will accept an appraisal from them. I don't know how much an appraisal will cost, but you wouldn't want to spend money on an appraisal you can't use.

In general, I would think that ones home/renters insurance would provide a certain amount of reimbursement after a fire or theft (maybe even flood damage). But it all depends on ones policy, and what their provider requires for a claim. But likely not as much protection as a specific policy.

That's true a pawn shop guy may know knives, but this is mostly swords. Its possible he knows those too but I think the chances are getting a bit slimmer. The insurance company suggested this guy and I probably should call him, just to see if he has any qualifications.

 

[Triton]

I honestly don't know. I hold onto all of my receipts in hopes that those will suffice.

I think you have the right idea. Unfortunately I have not kept20 years of receipts or I would definitely follow your example.

 

[Triton]

None of my guns, LPs or knives which are "worth" somewhere around $200k altogether are specifically insured, except for the general personal property limits of my homeowner's policy which is over $600k and could provide full coverage as long as all of my receipts and photos of them aren't destroyed.

Why?

The way I look at it, if I needed the $ from these "things," I wouldn't have bought them in the 1st place or I'd sell them all now to recoup what I paid for them so that I can have the additional $ at hand but what's the point of that?

Everyone "needs" $ but how much enjoyment can just $ give you, if you've already got enough? Not much.

Also (because of their value) getting all of these things covered requires them to be specifically identified and scheduled, which I do not want to do w/my guns for privacy reasons, nor for my LPs and knives because there are so many and scheduling them (and updating the inventory) would just be PITA.

On top of that, I've paid SO MUCH $ for insurance for SO MANY things (including my life) that have never "paid off" that I view spending more for on insurance for such things as a "waste" of $ because I'm now at an age and have more than enough $ in cash on hand that it really makes no difference anymore.

After I die, my "heirs" (who are only my 2 grandchildren) will receive an inheritance by trust that will provide for them quite well w/o the additional $200k that I "might" be able to recover if everything (including me and my house) got torched in a fire.

So, I'm not worried and am comfortable self-insuring these "things," if they are not already covered under my homeowner's policy.

I hear you. I was thinking more about it as a way to replace said things if something happened to them.

 

[tiguy7]

There used to be an agent that specialized in collection insurance. He would advertise in knife magazines, and he also would get a table at the Blade Show. If you check the advertisers index in a knife magazine, he might be there.

 

[Bigfattyt]

I expect that some of you with extensive collections have probably got insurance on some of the items or the whole collection. If I can ask how did you do that? I just talked to my insurers and I am told that I will need to get my collection appraised and they gave me the name of a local pawn shop guy who they apparently trust to do this appraisal. Now no offense but for this particular collection I'm pretty sure I know more than the pawn shop guy. So what did you do?

Lol....like my local pawn shop hicks with all their absolute trash Pakistani knives would know their elbow from a custom knife!!!

 

[bp123]

Valuable personal property insurance is the way to go. It is the same thing I use to itemize my watches, camera gear, jewelry, and knives. At USAA I can even upload serial numbers and receipts.

Funny. I found this thread while googling around for reviews on Collectibles Insurance Services. I am a member with USAA for home/auto/VPP(jewelry) and I just got off the phone with them 30 minutes ago and they would not offer any specific coverage related to knives lol.

I'm more concerned about whether or not they will pay out in the event of something, I know its more common to see negative reviews online than positive but the few that I've found make a guy wonder if CIS is worth it.

 

[Blues]

Funny. I found this thread while googling around for reviews on Collectibles Insurance Services. I am a member with USAA for home/auto/VPP(jewelry) and I just got off the phone with them 30 minutes ago and they would not offer any specific coverage related to knives lol.

I'm more concerned about whether or not they will pay out in the event of something, I know its more common to see negative reviews online than positive but the few that I've found make a guy wonder if CIS is worth it.

I had it years ago...don't any more. Didn't have any claims, just decided to part ways for one reason or another.

 

[Daniel Dorn]

Homeowners should cover mine. I talked to our agent years ago and he recommended keeping a list. Video would be ideal, but spreadsheet is fine. We used to walk through the house every couple years with a Video of our stuff, from electronics to to books, appliances and clothes. Really need to get back into the practice.

 

[The Grendels]

Home owner insurance is definitely the way to go, as many others have said, with some decent records kept on and off site. I'd be leery of dealing with any insurance company that told me to go get my knife collection appraised by some shady individual at a pawn shop. That's a good way to get your home targeted for robbery and find your knife collection at that pawn shop.

 

[Triton]

Yeah after reflection I elected to skip the pawn shop guy. Not sure what to do at this point since I was talking to my home owner's issuing agency that were the ones that suggested pawn shop guy. Maybe one of those collectors insurance companies will be at blade this year.

 

[cmfkdragoon]

Funny. I found this thread while googling around for reviews on Collectibles Insurance Services. I am a member with USAA for home/auto/VPP(jewelry) and I just got off the phone with them 30 minutes ago and they would not offer any specific coverage related to knives lol.

I'm more concerned about whether or not they will pay out in the event of something, I know its more common to see negative reviews online than positive but the few that I've found make a guy wonder if CIS is worth it.

Interesting. I was purely assuming that all VPP would be covered since my cameras and lenses are under that umbrella. I was able to upload serial numbers and pictures of my photography equipment. I'll have to log on sometime and see if that works for knives.

 

[norcalAF]

I have a rider on my homeowners insurance, it's called a valuable personal property policy, I have my wife's jewelry, my guns, and my knives in it. It allows me to set the value of each item or collection. It's all through USAA.

 

[cmfkdragoon]

Valuable personal property insurance is the way to go. It is the same thing I use to itemize my watches, camera gear, jewelry, and knives. At USAA I can even upload serial numbers and receipts.

I need to correct the record here. I have since contacted USAA and was told that Valuable Personal Property Insurance (also adjacent to Homeowners Insurance) does NOT cover knives. This seems to contradict the previous post, but I really tried to explore all options with the USAA agent who I spoke with. Perhaps I'll have to try again.

I also got a reasonable quote from American Collectors Insurance, but they will only cover my knives while they are locked in a case at home. If I take a knife out of the house with me and lose it, it's not covered. I balked at the policy.

 

[cmfkdragoon]

I just spoke with two different USAA reps, and I gave them any scenario of knife use, ownership, or collection that I could think of. In no case is knives covered under their Valuable Personal Property Insurance. Guns, covered. I have jewelry and watches on there too. Knives, no. Could this be a state-based issue?

 

[annr]

As an example: A family member is considered an international expert on a specific family of collectible/usable items. He is recognized by an insurer who specializes in covering these items and by major auction houses who auction these items.

His expertise includes knowing the global market—international auction sales prices, private sales prices, retail sales, records of makers going back to the 18C, including serial numbers, specs, etc. (not a typical pawn shop sorta guy) He can accurately state replacement cost value.

Is there a comparable person in the sword industry? A maker, someone used by auction houses? An insurance company who specializes insuring the type of things you own? The one drawback I can think of is that the people I know who do appraisals need to see the items in person, otherwise sales receipts, the other option, could over or undervalue your property.

Pawn Stars (history channel) uses some people to evaluate knives and swords…