Insurance for collections

D

DDSeaton

Joined
Nov 6, 1998
Messages
6
While I am relatively new to collecting knives, I am finding that this is quickly becoming an expensive undertaking. Does anyone insure their collections? Are there special agencies that insure knife collections or do you use your homeowners insurance? Any assistance is appreciated.

Thanks
Dave
 
Good question. I carry a rider for knives in my homowner's policy as well as other things.
The National Knife Collector Association offers policies to members too at a reasonable cost. A decent (reads way too heavy to be reasonably moved) safe helps too.

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"Life is too short to carry an ugly knife." Steve F.
 
Don't depend on your regular homeowner's policy to cover it. Most companies look at collectables(read knives) as not covered unless under a special rider.(read more money)Probably should check with your agent to be sure but that is usually the case if the collectables are valued at more than a few hundred $$$.(read more than your deductable)
Rs
Don

[This message has been edited by stab1 (edited 04-25-2000).]
 
I have my knives and firearms under a seperate policy. It hardly adds anything to my monthly homeowners payment, and the peace of mind it gives is worth it. My agent has an ongoing list with values, descriptions, serial numbers, etc, which I update monthly, as the collection is constantly changing. I am going to invest in a quality (heavy!) safe within the next six months (I'm waiting until we move into our new house so I don't have to move it twice!), but I will continue to keep the policy. Updating it can be a pain, expecially after an active month of buying and trading, however it's also kind of fun. I should mention that my agent is a pretty cool cat, who understands afflictions like knife collecting, firearms, etc. This probably helps a great deal.
 
Our home was burglarized last Sept. They got 16 knives among other things(thankfully they missed most of them). My homeowners(Prudential)insurance paid for them without any special riders or anything.Mainly because I keep a log of my knives and get receipts when I buy them. Pics are also a good idea. They even paid me what they are worth today as opposed to what I paid for them in the past because we had a replacement value clause on our homeowners insurance. For instance, I sent them ads off websites for a JW Smith knife that had been taken. I paid $350 for it about 5 years ago but showed them it went for $550 now.

Anyway, this was my experience, hope you never have to use your insurance.
BTW, when they caught him 5 days later just about everything was gone(crack addict). He got 4 years in prison but I bet he woulda got more benefit from an hour alone with me.
smile.gif


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Dave (Phil.4:13)
I Can Do All Things Through Him Who Strengthens Me
 
Thanks to all for your help and suggestions.
TomW - I checked a copy of Blade and found the ad. Thanks.

Senator - Thanks for the web site reference. I will check it out.

Gus - I will check with NKCA for their rates. I like the idea of a separate agency that is familiar with knife guys rather than homeowners insurance. I have two very small safes (Wal Mart specials). They are not very heavy, so I bought a 2 x 10 the length of the closet the safes are in and bolted each safe to the 2 x 10 in an attempt to make it more difficult for someone to steal the safes. I just hope that any burglers don't bring a Skill saw with them.

lifter4Him - Sorry to hear about the theft of your knives. What a bummer! Glad to hear that your insurance company was so helpful and generous. Mine has not tended to be so. Some time ago lightening hit the house and blew out several breakers, a pool filter and pump, all the phones, televisions, answering machines etc. Lukily the computer was unplugged so it was spared. The insurance company said they would replace one TV as the inside was melted, but stated that there was no proof that the remainder of the items were damaged by lightening. I threw a fit and asked how they could say this since all the electronics went out within 1 millisecond of each other. After much discussion and my getting an opinion from electronic repair experts, they finally relented. What a pain!

I will be getting some coverage before going to the Blade Show so as to have everything covered. I will also be making a video tape of my knives and getting current prices off the NET. Nothing like having all these experts and all this help at your fingertips. Great Forum!

Thanks again for everyone's help.

Dave
 
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