Insuring your collection

Adian

Adian

Joined
Jul 28, 2013
Messages
2,570
Who insures their collection?

I was totaling up the money I have in blades and thought it would probably be a good idea to insure them just in case, to protect my investment should the unthinkable happen.

Another reason I'm thinking to insure them is because we are moving to Puerto Rico and traveling with them in your stuff, well things tend to disappear with the TSA.

Thoughts?
 
I'm an insurance agent with 12 years industry experience insuring both personal lines and commercial risk nationally and am currently the in-house underwriter for a very large corporation. I'm suffering from a hangover this morning so please bare with me for my response but my question for you is: Are you mostly concerned with insuring them during your move to Puerto Rico or also concerned with insuring them once you are there or in the US at your house?

This is a topic I've almost posted on before so fellow hogs and piglets can be properly insured.
 
It's for the travel to PR but also once we get there too. There will be a length of time before the military delivers our household goods to include my safe.

Also, I'm not sure what crime is like there, but have heard we are going to be in a good area with little crime
 
Do you currently have any type of property insurance like a renters or tenants policy or home insurance?
 
Yea I have my home owners. They said there is a part under valuable personal property, but not sure that my collection is what they have in mind or that it would cover what I have wrapped up in them
 
I will be following this with interest. Just switched carriers and got the coverage on my firearms where it should be, but I have a fair amount of dough in my knives as well.
 
Yea my guns were easy to get insure as value is easy to establish. Optics and all was included. Knives are a bit harder to determine value
 
There is a company that specialises in custom and collectors knives. They are always at the Blade Show and many private collectors, dealers and makers use them. I cannot remember the name but if you post over in the custom forum, someone will know.
 
AFAIK you can put a rider on your homeowners insurance, or your umbrella policy, to cover collectibles. Some members here have referred to having such coverage. They have even mentioned the the coverage precludes them posting any pics of their collection. YMMV.
 
Never thought about the picture part, but it makes sense that that would be a stipulation because it advertises the collection
 
Coverage and insurance law varies by State.

Your homeowners policy likely covers your collection under personal property or contents coverage. Firearms, Jewelry, Furs, Golf clubs, coins, stamp collections, ect... generally must be added to your policy as the coverage is usually limited to a fixed amount (say $1500). I've never seen a policy that requires knives or cutlery to be scheduled. Theft of your items will be covered, lost in transit may not.

Your insurance agent should be able to explain your coverage and advise you on the proper way to insure your items. Good luck!


Another option is Collectibles insurance. I have not idea about these guys, but it seems like it's their specialty.

http://collectinsure.com/why-insure/why-us
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My last wife encouraged me to insure my gun collection "in case" something happened. She also encouraged me to inflate the over all price because "why not". Year and a half later it was in black and white in divorce court.

Rather morbid view but something to consider in insuring knives or guns
 
I don't worry much about that part. We have two of all the guns, one for her and one for me. Knife wise, they always come out of my discretionary fund not our joint monies. And the policies for the guns are in my name and I pay the premiums on it
 
I have added my knives to my home contents policy and I have separate insurance for the firearms. I see the $s involved so I see the value in doing so !
 
I was under the impression that homeowners insurance would cap firearm reimbursement to less than $5000? If I'm off, it wouldn't be the first time.

Seems like a good idea to get a separate policy for guns and knives. I was under the impression I'd have to be s NRA member though, for firearms anyhow.
 
This is my insurance. I would place a copy of this in my luggage taped to my knives.

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and then in my own handwriting, I wold add "trust me, you will not be hard to find, xoxo"
 
Yea I have a total separate policy for my guns that has the value for each one not the overall 5k that is part of home owners.
 
5k is the general standard rule for homeowners on firearms. That is stupid easy to exceed, It wouldn't even replace my ammo dump. A separate rider should be part of your policy. All of the knives at the shop are insured for a stated loss value. Many of them are production and easily found but some of that stuff is not easily replaced and insured accordingly. As a general rule I typically insure Busse at 3-4 times its purchase value due to the time required tracking down a suitable replacement and the potential for lost revenue in the meantime.
As I remind the new guys, if something happens to go missing best remember your just a walking hide of untanned leather, nothing that I can't fix. :)
 
The limit on firearms is completely dependent on the insurance company and State in which you reside. I've seen limits as low as $1500 for firearms.

In Texas, Safeco offers a homeowners policy with no limits whatsoever on firearms. They are simply considered part of your overall contents.

It's always best to ask your agent about these things.
 
USAA let me do a policy on each firearm and optic that I have. I won't say how much the wife and I have wrapped up in those toys, so I am happy to pay for the separate policy to ensure everything is covered even though most stay in my safe. And hell, if they can dump that 1500lb behemoth and get into it without me or the dogs getting to them, more power to em
 
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