Getting your collection insured

[nowherekid85]

For those who have their cel collection insured-how difficult was it to get insurance and what did you have to do?
I called the insurance agency that handles my homeowners insurance, and they said that I would have to get all my stuff appraised first, and then use those numbers to get it insured. Unless it was something that I bought within the past year, then I could just use my receipts. I do have a lot that was bought more than a year ago, both in my cel collection and my collection of all other types of collectibles.

[JWR]

in my case I had a specific insurance rider written up to cover my comic, cel , statutes and regular art as well as other stuff like watches , firearms and signed 1st edition books.
I keep detailed notes on what I paid, use RS for record keeping as well as a binder.

Now granted I started insuring stuff over 35 years ago so I can understand if certain companies nowadays don't seem to be set up to handle your collection.

If your home insurance does not want your business you can always check out companies such as this that do offer specialized insurance for collections http://collectinsure.com/what-we-insure ... -we-insure

[nowherekid85]

Since you've had your collection insured for so many years, do you have to show some sort of proof as to the current value of the items? Or do you just add an item to your insurance once and that's it, for as long as you have it?
I'll see what they say regarding everything I've bought in the past year, since they can use those receipts, and I guess compare it to insurance in that link you gave.
As far as the things they said would have to be appraised in order to be insured, has anybody ever dealt with something like this?

[zerospace]

Since you've had your collection insured for so many years, do you have to show some sort of proof as to the current value of the items? Or do you just add an item to your insurance once and that's it, for as long as you have it?
I'll see what they say regarding everything I've bought in the past year, since they can use those receipts, and I guess compare it to insurance in that link you gave.
As far as the things they said would have to be appraised in order to be insured, has anybody ever dealt with something like this?

I've heard of this, but never had an insurance rep tell me that my collection would have to be appraised in order to be insured. I think I'd probably respond with something like "there are no such qualified appraisers for most Japanese animation art like there are for Disney [Ghibli being the lone exception]. People who appraise Disney artwork aren't necessarily qualified to appraise art from Japanese studios, either. If you aren't interested in insuring my collection at its face value (with receipts), then I will look elsewhere for an insurance company that is, thanks." Seriously, that's probably what I'd tell them. If they balk, then you probably wouldn't want to attempt to make a claim on the policy anyways. My father has worked in the insurance industry his entire career, and I remember him telling me that an appraisal shouldn't be absolutely necessary, but I think the type of policy matters.

[star-phoenix]

So, I use USAA valued personal property insurance to insure all of my Disney art. They are actually fairly "relaxed" about the insurance plan. They do not require proof of value for art under $5,000 and purchased in <5 years. Anything above $5,000 requires receipt and COA. They require a lot of details regarding the art such as media, artist, paint type, size, condition, lots of images, etc. Since my collection exceeds their limit, it has to go to under writing every time I update. They generally do not ask any updated information regarding current market values once it has been added. But, if anything changes or when I put a piece out on exhibition, they have to know about it. Also, they asked I put full home security system in my home before they approved my insurance plan.

[nowherekid85]

I did say something about there not really being anybody that can appraise the cels, and he just said "...well, it would have to be appraised if it was bought over a year ago." The person I talked to was at my local insurance agency, not at the company that my insurance is from. Not sure if that makes a difference.

I'll check with the suggestions for companies given here, along with any others I might find. Anybody else have a good insurance company that they might be able to recommend as well? It would be great if I don't have to get a full home security system, as we currently use German shepherd protection, which is very effective, and I'd feel badly for anybody dumb enough to actually break and enter. From what I've heard, most home security systems are pretty expensive and they get you with a lot of hidden fees. :\

[star-phoenix]

My company (USAA) was asking for the security system just because the cost of all my art combined exceeded a certain amount. But, their rates are actually the best I have found. I think it was something like $250-300 per year for up to $250,000 coverage. The only catch is you have to be a veteran or active military or married to one of the two.

There was another company based out in California that some of my art companies use for coverage. If you are interested, I can go ask them. But, I think the recommendations given by everyone here are excellent.

[cscratch]

I actually got mine insured through State Farm without an appraisal. I asked about an art rider for an artwork collection. The first agent I approached asked for a list of what I had paid for each and accepted my rubberslug gallery as an image list. When I moved to another city and got another agent, the new agent requested the images be included with excel sheet list of prices that I provided the last agent.

Still, no one has ever ever asked me for an appraisal for the artwork once I explained that it wasn't anything like Disney, which did come up. Maybe it was the person you ended up dealing with? I would try approaching them again with Zero's approach and if that doesn't work, try calling the parent insurer.

[nowherekid85]

So far it looks like I have the best bet with the company JWR mentioned. They seemed pretty relaxed as to what it takes to get a collection insured, no appraisal needed or anything.
I can't go with USAA since I have zero connection to the military or gov't. I was transferred to Liberty Mutual, but they won't do it at all, since they said it would have to be tied to homeowners insurance, which they don't do in FL.
Called State Farm, and the agent said that I would have to have everything appraised. I explained why there's nobody that can really appraise it, so she said she would have to speak to the underwriters and call me back. She did, and still said it would all need to be appraised. But then she gave me another number to call, so I guess I'll see what they say...
I do need to do a more official list, like some sort of spreadsheet, so I need to reread that other thread about keeping track of purchases. I'm kind of scared to find out what those totals are though! I love using my Mac, but there is a PC in this household that I could use to try and figure out Excel on... Just to have some sort of official file with everything. I'm not good with those programs though lol.

[cscratch]

If you use any online google products, maybe give google docs/spreadsheets a spin? I think you can save in excel format (if that is the format your agent requests) & it'll be online/in the cloud for whenever you want to make changes without having to buy a seat of Office. And you can do it from any browser, so it's PC/Mac agnostic.

Good Luck!!!

[nowherekid85]

I've never used Google docs in my life before, but it might be worth a try!

When it comes to deciding on who to go with, are there any questions you really need to ask, about what the policy might cover? Or do say just go with whoever has the best rate? From what I remember, they both seemed like they cover the same things. I need to call the first one back to double check.

I had called the company in the link posted by JWR, and the quote from them was $225. Actually, the first amount I asked about covering was a $177 policy, but when I asked about covering a higher amount, she said it would go up to $225. I still have to figure out how much I've spent on cels, since I just haven't had the time to go through all of them yet, so that might change what they would charge for the policy.

That, vs calling another company, who said it would be $500 to cover up to $200,000 worth. Both would be able to go by my receipts.

There's also a third company I had called, one who is local to where I live, but they can't even give me a quote until I give them the exact amount from my receipts.

[star-phoenix]

First, get an assessment of how much $$ your collection is worth. I had responded to your pm, but will also post it here.

The insurance I have will also cover damage to the art piece if it falls from the wall. They will actually pay for the cost to have it repaired. So, look into that as an option. Also, look at what the deductible is and see if it is worth it. Some of them may require a $2000 deductible before they cover anything. Some may only require $250. And be sure to comb through the contracts before agreeing to anything with them.

Also, in the event that you use your art to put on display or exhibition, you need to go over what coverage will be for that. Mine will not cover my art if it gets moved from the house. So, that is something to consider as well.

[nowherekid85]

After comparing Collectibles Insurance vs FACE, it looks like they both cover the same things (natural disasters, theft/burglary, items falling off walls, if I need to ship my items or take them when moving). FACE will cover the item wherever it's located, worldwide, but I can't ever see myself allowing anything I own to be put on display anywhere. They will cover an item if it falls off of the wall and gets damaged.

The policy with Collectibles varies depending on how much I end up insuring for, but it looks like the premium will be in the $200's from my estimated value. No deductible, but they don't cover any losses under a total of $50.

With FACE, the policy was $500 with no deductible, or a $1000 deductible that will reduce the premium, but I'm not sure how much it will be reduced. I have to ask. That amount will cover a collection up to $200,000, which is definitely way higher than what I've paid for everything. Since I do actively buy and don't sell anything, at least I can keep adding to the collection and not worry about having to keep increasing the premium. I'd probably insure more non-cel items if I go with FACE, since the policy does cover $200k.

I still need to get the values for everything figured out, but that's a lot of receipts to go through and figure out a way to get it all organized. Just thinking about it is slightly overwhelming. I wish that I had a day off lol. Or at least more hours in the day to do all this.

[nowherekid85]

It ended up being a no go with FACE, because their carriers are all declining me for being in FL. Probably because we're going to be underwater soon.

Would there happen to be any Floridians on here that have their collection insured and can recommend a company? I've been looking and trying.

[nowherekid85]

Would renters insurance also cover a cel collection? Thanks.

You would have to read the details of your renters insurance to find out the specifications and limits, I guess.
I couldn't get my cels insured through my homeowners insurance because they required the cels to be appraised.