Homeowners insurance & our machines

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Homeowners insurance & our machines

Postby sam2002 » Thu Aug 16, 2018 9:18 am

Hello all
Just wondering if I (or we) need specialty insurance coverage in the event of a catastrophic event such as a fire to insure our collectibles ?
Will our personal contents on our homeowners policy cover our collections ? Or do we need some sortof rider that covers it ?
I’ve heard of seperate insurance policy’s for antique collections but I’m sure this would mean appraising said collection . Who would you call to appraise coin op ?
With all the wildfires going on in my neck of the woods thought it would be a good time to try to start a thread
on insurance .
Sam
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Re: Homeowners insurance & our machines

Postby sam2002 » Sun Aug 19, 2018 11:41 am

Not one reply ? Guess you all are like me on a wing and a prayer !
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Re: Homeowners insurance & our machines

Postby capt7310 » Sun Aug 19, 2018 12:37 pm

Yes I had to take pics and add.it my homeowner insurance
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Re: Homeowners insurance & our machines

Postby Frank » Sun Aug 19, 2018 1:11 pm

I take talking movies of my collection annually, and store on iCloud. I have USAA insurance, without any special riders.
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Re: Homeowners insurance & our machines

Postby Dave » Sun Aug 19, 2018 5:03 pm

When I checked with my company (State Farm) they required a receipt on each machine and a detailed appraisal done on each machine.

I said, OK, let's assume I get this how much would the policy be if the total appraised value came back as X.

The quote was insanely expensive. I told them to go to hell.

I have found Collectible Insurance (https://collectinsure.com) was by far the most reasonable.

Dave
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Re: Homeowners insurance & our machines

Postby sam2002 » Mon Aug 20, 2018 12:06 pm

Dave wrote:When I checked with my company (State Farm) they required a receipt on each machine and a detailed appraisal done on each machine.

I said, OK, let's assume I get this how much would the policy be if the total appraised value came back as X.

The quote was insanely expensive. I told them to go to hell.

I have found Collectible Insurance (https://collectinsure.com) was by far the most reasonable.

Dave


Hi Dave
Yes my homeowners insurance is exactly the same as yours wanting individual appraisals for each item .
I got ahold of the recomended collectinsure . com . You and another person recommended this company .
Hoping to get a policy through them .
Sam
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Re: Homeowners insurance & our machines

Postby randyvw » Tue Aug 21, 2018 9:12 am

i asked my agent many years ago, and she said a slot is just another item, just like any item insured by them....pictures, receipts, appraisals are all helpful to find another when it comes time for them to replace it. nothing was said about "needing appraisals"....allstate. but that was probably 5 to 10 years ago.
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Re: Homeowners insurance & our machines

Postby Dave » Tue Aug 21, 2018 11:53 am

sam2002 wrote:
Dave wrote:When I checked with my company (State Farm) they required a receipt on each machine and a detailed appraisal done on each machine.

I said, OK, let's assume I get this how much would the policy be if the total appraised value came back as X.

The quote was insanely expensive. I told them to go to hell.

I have found Collectible Insurance (https://collectinsure.com) was by far the most reasonable.

Dave


Hi Dave
Yes my homeowners insurance is exactly the same as yours wanting individual appraisals for each item .
I got ahold of the recomended collectinsure . com . You and another person recommended this company .
Hoping to get a policy through them .
Sam


Another nice thing with collect insure is that damage is covered during shipment as long as you follow their rules. The major rule being to require a signature when the item is delivered and if it is over $5,000 have it added to the list of items BEFORE the item is shipped.

I have never had to file a claim with them so not sure how it would actually work.
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Re: Homeowners insurance & our machines

Postby sam2002 » Tue Aug 21, 2018 2:53 pm

Dave wrote:
sam2002 wrote:
Dave wrote:When I checked with my company (State Farm) they required a receipt on each machine and a detailed appraisal done on each machine.

I said, OK, let's assume I get this how much would the policy be if the total appraised value came back as X.

The quote was insanely expensive. I told them to go to hell.

I have found Collectible Insurance (https://collectinsure.com) was by far the most reasonable.

Dave


Hi Dave
Yes my homeowners insurance is exactly the same as yours wanting individual appraisals for each item .
I got ahold of the recomended collectinsure . com . You and another person recommended this company .
Hoping to get a policy through them .
Sam


Another nice thing with collect insure is that damage is covered during shipment as long as you follow their rules. The major rule being to require a signature when the item is delivered and if it is over $5,000 have it added to the list of items BEFORE the item is shipped.

I have never had to file a claim with them so not sure how it would actually work.



Dave and all here ,
I took a policy through this company . It was a very easy process. It is also reasonably priced. Now I hope to never have to use this policy . I dealt with Kim she explained the policy in plain easy to follow language . She did also explain about the shipping insurance that for the most part just required a signature .
I will sleep a little easier knowing my collection is insured .
There must be others out there that will comment on this subject as it is a very important part of the hobby .
Thanks for the help on this I think maybe this subject is a fitting subject for a sticky .
Thank you to WB !
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