Look at the fine print in your policy and you will probably see that fine arts and collectibles are not covered unless you have a rider.
My home owner's policy is with State Farm and I talked to them a couple of years ago about if my machines were covered.
They were not covered so in order to cover them I would need a rider.
In order for them to be covered they needed the following information.
1. They needed a receipt for every machine that was to be covered.
2. They needed each machine professionally appraised.
I told them that I was probably the most qualified person to appraise them within a 500 mile radius of Denver. I told them that generic antique dealers were really clueless on to the value of antique slots.
Anyway, the final kicker was I asked what the rate would be. The rate was totally outrageous. The yearly premium was something like 5 - 10% of the amount being insured. So, if I was going to insure $25,000 of value in the slots then the premium would have been something like $2,500
.
To make a long story short, I ended up going with CIA (Collectible Insurance Agency). They don't require a receipt for what you paid, they don't require your machines to be appraised, and they don't need a detailed list of your machines, unless any single machine is over $5,000 then they do require it to be listed on the policy and heir premiums are a LOT less than what State Farm wanted.
Dave
Posted: Sat Apr 19, 2008 4:59 pm