Homeowners Insurance for slots, vending machines, signs, etc

[bakerb95619]

Does anyone have knowledge (or experience) with whether or not homeowners insurance covers collectables? I currently have AAA homeowners insurance. I've called them 3 times asking about riders for antique items, and they don't want to talk about it. They say that I am covered, but I don't believe them for a second. Has anyone had to deal with this, or know what needs to be specified in a policy for coverage? Thanks, Bill

[Dave]

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

[Dave]

Just a follow-up on this.

My collection is insured through CIA (Collectibles Insurance Agency).

The policy was underwritten by The Hartford Group.

I was just notified by CIA that they are dropping Hartford and my new policy will be underwritten by Loyds of London.

Apparently, Hartford was increasing their rates by 30% and decreasing the coverage.

Dave

[bakerb95619]

Thanks for the information Dave. I'm checking out their website right now: http://www.collectinsure.com/