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Insurance questions for your Lego collection


To insure or not to insure ...  

84 members have voted

  1. 1. Do you insure your Lego investments?

    • yes
      28
    • no
      56


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Not currently, but I definitely need to add a rider to our policy.  While the insurance covers a certain amount of contents as others have said, you're still going to have to pay dearly to replace those items if you don't show your insurance company their current worth in a separate policy, unless your policy is different than mine. 

 

I know I have $150,000 of replacement for contents.  I don't think my wife is going to let me spend about 20k to replace Lego, when her wardrobe is gone, so a separate rider specifically for the Lego is a good way to go to make sure you get the correct money for their worth.  She has one for her wedding rings, but that is our only add-on to our policy.

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  • 7 months later...
Guest davewager78

At the moment i'm storing some of my sets in my house, and some in my (attached) garage. Now the house is fine - warm enough, dry enough. Garage is dry, but cold. I wonder if this will affect my boxes. Any thoughts? I considered storing sets in my loft/attic, but i don't want to do that really, as some of my own collection got a little moist up there, and the boxes buckled :(

 

Where do you keep yours sets? I guess i'm looking for replies mostly from those who have approx. 10 big sets e.*** tower bridge size.

 

What about insurance? I'm looking at approx. 2000GBP of sets right now, with more arriving all the time. Now i assume these should be covered by my existing household contents insurance, right? But i know the standard values they use for that probably don't assume you have thousands of pounds of little plastic bricks in mint condition boxes stowed on the premises!

 

As usual - any thoughts?

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I store mine in sealed 30-50 gallon plastic totes, in my house.  Yes, they take up space, but no way to get around that.  As far as insurance, your homeowners insurance should cover a generic "contents" amount.  Most insurance agents can give you quotes for individual or collection items.  Usually its coins, jewelry, etc.  I currently do not have a seperate coverage for my Lego's but ask your agent.  At very least, video record and hand record specific items/sets you would want to have replaced in the event of fire.  Good luck!

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Most home owners policies do not cover investments. Ed did a nice article about this topic. Look it up.

When your collection's value start increasing, it is time to begin looking at an insurance company like http://www.collectinsure.com

I don't know anyone who filed a claim against them (or competitor)...

Regarding weather, being dry is crucial. I try to keep help the seals by properly stocking sets next to each other on shelving units. Unless you stack sets vertically, I don't recommend using plastic tubs especially due to their molded curves and bumps at the bottom and sides.

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  • 1 month later...
  • 6 months later...

Has anyone recently visited the topic of insuring your collection?  I am in the middle of providing all the information to my State Farm agent.

I looked at the Collectibles Insurance Services once recommended by Ed Mack.  Not sure about it.

 

 

The upfront quote from my agent can range from 400-800/ yr for the size of my collection and how the underwriter classifies the collection/hoard.

I will need to ask about monthly or annual automatic increase to cover appreciation and new acquisitions.

How often should I submit a new inventory?

 

The data provided free to us here is sometimes inaccurate...should I do the leg work and assess recent sales data myself?

 

Does anyone else have any recent or applicable knowledge on insuring your collection?

 

Thanks for any responses.

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Guest TabbyBoy

My sets are all itemised by quantity and added to my hose contents insurance for an extra

Edited by TabbyBoy
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  • 3 months later...

Apologies if this has been covered before.  I did read Ed's article from Aug 30th, it did not mention rates.

 

For those bigger players who have chosen to insure their colleciton/investments what kind of rates are you paying?

 

I use a national insurance company for my home and cars.

My agent is telling me the range for insuring a private collection can be .50 to 1.00/$100 insured annually.

 

To keep it simple: the high end is $100 per 10,000.00 insured annually ($8.33 per month per 10K insured)

 

A good size collection of 100K in Lego would run 1000.00 annually or 83.33 per month.

 

How does this stack up to other insurance providers?

Who do you use for this service?

 

 

Thank you for any input.

Scott

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Apologies if this has been covered before.  I did read Ed's article from Aug 30th, it did not mention rates.

 

For those bigger players who have chosen to insure their colleciton/investments what kind of rates are you paying?

 

I use a national insurance company for my home and cars.

My agent is telling me the range for insuring a private collection can be .50 to 1.00/$100 insured annually.

 

To keep it simple: the high end is $100 per 10,000.00 insured annually ($8.33 per month per 10K insured)

 

A good size collection of 100K in Lego would run 1000.00 annually or 83.33 per month.

 

How does this stack up to other insurance providers?

Who do you use for this service?

 

 

Thank you for any input.

Scott

 

We got full on business insurance that covers the inventory, among a few other things.  All-in it was around $60 per $10k insured.  This was through State Farm.

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So our house insurance covers as an example of 10% of the value of the home when it comes to storage rentals and the stuff that is stored there. We have farmers and that works out well for the storage units I have. One interesting part that our guy said was to call our inventory a collection so that it can be covered under the house policy, and to make sure that our house policy blanket would cover our amount. If we got into inventory, than he said to look into more of another policy type to make sure I was covered. 

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Apologies if this has been covered before. I did read Ed's article from Aug 30th, it did not mention rates.

For those bigger players who have chosen to insure their colleciton/investments what kind of rates are you paying?

I use a national insurance company for my home and cars.

My agent is telling me the range for insuring a private collection can be .50 to 1.00/$100 insured annually.

To keep it simple: the high end is $100 per 10,000.00 insured annually ($8.33 per month per 10K insured)

A good size collection of 100K in Lego would run 1000.00 annually or 83.33 per month.

How does this stack up to other insurance providers?

Who do you use for this service?

Thank you for any input.

Scott

I think that is high. The Collectibles Insurance I mentioned in the article charges me half that.
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Apologies if this has been covered before.  I did read Ed's article from Aug 30th, it did not mention rates.

 

For those bigger players who have chosen to insure their colleciton/investments what kind of rates are you paying?

 

I use a national insurance company for my home and cars.

My agent is telling me the range for insuring a private collection can be .50 to 1.00/$100 insured annually.

 

To keep it simple: the high end is $100 per 10,000.00 insured annually ($8.33 per month per 10K insured)

 

A good size collection of 100K in Lego would run 1000.00 annually or 83.33 per month.

 

How does this stack up to other insurance providers?

Who do you use for this service?

 

 

Thank you for any input.

Scott

 

I think a lot depends on what type of coverage you have.  Is that a business owners policy that includes liability protections or is it straight casualty that simply insures you against the loss of your inventory?  When I priced out my insurance about 2 years ago, most policies came back in that neighborhood, but I ended up finding a straight inventory insurance policy for a little over half that amount. 

Edited by Pacific493
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  • 2 weeks later...

not sure if this topic has been addressed yet, however im sure a renewed discussion will be helpful for the old and the new. As our collections and/or inventory grows and our items are not of trivial value what insurance policies do you all have in place in case SH? example i recently found was a collectibles third party for $639/yr per 100k coverage @ collectinsure.com. regular home/rental insurance does not cover what we covet, so please share your insights with the horde.

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