Subject:
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Re: Insurance Appraisals
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Newsgroups:
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lugnet.market.appraisal
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Date:
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Sun, 25 Feb 2001 22:26:05 GMT
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Viewed:
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1914 times
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"Kyle D. Jackson" wrote:
>
> In lugnet.market.appraisal, Frank Filz writes:
> > James Seibert wrote:
> > >
> > > I been in the Lego deep sleep for the past few months due to school. I need
> > > advice for insuring my collection. I would appreciate any suggestions.
> >
> > Unfortunately, no one has yet owned up to really figuring out how to
> > properly insure their collection. I guess it will be sad news when we
>
> G'day James,
>
> I guess I should look into this as well sometime. As my policy
> has been explained to me by my insurance agent, I am covered for
> the actual replacement cost of anything I lose. I just tell
> them how much total coverage I need for everthing in my apartment.
> If everything gets wiped in a fire, I get my full insured value.
> So basically I am responsible for my own appraisal and paying
> for the appropriate coverage. I just put estimates on everything
> based on what I think it will cost to replace. For example,
> even tho I may have a 10-year old TV that isn't worth much,
> the insured value is for buying a new TV to replace it.
Yes, you are responsible for evaluating how much coverage you need, but
just because you carry $25k coverage doesn't mean that you will get $25k
when your apartment burns to the ground. They will expect you to
document what you owned, and they will tell you what the replacement
cost is. In the case of small stuff that isn't easily appraised, they
will probably take your word for the value, but a huge LEGO collection
they are going to expect you to document why it will cost $20k to
replace it. Which is why my statement is that the way we are going, it
will take someone having a big loss and having their insurance company
tell them what they SHOULD have done to document the value (and which
special riders they SHOULD have got), before we really find out what
will be necessary.
It would be highly adviseable to at least keep one's receipts in a
separate location. It probably won't be too hard to get back what you
spent (though you will probably have to show them some eBay auctions to
justify the amounts spent on eBay). The problem is that your collection
is worth more than you paid for it. I doubt many of us have overpaid for
very much on eBay, and we've certainly all benefited from sales, and
we've probably often got bargains on eBay, and certain parts and sets
are probably appreciating.
On the other hand, I suspect most of us with huge collections would
willingly take what we spent on them, and start from scratch (though I
suspect that some people would give up and go on to a new hobby if they
lost it all). I'm not sure what I'd do.
Frank
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Message is in Reply To:
 | | Re: Insurance Appraisals
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| (...) G'day James, I guess I should look into this as well sometime. As my policy has been explained to me by my insurance agent, I am covered for the actual replacement cost of anything I lose. I just tell them how much total coverage I need for (...) (24 years ago, 24-Feb-01, to lugnet.market.appraisal)
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