1250 SCALE MESSAGE BOARD
[ Post a Response | 1250 SCALE MESSAGE BOARD ]
Posted by DavidO on 1/5/2019, 9:39 pm, in reply to "Re: Insuring?
In most homeowner's policies, collections are covered but limited in coverage. Check with your insurer. With mine, several years ago, I found that any recovery would be limited to $1,000.00 and subject to a $250.00 deductible per incident (although there would be only a single deductible for all losses in the incident). I found that a rider policy for my collections was very reasonable, and update the coverage every 5 years. An inventory and photos are required.
Besides keeping a list, photograph them in your house. That way you can prove to your ins. company that you did own them. Update your records and photos as your collection grows.
I know I'm new to collecting, and most of you have been collecting for decades, but the wife asked if we needed to insure the ships I have acquired so far. Do you guys recommend this? I'm sure if I had thousands like some of you do, and they're worth six figures, it's "required". But for starting out and only have a couple of hundred ships, just take photos and notes on ships?