Insurance Collection

[Tony2]

#826

I would like to place a special rider on my homeowners policy to cover loss or damage to my collection. However, I would like to be able to insure it for current market value rather than cost. Is there a data source to obtain current market value for the solid compacts? Has anyone had experience with insuring their collection?

Thanks

[Printerslady]

#21515

I just added a rider to my policy. I had to come up with a value for each solid. Not easy to do. In certain cases, I used the price I paid (recent purchases), as well as Ebay listings and the listings for sale on this site and Rubylane. You may have to adjust your values up or down depending if you have or don't have both boxes, etc. You can also inflation adjust the value (Price + 10% per year). That's what State Farm told me. For certain solids that have appreciated beyond the norm (Cowboy hats, carousel, etc.) I just stated that they were highly sought after and commanded a high price, based on past prices seen on ebay and these other sites I've mentioned.

How big is your collection? Maybe we can help you with some values. BTW, my rider cost me around $300/year. I consider it a bargain to fully insure my collection against all perils including breakage, theft, fire, etc. Just about the cost of a nice new solid. Well worth it.

Catherine

[Lisa]

#21516

Tony,

A great question! Most members are not aware they can track their collection through our database.
You can find this feature at the top of the page under the yellow tabs- the one called “solids database” you can click “view my collection” found in the second grey bar and add solids you currently own. For the most part it will only track the retail price at the time but a certain % can be added for a mark up.

To track my collection here is what I do, I use my book from Roselyn Gerson and write under the photo the price I paid for the solid (I now will also add the date) I also mark if I have the gold box or MIB (box and outer white box)

There is a very informative article in the spring 2004 issue of the IPBA quarterly on page 9 about insuring a collection. If you would like to see the article email me.

*for more on insurance click here:
more insurance talk

[Tony2]

#21517

Thank you both for your suggestions. I have 280 solids so I need to get moving on insuring them.

[klassicguy1]

#21518

QUOTE(Lisa @ Oct 6 2005, 09:19 PM)

Tony,

A great question! Most members are not aware they can track their collection through our database.
You can find this feature at the top of the page under the yellow tabs- the one called “solids database” you can click “view my collection” found in the second grey bar and add solids you currently own. For the most part it will only track the retail price at the time but a certain % can be added for a mark up.

To track my collection here is what I do, I use my book from Roselyn Gerson and write under the photo the price I paid for the solid (I now will also add the date) I also mark if I have the gold box or MIB (box and outer white box)

There is a very informative article in the spring 2004 issue of the IPBA quarterly on page 9 about insuring a collection. If you would like to see the article email me.

*for more on insurance click here:
more insurance talk

[snapback]19868[/snapback]

Lisa & JACK – I continue to be amazed at how wonderful this website is…what a great idea to help us track our collections! I am going to start listing mine now…

THANK YOU!!!!!!!!!

[Lisa]

#21519

Thanks Woody!

So, I got a couple of emails asking how to track your collection, go to the database and under each photo look in the bottom left corner, it will say “add” click this link and the solid will be added to your personal collection page. Some solids are listed multiple times due to them being released with different perfumes or dates.

To view your collection click the link to the far right under the second grey bar.

We still have lots of photos missing and I am not sure on some of the dates.

[Aussie Girl]

#21520

Lisa – marking the buying price under the solids pictured in the Roslyn Gerson book is an absolutely brillant idea, I wish I'd thought about it when the book first came out. When I press the 'view my collection' in the solids data base the list that comes up is not mine (I wish it was), what can I do to get my original list back as I have been unable to add to it?

Thanks, Karen

[Lisa]

#21521

Karen,

I'll have Jack look into that. <img src='style_emoticons//blink.gif’ border=’0′ style=’vertical-align:middle’ alt=’blink.gif’ />

Database instructions

[Pamela]

#21522

<img src='style_emoticons//smile.gif’ border=’0′ style=’vertical-align:middle’ alt=’smile.gif’ /> Hi Lisa,
I have been unable to view my original list of solids either. Since many of our solids are packed for traveling, I am unable to recreate my list either. Can Jack restore my list? <img src='style_emoticons//wub.gif’ border=’0′ style=’vertical-align:middle’ alt=’wub.gif’ />
Thanks,
Pamela
Estee Lady

[favoritegram]

#21523

Lisa, same with my collection, when I select it, I now have someone elses. Wish they were mine but sadly no. Lainey

[Jack]

#21524

Ok, a few questions about the error in the “My Collection” area. Does it show your name at the top of the page or someone else's? How many items does it show in the collection you are seeing? (I'm trying to see whether everone is somehow seeing the same collection.)

Let me know, we'll get it fixed!

-Jack

[Sara]

#21525

OK ,

For me, I just realized that I could add “my collection” when I read these posts yesterday. Naturally I rushed right off and added as many as I could remember from memory (which isn't a lot) <img src='style_emoticons//tongue.gif’ border=’0′ style=’vertical-align:middle’ alt=’tongue.gif’ />

I just went back and can see only my collection, and my user id is at the top, so maybe it's just the older lists that are corrupted?

BUT, when I saw the value, just in original retail price, I almost had a heart attack. GEEZ, you shoulda warned me! <img src='style_emoticons//biggrin.gif’ border=’0′ style=’vertical-align:middle’ alt=’biggrin.gif’ /> Now I know I really do need to get some insurance…I don't even have that many…I'm still in the double digits!

[tally]

#21526

Lisa & Everyone,

I also agree that, insurance it is an important part of EL collecting . My only question to this whole process is that the insuring company will give the REAL value in payment. In light of the horror stories from Katrina and Rita regarding what insuance companies considered flood,wind, whatever damage, the insurance category should be stipulated precisely. Perhaps Woody or someone else may have suggestions.

Tally <img src='style_emoticons//huh.gif’ border=’0′ style=’vertical-align:middle’ alt=’huh.gif’ /> <img src='style_emoticons//unsure.gif’ border=’0′ style=’vertical-align:middle’ alt=’unsure.gif’ /> <!–emo&<_<img src='style_emoticons//dry.gif’ border=’0′ style=’vertical-align:middle’ alt=’dry.gif’ />

[Printerslady]

#21527

Tally,

Since these are considered collections, they would be insured under a special rider. How it's handled will vary from company to company, but you can expect that you will have to justify current values for each solid in your collection. The values you come up with will be the insurable values they assign in case of loss or damage.

Damages from floods or rising water is a completely different matter, and not normally covered under a homeowner's or renter's policy. That is covered by the National Flood Insurance Program (NFIP). Collectibles would probably be treated just as household goods under that policy. I'm not sure. Flood insurance isn't real expensive, but I don't know how how they treat collectibles. You'd have to ask an agent.

Catherine

[Aussie Girl]

#21528

QUOTE(Jack @ Oct 9 2005, 02:01 PM)

Ok, a few questions about the error in the “My Collection” area. Does it show your name at the top of the page or someone else's? How many items does it show in the collection you are seeing? (I'm trying to see whether everone is somehow seeing the same collection.)

Let me know, we'll get it fixed!

-Jack

[snapback]19912[/snapback]

Jack – yes it shows my name – Personal Collection of Aussie Girl. It shows a total of 289 solids – more than I have and starts with 1996 Apple – which I don't have and finishes with the Victorian Cameo which I also do not have. Hope this helps.

Thanks, Karen

[Author]

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