Primarily Petroliana Shop Talk Forums Shop Talk Petroliana Forums General Petroliana Discussion Insurance???

I know this has been discussed before but which companies do you guys use for insuring your collectibles? I have been researching and the rates are all over the place, just curious. Anyone used www.acna.us???

Doesn't homeowner's insurance cover collectibles? As long as you document them? Provided you keep them at home, I guess.

State Farm insurance allows you to purchase extra insurance on your home owners policy....
I just upped mine to 200,000 to cover all of my possesions....and all you need to do is have some kind of proof(digital pics work best) of your stuff in the event of loss.
It cost me 3.85 more for 6 months to go from 125,000 to 200k

Mine are covered under my homeowners policy at no extra charge, they are part of my personal contents same as my t.v or bed, so my agent tells me and we have went over it a few times, I assume it depends what company you have and how much you have insured with them.

sure they are under the same policy but you have a limit and you need to make sure that all of your personal stuff is covered and then add in the amount of your collectibles and make sure you have enough coverage. In my case I had to add another 75k to pickup where the 125k left off. It doesnt take long to have 100k in gas and oil stuff!!!

Many homeowners poilcys DO NOT cover antiques or high dollar collectibles....your agent may tell you they do but when it comes to a claim good luck with any insurance company today....even the so called good ones!

I agree, you need a separate rider. If your agent tells you don't need it, then get that in writing from them. CYA

I went through collectibles insurance company

I could see that under theft, but I'm covered on fire , tree and tornado, mother nature, she's got pictures of what I have and estimative value and all is good,

I totally 100% disagree with the statement that you need a seperate rider.

You do not need a seperate rider or policy with State Farm.....all you have to do is add additional coverage for your personal property if you need the additional coverage.....talk to your agent and you will see.

I do have a seperate rider for guns over 5,000 and I do have a rider for jewelry...but you absolutely do not need a rider for gas and oil stuff.

The problem with fire is that there is a ceiling i.e. maximum value for contents. If your maximum is $300,000.00 then that's all you get for all your contents (furniture, jewellery, clothing, appliance, household effects, collectibles & ect.)

$7.70 for $75,000.00 for a year is pretty cheap!

Me and tooter must have same agent that travels foam Ohio to iowa on a daily basis.

7 of my neighbors were just robbed 2 weeks ago....

I just updated my policies!

and installed an alarm system.

they got 6 farm places while the people were home they cleaned their sheds out!!!! then they went to my buddies harware store and took a sheet of steel off of the side of the building and robbed him!!! All in 4 hours time!

I went over everything with a fine tooth comb in my policies with my agent....so this is very fresh in my mind.

I layed out all of my tools and took digital pics and I have a pic of every oil can, sign, pump...you name it!!!!

the point he stressed was PROOF....and pics are definately proof....proving value can be a different thing....but it should not be that hard with ebay and Matthews auctions and things like that....

my point is.....I'm not just blowing off here....I just went through this.

Tooter, You DO have a seperate rider if you paid extra to cover your belongings, the extra was not to cover your home.

no I do not have a seperate rider.
again I have a seperate rider for my guns.
i have a seperate rider for my jewelry.

I simply increase the coverage amount on my personal items to 200,000.....doesn't matter what it is and don't have to be listed and itemized like a rider.

It is simple... when you have homeowners there is a part of that that covers your personal belongings....this includes my lawnmower out back in a building, my duck hunting boat out back as well as my clothing and all belongings in my house....
simply stated....per my agent...If you don't license or register it for driving....it is covered in your personal belongings.

now artwork is a different story...you need a rider also...
there are certain collectibles that do need a rider I agree...
but my gas and oil collectibles DO NOT have a seperate rider.

We have Nationwide for our home, and State Farm for our vehicles. Nationwide said for my paintings, they would have to farm it out. State Farm gave me a policy for the paintings that cover them no matter where they are...helpful when insurance is required to hang in certain galleries.

Hotcider & Seth Robbins both sell Ins, HOPEFULLY either or Both will chime in as BOTH are Collectors.

Ok my barn was broken into last year and had several collectible visibles stolen. My home owners insurance did pay for them based on my personal value given to them at the time.
I'm just now going with Hagerty Auto Insurance becuase like a lot of what I just read I have well over $150,000 worth the pumps, some at my home, office and back at the barn.They do insure at all of locations. But the one thing you do want is insurance for sure. How do you replace 5 & 10 gallon Fry's that were like new?????

Insurance is great but how do you replace stuff that took 20 years to find and collect? Dogs (lots of em) (mean ones) and an AR work better. Make it known that you will use force and you won't have these issues!

I think I remember a post from Ray, Hotcider recomending a policy that was mentioned by another member. I think this is what I saved in my favorites http://www.collectinsure.com

Dogs and guns won't put a fire out. I use Collectors Ins. Co. If you ever bought an expensive sign, delivered bent in half, you would want insurance.

I upped mine a while back but I still don't wanna try to replace what I have. And insurance isnt gonna give me back my hours and hard labor. It's best to do your best to let it be known that you arent playing

Hagerty or a company that specializes in collectables,I would think would be better way to go. I will never have the value of items others have talked about here and have a neighbor thats like a watchdog,but I'll share this with you. A friend wifes is regonail rep for large ins company.
She made the statement that she was told to dump 20 percent of of acounts in ARK,after the last batch of storm payouts. So attached to your homeowners may not be longterm,as she said it a losing battle as of late as far as them turning profit selling homeowners. Ask her how you decide who gets the ax. Slow pay ,late pay, a claim,any excuse you can find. When that doesn't get the number they need they just start sending notice.

Sounds good, but in most states you'll be spending the rest of your life as an Inmate. Not worth it, IMO.

I hear ya dick! Things always happen for a reason!

I don't believe that a collectors insurance is necessarily any better than a major carrrier.

When I bought my 67 Chevelle SS I immediately went out and bought Hagarty insurance. When I went in to see my State Farm agent I explained to him what I had done....he just laughed....He says I guarantee you we will beat Hagarty and have the EXACT same policy.

So, I gave him an opportunity....
He blew the price out of the water and wrote the same policy to cover my beauty for $50,000 guaranteed coverage.
This is a completely different kind of policy than normal auto insurance but it covers the same liabilities and you get to pick the value of your coverage providing it is reasonable and not overinflated.

My recommendation....
go talk to your normal insurance agent first.
I live in a small town and I want to see my agents face(who is a friend also) when I have a loss!

Shop around and get the best policy for you and be comfortable with it.

I hope you never have a big loss to claim, The agent has no say at that point, The BIG guys take over and then you will find out if you are covered 100%

I don't know exactly what your problems have been....

I have been with State Farm all of my life and have had big claims in the past and have been taken care of.

I have Citizens Insurance Company....my local agents told me I didn't need a specific rider for my collectibles. What I purchased is a renter's policy (since I'm a obviously a renter) with what they call a "blanket policy" for my contents. I am able to set the dollar amount of value, say $200,000, and my policy will cover any contents of my apartment up to the preset value. This includes everyday use items as well as collectibles so you need to estimate accordingly, but it's easier than having to go through the hassles of specific riders and appraisals, etc. I think people forget insurance, be it health or home, etc. is for catastrophic events, not Fido running through the house or garage, breaking an item and making a claim every time. We all have the mentality that "I pay a lot for insurance, I'm going to use it" but is a $1000 claim worth an extra hike in your premiums and the risk of being dropped? Probably not in the long run...
Darin

Your policy might be good for you, but coverage will vary around the country.

Hope your agent/friend is a truthful agent of the company!

I have Farm Bureau and went and talked with them today. They were amazed at what I collected and then they laughed when I told them the amount of insurance I needed. They said that old stuff can't be worth that much. Then, to my amazement, they called the main office and found out they do indeed cover these items. Must be photographed, itemized and appraised by an independent appraiser. I then proceeded to ask them to sign some documents that would guarantee my coverage of these items and was refused. Needless to say, I am exploring my options. The manager at the main office is supposed to call me back, I am not holding my breath.

Call me cynical, but I can't help but think that in the event of a fire, they'll claim y'all stored flammable liquids incorrectly.

At the time I had hagerty one beacon was the underwritter....this is one reason I no longer use hagerty...one beacon is garbage when it comes to paying a claim.

I asked that question before Maps and my agent said you have to store a heck of a lot of oil in one location for it to be an issue. I prefer drained cans due to the fact that I use a lot of high shelving in my display, but I was also worried about the very issue you brought up so I questioned it.
Darin

Good discussion! Its sure got me thinking! I'm going to stop by and see my homeowners agent right away.