Collection insurance?

Triton

Triton

Gold Member
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Aug 8, 2000
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I expect that some of you with extensive collections have probably got insurance on some of the items or the whole collection. If I can ask how did you do that? I just talked to my insurers and I am told that I will need to get my collection appraised and they gave me the name of a local pawn shop guy who they apparently trust to do this appraisal. Now no offense but for this particular collection I'm pretty sure I know more than the pawn shop guy. So what did you do?
 
Maybe drop Bernard Levine a note, and see if he suggests anything or a company. I remember once he had a detailed post on it, and which insurance companies he found decent to work with as an appraiser, but I can't find it now, it might've been on Knifeforums.
 
Just because the guy works at a pawn shop doesn't mean he doesn't know knives. Just like working at a knife store doesn't mean a person knows knives. You never know where you might find someone who is very knowledgeable about knives.

Before you pay someone for an appraisal, I would check first to see if your insurance provider will accept an appraisal from them. I don't know how much an appraisal will cost, but you wouldn't want to spend money on an appraisal you can't use.

In general, I would think that ones home/renters insurance would provide a certain amount of reimbursement after a fire or theft (maybe even flood damage). But it all depends on ones policy, and what their provider requires for a claim. But likely not as much protection as a specific policy.
 
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I wonder how that kind of insurance correlates to monthly payments. I now have a significant collection of blades. Not just pocket knives and fixed blades but also swords. So lately I have definitely started thinking about that.
 
I actually thought about this today, making a quick trip, realizing I had something like at least 2K of knives in just one box, another 2K on a table which is really not wise, but I would rather just get a proper safe that I can open and close, which I intend to do at last due to some recent expansions. I don't know, I really didn't anticipate liking knives this much, man. I feel like it would be a little cringe to insure a few thousand dollars of stuff, but I don't know, maybe document it? I'm not too familiar with insuring items yet, which is also something I should get wise to.
 
I've had my collection insured for more than a decade. I can't speak for my insurer's claim service because I've never had to file a claim but I consider their premiums to be reasonable. I think I'm allowed to post a link to the company that I use. They insure only collectible items.

There are no appraisals. You simply buy insurance for the amount that you specify.

collectinsure.com

Collectibles Insurance Services | Collect Insure

CIS offers the best collectibles insurance service for whatever you consider valuable- vintage guns, sports cards, comic books, and more!
collectinsure.com collectinsure.com
 
Railsplitter said:
I've had my collection insured for more than a decade. I can't speak for my insurer's claim service because I've never had to file a claim but I consider their premiums to be reasonable. I think I'm allowed to post a link to the company that I use. They insure only collectible items.

There are no appraisals. You simply buy insurance for the amount that you specify.

collectinsure.com

Collectibles Insurance Services | Collect Insure

CIS offers the best collectibles insurance service for whatever you consider valuable- vintage guns, sports cards, comic books, and more!
collectinsure.com collectinsure.com
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If something happens, how do you prove your knife or whatever is worth what you say?
 
Knives will be included under personal property in normal homeowners insurance, same as guns. All you need to do is call your insurance to confirm the amount. In many states the amount has gone up due to legal requirements and will beyond cover your knife collection.

I take video and pictures once every few years of everything, have a newspaper to show the current date. Copy of video and pics on the cloud if ever needed.
 
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I was told by my State Farm rep to video my knives. I started the video in my driveway, entered the house through the front door that has shows my address, went downstairs, and started opening boxes and showed each knife briefly. I then put the video on a thumb drive to save in fireproof safes and a copy on the cloud. I then made a list of brand, model, and cost. This was several years ago.

A lot of work for under $4K worth of knives but I followed directions. YMMV.
 
Railsplitter said:
I honestly don't know. I hold onto all of my receipts in hopes that those will suffice.
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Receipts is the way to go.

In most cases, insurance companies will put a limit on jewelry/watches/guns/knives etc. IIRC the max was $50k total. The monthly premium was a small addition to homeowners insurance.
 
Ron Sabbagh said:
Receipts is the way to go.

In most cases, insurance companies will put a limit on jewelry/watches/guns/knives etc. IIRC the max was $50k total. The monthly premium was a small addition to homeowners insurance.
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The receipts may show a purchase, but not current value. You want insurance that replaces the item not the cost of purchase.
 
Yo Mama said:
The receipts may show a purchase, but not current value. You want insurance that replaces the item not the cost of purchase.
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agreed. But with receipts at least you get the full value of what you paid. Not bad considering that the vast majority of used knives lose value. Another option that has been used is a current ebay value.

Policies that replace a personal item with current value will also raise your premium
 
I'm an insurance agent. On your homeowner's, renters or condo policy it is replacement coverage under the contents section, subject to the deductible. You can also schedule valuable items at an agreed value, which includes collectibles. There are also specialty collector's insurance policies available from excess and surplus lines producers.

Personally, my stuff is insured under my general homeowner's policy.
 
None of my guns, LPs or knives which are "worth" somewhere around $200k altogether are specifically insured, except for the general personal property limits of my homeowner's policy which is over $600k and could provide full coverage as long as all of my receipts and photos of them aren't destroyed.

Why?

The way I look at it, if I needed the $ from these "things," I wouldn't have bought them in the 1st place or I'd sell them all now to recoup what I paid for them so that I can have the additional $ at hand but what's the point of that?

Everyone "needs" $ but how much enjoyment can just $ give you, if you've already got enough? Not much.

Also (because of their value) getting all of these things covered requires them to be specifically identified and scheduled, which I do not want to do w/my guns for privacy reasons, nor for my LPs and knives because there are so many and scheduling them (and updating the inventory) would just be PITA.

On top of that, I've paid SO MUCH $ for insurance for SO MANY things (including my life) that have never "paid off" that I view spending more for on insurance for such things as a "waste" of $ because I'm now at an age and have more than enough $ in cash on hand that it really makes no difference anymore.

After I die, my "heirs" (who are only my 2 grandchildren) will receive an inheritance by trust that will provide for them quite well w/o the additional $200k that I "might" be able to recover if everything (including me and my house) got torched in a fire.

So, I'm not worried and am comfortable self-insuring these "things," if they are not already covered under my homeowner's policy.
 
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One thing to consider about collector's insurance policies is that they often cover loss away from home. For example, if you're traveling to a knife show to set up a table and you're hauling a truck or car load of knives, those knives are often covered if stolen or damaged during the trip.

Most people don't haul truck loads of knives around but those guys get their knives to the shows somehow.
 
As others have said, my collection is insured under homeowners insurance. Our policy had a level of basic coverage for personal property and we were able to pay extra to increase the amount of that coverage (as well as reduce the deductible, I think...) and I named a knife collection as an item under that coverage. I guess the downside of homeowners coverage is your knives aren't protected outside your home, but I typically don't travel with a bunch of knives.

Also, I keep a spreadsheet with an inventory of every knife I own. Wherever possible I include date purchased, price paid and where purchased. Of course with my oldest knives, or knives that have been gifts, there's no way I can really recoup that information.
 
I keep a spreadsheet too for my own personal use but I have always assumed that a personal spreadsheet would only be hearsay to an insurance company.
 
Railsplitter said:
I keep a spreadsheet too for my own personal use but I have always assumed that a personal spreadsheet would only be hearsay to an insurance company.
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An inventory with pictures of everything in it should be sufficient proof of ownership.

You'd use comparable sales reported on 2ndary sites as proof of current value at the time of loss. Easy to get from EB and ACK. It would also be possible to get those valuations from BF if sellers would STOP deleting the sales prices from their listings after a knife is sold.
 
Railsplitter said:
I keep a spreadsheet too for my own personal use but I have always assumed that a personal spreadsheet would only be hearsay to an insurance company.
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sgt1372 said:
An inventory with pictures of everything in it should be sufficient proof of ownership.

You'd use comparable sales reported on 2ndary sites as proof of current value at the time of loss. Easy to get from EB and ACK. It would also be possible to get those valuations from BF if sellers would STOP deleting the sales prices from their listings after a knife is sold.
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I'm in the process of adding pictures of the more expensive knives to the spreadsheet, but dang, that's a lot of work with 500+ kinfes!
 
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