Insurance questions for your Lego collection

[L3GO LOV3R]

Does anybody insure their Lego collection? And if you do, with what Insurance Company and what does it cost?

[Ed Mack]

Does anybody insure their Lego collection? And if you do, with what Insurance Company and what does it cost?

My current collection is being covered by my homeowner's insurance. I spoke to my insurance agent from Prudential and he stated that a set for set breakdown and current price for each set needs to be put on record. I used Brickpicker's BRICKFOLIO tool to list and record all my sets and to come up with a current market value for the collection, which was accepted by my insurance agent. Individual photos of each set also help prove value in case of a catastrophe such as a fire or flood.

[fizzer]

To those of you who have a substantial amount of Star Wars Lego (or if you collect something else Lego related), I am wondering if you have it insured or thought about having it insured. I have tried a couple times now with no luck (up here in Canada). I am hoping that someone has been down this road and might be able to share some helpful tips. Thanks for any help.

[Ed Mack]

To those of you who have a substantial amount of Star Wars Lego (or if you collect something else Lego related), I am wondering if you have it insured or thought about having it insured.

I have tried a couple times now with no luck (up here in Canada). I am hoping that someone has been down this road and might be able to share some helpful tips.

Thanks for any help.

Right now I am using our BRICKFOLIO to total up my sets and come up with a spreadsheet to show my insurance agent, so he can find the proper collector's insurance. I am also taking photos of all my sets.

[cody.riggins]

Once I get a larger amount of Lego within my collection I'll look into, but currently it isn't worth it for me to invest the money in it while homeowners will cover it to a certain extent.

[BuildIT]

Most 'household contents' insurance (possibly know as something else in your country) would cover such items as LEGO sets - as long as your total household cover included them. BUT, and it is a really really big BUT, you may find in the small print that sepcific 'valuable' items need to be stated and declared as such, otherwise a maximum claim limit may apply. Why? Because otherwise every Tom, **** and Harry would be claiming that their LEGO collector's sets were stolen in the event of a break in, etc. Keep a constant list of your LEGO inventory, take as many pictures as possible (built sets, MISB barcodes, boxes, etc), make digital copies of your receipts, and update your 'household contents' list with your insurer regularly....and above all, be prepared to pay that little bit extra for your investment. Insurance companies will return money to you in the unfortunate event that you do lose some items, and it will be returned at the going market rate or on a like-for-like basis. To have such cover for the sake of a slightly higher premium, and the time to take some photos, makes complete sense. If you have not looked into, nor fully considered the insurance of your investment or collection, then review it NOW. You may be shocked as to the true replacement value if an unfortunate event was to affect your collection.

[stephen_rockefeller]

I know that some people have their collection insured, can you tell me exactly how it works? Do you need receipts to prove how much you paid for your sets? How do you prove what an EOL set is worth? Do you have to change your policy often because of the fluctuation of EOLed sets? I really need to get the ball rolling on insuring my collection in case something silly happens and they get destroyed. Any info would be helpful thanks!

[kutaone]

I have not insured mine so you prolly don't want my advice but I would use my brickpicker portfolio to somehow keep track of the overall value of my collection. There has to be a way to use screen shots or cut and paste your portfolio into some sort of document. Take pictures to accompany said list... That is how I would take value and prove ownership etc. Someone else prolly has a better idea though.

[Eschdaddy]

Most insurance companies offer a rider for special items like jewelry, coins, electronics, etc. However, toys are typically covered under your existing policy, up to your max home owner coverage. At least that's the way it is with us. If you're renting, it should be the same with renters insurance. Now, if you want flood protection, its a completely separate policy. Bottom line, cal, your insurance company and ask the question. You might get several different answers from several different people with several different policies. If you're eligible for USAA from military ties, it shouldn't be a question who to go with... but that's a whole separate topic. Good luck! PS, if you are renting and don't have renters insurance... Get it! Its cheap and you'll sleep much better.

[Ed Mack]

I did an article on this exact subject and have used the Collectibles Insurance Company LLC for my own collection. It's very simple:

1. Input all of your sets into the Brickfolio

2. Use the Export option to send an Excel file email with your entire collection to the above company

3. Fill out their form

4. Get a quote

5. Pay the bill

6. You are covered.

It cost me $500 to insure $100,000, with a yearly bump up in coverage. It covers most issues. My homeowner's insurance company(Prudential) did not want to work with me. I hope I never have to use it.

[Eschdaddy]

Oh, one more thing... to prove ownership, you should keep your receipts for tax purposes on investments, in the event you decide to do something in the future, like open a business, actually pay taxes on your investments (tongue in cheek), or something I can't even think of. But the best way to prove ownership is to regularly take video of your home and its items and keep the files online with a separate backup company like Carbonate. Again, talk to your insurance co to see what they require prior to assuming anything.

[Ed Mack]

Oh, one more thing... to prove ownership, you should keep your receipts for tax purposes on investments, in the event you decide to do something in the future, like open a business, actually pay taxes on your investments (tongue in cheek), or something I can't even think of. But the best way to prove ownership is to regularly take video of your home and its items and keep the files online with a separate backup company like Carbonate. Again, talk to your insurance co to see what they require prior to assuming anything.

Yes, photos are a must.

[jaisonline]

i just applied at collectinsure.com. i wasn't asked to upload a file containing info on my collection nor pics (yet). I am technically a retail business owner (do have an PA EIN and Sales Tax ID) so I used their business option (not sure if that was why I wasn't asked).

[jaylay]

just want a show of hands of those that insure their investments against natural disasters (hurricanes, fires, tornados, etc.)

[justgod]

Funny you should ask this. I am in the process of obtaining a quote for insuring my collection. I was advised by my agent that any claim would not be included in my homeowner's. We are going to be insuring as "collectible" so that they would reimburse for replacement value versus actual cost. The tough part is deciding on an initial value since I am constantly adding to my inventory (I sell very little) and I do not want to call them every month to start a new policy with updated amounts. Unfortunately, they cannot just change the dollar amount, it has to be a whole new policy.

[Darth Lego]

I do not as it is too expensive and my collection isn't too big so it isn't really worth the cost. I think someone should add a poll to this.

[jaylay]

I do not as it is too expensive and my collection isn't too big so it isn't really worth the cost. I think someone should add a poll to this.

poll up ...

[jaylay]

Funny you should ask this. I am in the process of obtaining a quote for insuring my collection. I was advised by my agent that any claim would not be included in my homeowner's. We are going to be insuring as "collectible" so that they would reimburse for replacement value versus actual cost. The tough part is deciding on an initial value since I am constantly adding to my inventory (I sell very little) and I do not want to call them every month to start a new policy with updated amounts. Unfortunately, they cannot just change the dollar amount, it has to be a whole new policy.

my homeowner insurance is through State Farm and when I bought it, I had them include a hobby/collection insurance to it ... the bulk of my collection at that time and to this date are G1 Transformers and vintage Japanese vinyl monsters/robots and diecast robots. if I remember it, I told them to add a $15,000 coverage for my goods ...

[Grolim]

My house and contents insurance covers it.  No need to insure separately.

[Sauromosis]

It's common to be covered for a certain percentage of the home value in possessions, in my case 75%.

 

So I faxed over a spreadsheet export from this site showing price paid and value for them to append to my policy.

 

I really have to thank the Macks for making this very easy!

[exciter1]

My house and contents insurance covers it.  No need to insure separately.

 

Mine too, I just export my Brickpicker data once a month and email it to them for my file.

[sadowsk1]

My house and contents insurance covers it.  No need to insure separately.

Same.  I keep all my receipts also.

[Sauromosis]

Same.  I keep all my receipts also.

 

I can't do that...would cause spousal issues. 

[stephen_rockefeller]

Raises his hand.

[Coneil21]

Not yet, but definitely need to get on it. If I had started investing b4 Sandy I would have lost everything!