Insurance questions for your Lego collection

[Jackson]

Couldn't it be covered as "business inventory" or something like that instead of specifically LEGO items?

 

I think my home insurance policy covers all the contents of my house, but I should probably make sure.

[gmpirate]

5 hours ago, KShine said:

My Insurance company is no longer going to be offering coverage for my LEGO.

Looking for some suggestions - What companies have you guys had good experience with?

I assume you are looking for a smaller collection kept at home?  A regular business policy (not at home) should be a non-issue.  Otherwise you are asking a home owner's policy to cover business activity.  Some will allow it but its not the norm -- especially if it becomes a larger collection.

 

4 hours ago, $20 on joe vs dan said:

has anyone filed a claim before for their LEGO? wondering what the burden of proof practically is.

The difficult part is accessing current value which is always a battle.  Haven't gone through it, but I'm sure its similar to getting compensated for the loss of a car -- only harder 🤪

Edited November 10, 2020 by gmpirate

[Bold-Arrow]

5 hours ago, KShine said:

My Insurance company is no longer going to be offering coverage for my LEGO.

Looking for some suggestions - What companies have you guys had good experience with?

https://ecom.insure

[landphieran]

16 hours ago, gmpirate said:

I assume you are looking for a smaller collection kept at home?  A regular business policy (not at home) should be a non-issue.  Otherwise you are asking a home owner's policy to cover business activity.  Some will allow it but its not the norm -- especially if it becomes a larger collection.

 

The difficult part is accessing current value which is always a battle.  Haven't gone through it, but I'm sure its similar to getting compensated for the loss of a car -- only harder 🤪

I've worked in insurance for about 10 years as a software engineer.

They will require proof of items in the warehouse. 
-Invoices for everything purchased (this includes prices paid).
-Current value of all items in the warehouse
-Outbound manifests for everything sold within 3 years. (Essentially outbound information as far back as your receipts are old).

Once they have an "accurate" count of everything you have. An actuary will assess the "replacement value of your inventory" in the current market. Based on my understanding its usually (what you think you deserve) - 30% + -(desperation tax).

You will not get (Amazon Price - Fee's) for your inventory. The actuary's cross check the information you provide and process them through their loss models. They are very complex models which take into account a lot of factors (including time to sell, effort to sell, the ability to sell something, etc).