Insured Collection

[magnumb]

How do you guys insure your collection?

It is worth the trouble...after reading about the unfortunate circumstance of the collection below it got me thinking if he was able to recoup any of the cost 

Eric's RC (technicopedia.com)

Quote

My RC collection had become rather extensive, so I could no longer catalog it on one page of reasonable length.  Instead I have divided my collection into categorized sections which are detailed on separate pages and tabulated as shown below.  Note that many models appear in multiple categories so there are not (quite) as many models as there appear to be.  The tables include both models which are complete and those which haven't been built or restored yet.  In general you can click on any full size image to get a complete build record and parts list.  Models with smaller thumbnails are not yet complete.  I update the site every couple of months with newly built (and purchased) models.  There are thousands of pictures and hundreds of pages of text here, so enjoy and let me know what you think!  A large fire at my home in 2022 destroyed my entire collection, so most of these models are now gone.  I've indicated which models are active and which are destroyed.

 

[yogi-bear]

howdy, there in another thread here about this, but a quick search and I can't find it.

Anyway, in short, if it has value (RC or otherwise), I would insure it. I have insured my collection and have it listed on my house and contents insurance. I also keep a spreadsheet of all collection and try and keep pics as well.

I believe there are many others here that do this or something similar too.

[MadAnt]

Perhaps I should insure some of my collection 🤔

[1RCdude]

DANG I get on it, I thought it was covered under my house insurance. I guess pictures and detailed documentation are in order.

[bjr250]

9 minutes ago, 1RCdude said:

DANG I get on it, I thought it was covered under my house insurance. I guess pictures and detailed documentation are in order.

My insurance would only cover up to a fairly small amount (a couple of hundred dollars). I was able to nominate a replacement cost and pay a small additional premium to have my collection covered on my home and contents insurance up to the nominated amount.

[alvinlwh]

Nah. None of a single item of mine costs more than £500, probably averaging out at £350ish each. Given that most insurance considers items of >5 years worthless* (and they also usually take 10% brand new items immediately) most of my possessions are worthless anyway. So with a £10k contents cover, and most of my contents over 5 years old, how much I can get out of that is my concern. 

*you can get more out of your insurance if you can prove the worth of an item, such as a valuation certificate of your Gold Plated Limited Edition Avante with a solid gold ESC and titanium brushless. For most of us, the cost of getting such valuation is hardly worth it. 

[Mad Ax]

My workshop (where most of my collection is stored) also has lots of expensive equipment in it, so we've covered it with a high value contents insurance policy.  This means just about everything in the workshop is covered by its value to replace.

It wasn't really that much more expensive to switch to this type of insurance, we just had to find a local specialist broker to sort it out for us.

The only issue we've had recently is some insurers refusing to cover our property at all due to "flood risk" - which is utterly ridiculous since there hasn't been a flood in my town since the 1850s, which was way before the flood relief and defence systems were installed, and we're a fair way from the river and nowhere near the lowest point in town.  I wonder how bad it is for all those new-builds that went up on the flood plains despite all the advice against it..?

This could well be insurance companies hedging their bets against climate change, but the housing crisis will only get worse if homes become un-mortgageable because insurers won't cover them.

[ADRay1000]

IDK about r/c cars, but I own and inherited some pretty valuable guitar equipment. Even though the total value is somewhere between $8-10k, they said that the value wouldn’t warrant a special policy, and that it all would be covered under a regular policy. 

[Rinskie]

1 hour ago, ADRay1000 said:

IDK about r/c cars, but I own and inherited some pretty valuable guitar equipment. Even though the total value is somewhere between $8-10k, they said that the value wouldn’t warrant a special policy, and that it all would be covered under a regular policy. 

In the US musical instruments can be insured under a VPP policy (Valuable Personal Property). Every home owner carrier in the US will have a VPP policy. A VPP will cover the guitars for non-named peril losses and there is no deductible to address. The guitar have to be scheduled (ie named and listed on the VPP policy). Personally I'd get a VPP if I had even one nice guitar. This all gets super deep in the weeds and there is a lot of semantics involved like "aren't my guitars covered under my home owners policy" that make it worth checking with your agent.