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TOPIC: Insurance

Insurance 6 months 1 week ago #13

I (TD Tavern) have provided token valuations for insurance purposes in the past. If the itemized list isn't crazy long and you are a regular customer I won't charge for it.
My online token shop: www.tdtavern.com

We buy, sell, and trade True Dungeon tokens. We also have a convenient consignment program where you can sell your own tokens.

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Insurance 6 months 1 week ago #14

Bob Chasan wrote: Hey all, I am an insurance agent and I can tell you for my company my visiting and viewing someone’s collection is not enough. There are PLENTY of independent appraisers who will (given some direction) view several websites to determine value. They will then provide a “Certified” evaluation. This is going to be what is needed in the case of loss. The appraiser shouldn’t be too expensive probably in the $200 range. I have someone who insures a HUGE comic collection. The appraiser did the initial and all he has to do at this point is keep an excel spreadsheet of purchases and sales. Unless he gets a particularly high value comic in which case he needs to keep the record of the transaction as well as photos of that issue.


Shamefully, I haven't insured my collection yet and really should. Between collecting TD tokens, old comics, and old gaming books, I definitely know my homeowners insurance isn't enough to cover it all.

Brad - if I wanted to get a separate policy for collectables, how would that work? My homeowners insurance company hates me because of too many claims (we've been flooded 3 times in 20 years plus 2 other incidents.) We barely can get them to do homeowners insurance for us. Any suggestions?

Fred
What do we want? Evidence based science! When do we want it? After peer review!

Elf Wizard build
truedungeon.com/forum?view=topic&catid=570&id=247398

Rogue build
truedungeon.com/forum?view=topic&catid=569&id=245490#287189

Items for Sale or Trade
truedungeon.com/forum?view=topic&catid=583&id=247555

Items needed to complete my collection
truedungeon.com/forum?view=topic&catid=61&id=253058

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Insurance 6 months 1 week ago #15

Bob Chasan wrote: Hey all, I am an insurance agent and I can tell you for my company my visiting and viewing someone’s collection is not enough. There are PLENTY of independent appraisers who will (given some direction) view several websites to determine value. They will then provide a “Certified” evaluation. This is going to be what is needed in the case of loss. The appraiser shouldn’t be too expensive probably in the $200 range. I have someone who insures a HUGE comic collection. The appraiser did the initial and all he has to do at this point is keep an excel spreadsheet of purchases and sales. Unless he gets a particularly high value comic in which case he needs to keep the record of the transaction as well as photos of that issue.


thank you, bob, i forgot this step. they used an appraiser provided/recommended by them. it turned out, i knew him too. it turned out my tokens were worth more than i thought.
Founder of Tokenholics Anonymous.
TD Patron since 2005.
Completed 20+ runs at GC 2017.

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Insurance 6 months 1 week ago #16

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Bob Chasan wrote: NightGod:
Possible but falls under what I would call “Bad Advice” Creating a list to increase the claim is looked at more stringently than having proof before. Often the thought process is that people in general feel the need to “cover their deductible and so mis-state the value of their possessions.
It’s similar to a house for sale. The seller knows they own a mansion while the buyer knows the home is one step above a tree house.

Again it is possible but as an agent, I would caution you against that. If you’re considering insuring your tokens, the cost of an appraisal is a minor cost. You didn’t hear this from me but some agents may be willing to pay a portion of the appraisal cost for you.

But I'm not recommending just creating a list after the fact, I'm recommending having video/pictures of everything from before the claim and then using that to create the list. Yes, I would agree that making a list without video/photo proof is going to get looked at a lot more closely, but having it all on video and then using that to generate the list is completely different

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Insurance 6 months 1 week ago #17

Fred K wrote:

Bob Chasan wrote: Hey all, I am an insurance agent and I can tell you for my company my visiting and viewing someone’s collection is not enough. There are PLENTY of independent appraisers who will (given some direction) view several websites to determine value. They will then provide a “Certified” evaluation. This is going to be what is needed in the case of loss. The appraiser shouldn’t be too expensive probably in the $200 range. I have someone who insures a HUGE comic collection. The appraiser did the initial and all he has to do at this point is keep an excel spreadsheet of purchases and sales. Unless he gets a particularly high value comic in which case he needs to keep the record of the transaction as well as photos of that issue.


Shamefully, I haven't insured my collection yet and really should. Between collecting TD tokens, old comics, and old gaming books, I definitely know my homeowners insurance isn't enough to cover it all.

Brad - if I wanted to get a separate policy for collectables, how would that work? My homeowners insurance company hates me because of too many claims (we've been flooded 3 times in 20 years plus 2 other incidents.) We barely can get them to do homeowners insurance for us. Any suggestions?

Fred


You might think I'm joking, but...
If you want a stand-alone policy, that's often called "inland marine," which sounds like an oxymoron to me. Your most economical option may be adding it onto an existing home owners/renters policy, but you could call around and get quotes from other companies if your current one isn't cooperative.

And you're definitely going to need lists and photos, and probably appraisals, if it's a stand-along policy. You don't want to insure your collection for $10k and find that it was only worth $5k so you spent way too much on premiums, nor do you want the reverse to happen. Insuring it for 5k and finding out your loss was actually 10k will be sad, but at least you'd get 50% back.

While you're at it, it wouldn't hurt to get quotes on replacing your other policies. They're going to find out about your claims history going back some number of years, so they may not see some of your earlier ones. You current carrier knows about all of them. Independent agents can often get you multiple quotes at once, while captive (tied to one carrier) agents may only give you one for their company, so you'll have to call more of them. Insurance is heavily regulated by the states, so calling multiple agents for the exact same policy from the exact same carrier should get you the exact same quotes. It's not like one agent can (legally) give you a discount the other can't. Some companies share quote information so that you can get auto quotes from multiple carriers, but I'm not sure that the same info sharing is available for non-auto.

DISCLAIMER: I've worked in three insurance companies in IT, never as a licensed agent, so anything I say is just offering ideas, it's not "advice." Always check with someone who knows more. Shouldn't be hard to find millions of people that fit that description...
barkley.neo.rr.com -->see my trade thread HERE , my eBay store HERE or my web store HERE
"Ceci n'est pas une pipe" - Magritte

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Last edit: by Brad Mortensen.

Insurance 6 months 1 week ago #18

Oh, one last thought:

Insurance companies don't require you to cover the entire value. Underinsuring can bite you if you're not careful.

So, say you give them a list of stuff worth 10k, but you decide that the odds of a total loss are low, so you only buy 5k coverage. You can do that.

But then you lose CoA and file a claim. Maybe you'll get the full value for it. Or, they could audit your collection, see that you only had 50% coverage so they'll give you half of what it's worth.

In short, I don't do appraisals but I'd recommend getting one. It could save you enough in saved premiums or full-value claims to pay for itself.
barkley.neo.rr.com -->see my trade thread HERE , my eBay store HERE or my web store HERE
"Ceci n'est pas une pipe" - Magritte

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Insurance 6 months 1 week ago #19

Brad Mortensen wrote: Insurance is heavily regulated by the states, so calling multiple agents for the exact same policy from the exact same carrier should get you the exact same quotes.


This is absolutely true, but sometimes there are minor tweaks that you may not pick up on ("paperless" discounts, "in transit" constraints, payment schedule, etc) that can impact final number. A good agent can help spot and explain the differences.

And to follow Brad's lead... I am not an agent nor your agent.

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Last edit: by Lequinian.

Insurance 6 months 1 week ago #20

Lequinian wrote:

Brad Mortensen wrote: Insurance is heavily regulated by the states, so calling multiple agents for the exact same policy from the exact same carrier should get you the exact same quotes.


This is absolutely true, but sometimes there are minor tweaks that you may not pick up on ("paperless" discounts, "in transit" constraints, payment schedule, etc) that can impact final number. A good agent can help spot and explain the differences.

And to follow Brad's lead... I am not an agent nor your agent.


Good point
barkley.neo.rr.com -->see my trade thread HERE , my eBay store HERE or my web store HERE
"Ceci n'est pas une pipe" - Magritte

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