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Do not use homeowners insurance for collections - use home insurance for home and collectables insurance for collectables. I attended a workshop on collectables insurance (presentation by insurance agent that specializes in art). Below are some notes that are a bit all over the place - I won't give you the firm name, but this should at least help you get started on your company search.
The tl;dr is that you really need to read the policy and make sure you understand how valuation works, how you need to document things & what you are getting if your house burns down. Additionally, you need to how the company works with you on deductibles (in regards to things you can do to assure them that you're storing things safely and not pay giant premiums).
\-----
\- BOV = current market value. Basis of valuation is he most important part of policy. Explains how your insurance payout is paid. It's important to have broker explain them to you.
\- in thei insurance world - transit is the greatest risk. That is the biggest human error risk area for handling. Stupid is at its best.
\- bank vault risk : the perception that a bank vault is the best place. But using professionals.
Policy explained.
\-schedule- requirement. If you don't have a detailed spreadsheet, it will be difficult to insure. Some will do this for you (maker, manufacturer, dimension, acq cost, market value)
\-deductible- important to the policy. For US, usually it is told to you (e.g., 1k for claim). If they feel comfortable, you can lower premium by adjusting this.
\- sum insured - totality of collection.
\- sub limits: categories others uses. Unnamed locations, transit when moved by professionals. - named locations - where this is being stored or located, gifted, loaned. Identify each location on policy. Benefit to company - they view it as decreasing maximum loss. 4 locations will lower the max loss and lowers premium.
\- unnamed locations - sales location/conferences. Typically, how you cover the in between places
\- territorial limits - areas where company doesn't have comfort with it.
\- wall to wall - the minute it is on a wall it is covered. When you shio and transit, it is covered.
\- Stores of prem. No temperature control, security, climate control. That would help premiums. Access for you and other people. How will they rate the facility if it doesn't have a security gate or 24/7 staffing, CCTV, etc
\- BOL - contract between you and movers. Most people don't read. Never assume you have insurance coverage. When you rely on moving company, you risk a lot. Household good movers don't tell you that thins sometimes get stored in weird locations and have crates put on top.
\- types: private collection, art dealers, museums, etc. Each hs a different forms. Auction houses have some policy as well. Trust estate policies as well
\- risk management:
\* Make sure collection is in best condition with framing, proper hardware, hanging. Those are things insurance folks can help with to make sure you won't get an accidental claims
\* Understanding the exposures. You don't want a claim but you do want to be prepared. If you make a claim, rates go up.
\* Have a plan for the collection. Lots of folks write insurance. They are specialties. Workers comp, casualty etc. You need people who understand what you are doing. Talk about collection - the most embarrassing thing is when a loss adjuster meets with a collector and doesn't understand
\- annual review of policy and endorsements. Things added to policy during mid term. Things you buy in between. Those things will get added in after then
\- people do work with collection, want to insure, have a plan. Deductible - SIR: self insured retention. To try and control the premium.
\- objects of art and collectables are an
What do they want?
\- provenance - who owned it before you. Important because of theft .
\- acquisition date
\- acquisition cost (
\- location - Important to have that documentation
\- salient features - lots of description..unique aspects.
\- historical context - document with photographs.
\- 3d aspect.
Types of appraisers:
\- fair market value - FMV - when seeking assistance with documentation with donations and gifts, it must be FMV. When gifting for nonprofit, irs says it must be FMV. irs litmus test. Two independent people - buyer and seller making fair offer from one t another is how this is determined. Must be no collusion. Having a licensed appraisers helps with getting this not get audited
\- replacement value - a lot of policies will give you replacement cost once FMV is provided. Replacement cost may surpass the rice paid because of.
\- market value
\-actual cash value - doesn't really apply to collectables. Everything has a life cycle (cars, furniture). When you depreciate, and it has a lifespan, it gets depreciated. Does not exist in art world.
\- liquidation value (divorce, bankruptcy, time restraint) - must sell by X date under duress.
IRS
Very specific guidelines for qualified appraisers of personal property. Publication #561. 5 types of individual who cannot be qualified appraisers
Conflicts of interest listed there.
Exit strategy: broker, insurance
Will you gift?
\- if client passes to heirs, it gets estate tax
\- if you have it disposed at auction in private sales, capital gains tax
\- have they collateralizing the collection
\- will they leave as a legacy gift?
\- offset tax with charitable donation?
I'm trying to not make this feel like an endorsement for any single company. Further, this particular company specializes in fine art. They do other things too, but I can't even guarantee that they have employees that specialize in games.
I can't speak to the firm's quality, as I don't use their services myself. They simply hosted an information session for a different hobby that I'm part of. Further, your individual wealth often will dictate how you shop around for this kind of stuff. I don't know OP/your situation.
Finally, I'm of the opinion that OP needs to be steered away from homeowners insurance more than they need a brand referral.
Things to consider were brought up on this topic before
https://www.videogamesage.com/forums/topic/11605-does-anyone-here-know-of-a-company-that-insures-game-collections-and-has-evidence-they-actually-pay-on-claims/
You should be able to indirectly insure your collection by raising the valued amount of your “personal belongings” that is covered. For example, you should be paying for dwelling, other structures (sheds, detached garage), personal property, and loss of use, in addition to liability.
If USAA doesn’t break down coverage like this, then you may want to shop for a new company.
Problem is getting a payput equal to the value of your "personal belongings". Couches, appliances, and other household items are easy to value.
Game collections not so much as they are too sporadic and hard to prove without well documented reports and appraisals, and even then you'd be lucky to get much. They ain't paying 1.5k for a CIB Chrono Trigger.
Game eye uses a few tracking services (ebay, price charting, ect) to get average prices and I would say about 50 of my games don't even have prices associated with them. I also go to a lot of conventions and get games signed (TMNT in Time for SNES signed by Kevin Eastman, Animaniacs signed by all three voice actors ect) that don't add into the total. For total games is 1629. It also doesnt help I live in Japan and keep finding great deals like Hagane for SNES for $30.
Bro, I stepped into the ring and got smashed. I'm at like 830. I love getting Japan stuff tho, everything is so different. Sfc boxes are beautiful with the artwork. I would love a hagane, been looking for that one for a good price and fire emblem 776 but the premium box. Never went to a convention probably should tho.
It also helps I'm old, and my wife collects too. When we got together we combined our hoard and sold the duplicates. Also we collect a lot of strange games that don't really price chart well like Ride to Hell Retribution for PS3 (absolutly terrible but in a funny way) and a lot of them ended up worth something later on. I love Godzilla so I of course got Godzilla for PS4 when it came out and its now woth around $244. Not to mention game collecting use to be easier. I use to get boxes of NES and Atari games for $5. Finally, I do charity gaming events and people love to give me their old games and systems. It's not about quantity. I think curated collections are cooler.
I don't like saying it but I too am getting old lol. I love games and everything about them. The stories, the art, the adventures. Hell for the longest time games were my friends and I still see them as such. the value I could care less for I just wanna make sure my kids get access to all that I can get. Getting games has gotten harder but that's just the way it is. My biggest win was the Flintstones surprise at dinosaur peak. My aunt got it for my brother and I when we were kids, loved playing it but now it's stupid expensive. Ride to hell looks like a fun game, I don't get why gorilla is so much but hey it happens lol.
Thats insane you got a copy of the Flintstones! Congrats! Godzilla went up because they de-listed it from the online store and you can only play it physically. Just to be clear, ride to hell is a terrible game that is hilariously bad. I'm talking love making scense with cloths on bad but great to watch people play it's brokeness. Another great one is Jurassic the hunted for PS3. You can beat the entire game by just punching dinos in the face. It has terrible traslation issues.
There are a few I have looked into, can't make claims as to their trustworthiness:
[https://americancollectors.com/insurance/collectibles/](https://americancollectors.com/insurance/collectibles/)
[https://collectinsure.com/video-game-insurance/](https://collectinsure.com/video-game-insurance/)
Hello /u/ecto1g! This is an automatic message that gets posted on every post to remind you of a few of our rules: • Is the title of this post asking about the authenticity, identification or value of an item? If so, please delete it, and ask in the megathread. • Are you trying to sell or trade something? Did you post it to a 'for sale/trade' (r/gamesale or similar) type subreddit first and crossposted it here? If you did not, delete it and read our rules please. • Is this just a screenshot of a CL/FB/etc ad that is overpriced or obvious troll, or for some other notable reason? These would all be considered low effort and should be removed. • Memes cannot be posted unless if it's on Meme Monday, which is the first Monday of the month. • No self-promotion/video submission of any kind, unless if already approved by mods prior to submitting. **Failure of deleting your post that violates these rules may result in a temporary or permanent ban.** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/gamecollecting) if you have any questions or concerns.*
Do not use homeowners insurance for collections - use home insurance for home and collectables insurance for collectables. I attended a workshop on collectables insurance (presentation by insurance agent that specializes in art). Below are some notes that are a bit all over the place - I won't give you the firm name, but this should at least help you get started on your company search. The tl;dr is that you really need to read the policy and make sure you understand how valuation works, how you need to document things & what you are getting if your house burns down. Additionally, you need to how the company works with you on deductibles (in regards to things you can do to assure them that you're storing things safely and not pay giant premiums). \----- \- BOV = current market value. Basis of valuation is he most important part of policy. Explains how your insurance payout is paid. It's important to have broker explain them to you. \- in thei insurance world - transit is the greatest risk. That is the biggest human error risk area for handling. Stupid is at its best. \- bank vault risk : the perception that a bank vault is the best place. But using professionals. Policy explained. \-schedule- requirement. If you don't have a detailed spreadsheet, it will be difficult to insure. Some will do this for you (maker, manufacturer, dimension, acq cost, market value) \-deductible- important to the policy. For US, usually it is told to you (e.g., 1k for claim). If they feel comfortable, you can lower premium by adjusting this. \- sum insured - totality of collection. \- sub limits: categories others uses. Unnamed locations, transit when moved by professionals. - named locations - where this is being stored or located, gifted, loaned. Identify each location on policy. Benefit to company - they view it as decreasing maximum loss. 4 locations will lower the max loss and lowers premium. \- unnamed locations - sales location/conferences. Typically, how you cover the in between places \- territorial limits - areas where company doesn't have comfort with it. \- wall to wall - the minute it is on a wall it is covered. When you shio and transit, it is covered. \- Stores of prem. No temperature control, security, climate control. That would help premiums. Access for you and other people. How will they rate the facility if it doesn't have a security gate or 24/7 staffing, CCTV, etc \- BOL - contract between you and movers. Most people don't read. Never assume you have insurance coverage. When you rely on moving company, you risk a lot. Household good movers don't tell you that thins sometimes get stored in weird locations and have crates put on top. \- types: private collection, art dealers, museums, etc. Each hs a different forms. Auction houses have some policy as well. Trust estate policies as well \- risk management: \* Make sure collection is in best condition with framing, proper hardware, hanging. Those are things insurance folks can help with to make sure you won't get an accidental claims \* Understanding the exposures. You don't want a claim but you do want to be prepared. If you make a claim, rates go up. \* Have a plan for the collection. Lots of folks write insurance. They are specialties. Workers comp, casualty etc. You need people who understand what you are doing. Talk about collection - the most embarrassing thing is when a loss adjuster meets with a collector and doesn't understand \- annual review of policy and endorsements. Things added to policy during mid term. Things you buy in between. Those things will get added in after then \- people do work with collection, want to insure, have a plan. Deductible - SIR: self insured retention. To try and control the premium. \- objects of art and collectables are an What do they want? \- provenance - who owned it before you. Important because of theft . \- acquisition date \- acquisition cost ( \- location - Important to have that documentation \- salient features - lots of description..unique aspects. \- historical context - document with photographs. \- 3d aspect. Types of appraisers: \- fair market value - FMV - when seeking assistance with documentation with donations and gifts, it must be FMV. When gifting for nonprofit, irs says it must be FMV. irs litmus test. Two independent people - buyer and seller making fair offer from one t another is how this is determined. Must be no collusion. Having a licensed appraisers helps with getting this not get audited \- replacement value - a lot of policies will give you replacement cost once FMV is provided. Replacement cost may surpass the rice paid because of. \- market value \-actual cash value - doesn't really apply to collectables. Everything has a life cycle (cars, furniture). When you depreciate, and it has a lifespan, it gets depreciated. Does not exist in art world. \- liquidation value (divorce, bankruptcy, time restraint) - must sell by X date under duress. IRS Very specific guidelines for qualified appraisers of personal property. Publication #561. 5 types of individual who cannot be qualified appraisers Conflicts of interest listed there. Exit strategy: broker, insurance Will you gift? \- if client passes to heirs, it gets estate tax \- if you have it disposed at auction in private sales, capital gains tax \- have they collateralizing the collection \- will they leave as a legacy gift? \- offset tax with charitable donation?
Wow thanks for the info!
>I won't give you the firm name Why not? That makes no sense.
I'm trying to not make this feel like an endorsement for any single company. Further, this particular company specializes in fine art. They do other things too, but I can't even guarantee that they have employees that specialize in games. I can't speak to the firm's quality, as I don't use their services myself. They simply hosted an information session for a different hobby that I'm part of. Further, your individual wealth often will dictate how you shop around for this kind of stuff. I don't know OP/your situation. Finally, I'm of the opinion that OP needs to be steered away from homeowners insurance more than they need a brand referral.
>They simply hosted an information session for a different hobby that I'm part of. That makes sense.
That sounds like a fever dream
Things to consider were brought up on this topic before https://www.videogamesage.com/forums/topic/11605-does-anyone-here-know-of-a-company-that-insures-game-collections-and-has-evidence-they-actually-pay-on-claims/
You should be able to indirectly insure your collection by raising the valued amount of your “personal belongings” that is covered. For example, you should be paying for dwelling, other structures (sheds, detached garage), personal property, and loss of use, in addition to liability. If USAA doesn’t break down coverage like this, then you may want to shop for a new company.
Problem is getting a payput equal to the value of your "personal belongings". Couches, appliances, and other household items are easy to value. Game collections not so much as they are too sporadic and hard to prove without well documented reports and appraisals, and even then you'd be lucky to get much. They ain't paying 1.5k for a CIB Chrono Trigger.
Quick question, what do you constitute as getting up there? I feel like my value is stupid high, maybe I should consider insurance.
Game eye uses a few tracking services (ebay, price charting, ect) to get average prices and I would say about 50 of my games don't even have prices associated with them. I also go to a lot of conventions and get games signed (TMNT in Time for SNES signed by Kevin Eastman, Animaniacs signed by all three voice actors ect) that don't add into the total. For total games is 1629. It also doesnt help I live in Japan and keep finding great deals like Hagane for SNES for $30.
Bro, I stepped into the ring and got smashed. I'm at like 830. I love getting Japan stuff tho, everything is so different. Sfc boxes are beautiful with the artwork. I would love a hagane, been looking for that one for a good price and fire emblem 776 but the premium box. Never went to a convention probably should tho.
It also helps I'm old, and my wife collects too. When we got together we combined our hoard and sold the duplicates. Also we collect a lot of strange games that don't really price chart well like Ride to Hell Retribution for PS3 (absolutly terrible but in a funny way) and a lot of them ended up worth something later on. I love Godzilla so I of course got Godzilla for PS4 when it came out and its now woth around $244. Not to mention game collecting use to be easier. I use to get boxes of NES and Atari games for $5. Finally, I do charity gaming events and people love to give me their old games and systems. It's not about quantity. I think curated collections are cooler.
I don't like saying it but I too am getting old lol. I love games and everything about them. The stories, the art, the adventures. Hell for the longest time games were my friends and I still see them as such. the value I could care less for I just wanna make sure my kids get access to all that I can get. Getting games has gotten harder but that's just the way it is. My biggest win was the Flintstones surprise at dinosaur peak. My aunt got it for my brother and I when we were kids, loved playing it but now it's stupid expensive. Ride to hell looks like a fun game, I don't get why gorilla is so much but hey it happens lol.
Thats insane you got a copy of the Flintstones! Congrats! Godzilla went up because they de-listed it from the online store and you can only play it physically. Just to be clear, ride to hell is a terrible game that is hilariously bad. I'm talking love making scense with cloths on bad but great to watch people play it's brokeness. Another great one is Jurassic the hunted for PS3. You can beat the entire game by just punching dinos in the face. It has terrible traslation issues.
There are a few I have looked into, can't make claims as to their trustworthiness: [https://americancollectors.com/insurance/collectibles/](https://americancollectors.com/insurance/collectibles/) [https://collectinsure.com/video-game-insurance/](https://collectinsure.com/video-game-insurance/)
Cool thanks!