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MajesticOtakingMajesticOtaking1 mese/i fa
So today I watched a video from KenKen showcasing his $10,000 figure collection (www.youtube.com... in case you want to see it too; no I'm not affiliated with him), and I decided to calculate the worth of my own figure collection. After several hours and lots of checks on my math, I got the general worth of everything at the original retail value, with exceptions for a few that I knew were worth significantly more (no I did not calculate decreases in price at this time). The number, which I'm not sharing in this post, was a lot higher than I expected.

It's been an idea in the back of my head to get collector's insurance, but now I'm really thinking it might be really worth it. I live in a first floor apartment facing the street, and it isn't a secret from my neighbors that I collect anime figures. I had neighbors that burned down our apartment building once. Also I'm really clumsy.

After checking out collectinsure.c... and putting in the estimate of what my figure collection is worth (I realize this number may need rework for current market value, and to include worth of non-figure collectibles), I realized that insuring my collection may be worth way less than expected. I'm thinking it's time to rip off that band-aid and get this stuff insured.

The questions: Does anyone here have experience with insuring a collection? Do you have any advice for those of us who are interested in doing so? Where would you draw the line with what should be included (Manga? Rubber straps? Artwork bought at conventions?)? How did you calculate what your collection is worth, particularly in the cases of damaged figures/boxes or even missing boxes? Do you have to keep an eye on value drops and update your insurance policy? Lastly, who is your collection insured through?

Does anyone else have questions about insuring collectibles? Post them here and hopefully someone will come along and answer those questions. Thanks in advance!
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Commenti13

MajesticOtaking Odayaka janai!
Lowtier4life7 giorno/i fa#79836642I once had a nightmare where my house got hit by an earthquake and all my figs fell and broke.
I'd be down for paying for collector's insurance


I just finished rearranging my living room, so now that it's no longer a war zone, properly documenting this collection is my next major task.
7 giorno/i fa
I once had a nightmare where my house got hit by an earthquake and all my figs fell and broke.

I'd be down for paying for collector's insurance
7 giorno/i fa
My collection is over 20k I would say. It's just under home and contents. Just keep proof of receipts and photos to validate claim and have an excellent broker.
1 mese/i fa
I guess this sort of thing is going to differ massively from country to country and even company to company but here it goes;
My collection is just done through my Home and Contents insurance. I have a agreed value fixed sum added on top of the value of my general contents specifically for the collectables, and while I do keep a spreadsheet, the insurance company do not require an itemised breakdown.

For me the value of an figure is how much it would cost to re-acquire a brand new item if it was lost. So going rate of items on the market + dutys + shipping.

I estimate things like straps, books and artwork as part of the general contents, not the figure collection.
1 mese/i fa
MajesticOtaking Odayaka janai!
vgadict1 mese/i fa#7856121212 * $12 = $144, so $150 would be just over $12 per month. Math aside, that looks like a good price, though I'm a bit dubious of how reliable the coverage would be for that cost.

My shitty math aside (lol) I actually got a touchback from Collectibles Insurance Service, and it turns out that you only need appraisals on individual items worth over $25,000, so unless you're toting a 1/1 scale figure, you're probably in the clear for this service. They do say, of course, that the most important thing is proof that you own the items you're insuring, but as I understand it, you only need to submit the proof if you have to file a claim.

A direct quote from the email concerning how payouts work:

"Our standard collector policy is a market value policy. We will pay the lesser of the market value of covered property immediately prior to the loss or the cost and expense of restoration plus any resulting depreciation. Our claims team determine the value of items using a number of different sources including the internet, appraisers, and other dealers. You may change the value of your policy at anytime. I feel the more proof you can provide the better for the claims adjuster."

I'm not ready to commit to a policy, and still have some additional research to do (such as reviews from people who have actually submitted claims through them), but with no need for appraisal, it's significantly more accessible than expected. The biggest job is documenting everything, and between MFC and a Google Doc, a decent portion of the work is done for me. I think the biggest parts will be adding up the market value of everything (as my original estimate was release price), and documenting my non-database-able collectibles (Pokemon cards, various plush, obscure Aikatsu Doujin, etc). After that, I think I'll be ready to insure all this crap.

I hope that was helpful in clearing a couple things up!
1 mese/i fa
Also sounding my interest, as this seems like a good idea.
1 mese/i fa
MajesticOtaking1 mese/i fa#78560986it's only going to cost me $150 for the year. That's less than $12 per month.
12 * $12 = $144, so $150 would be just over $12 per month. Math aside, that looks like a good price, though I'm a bit dubious of how reliable the coverage would be for that cost.

When I checked on it previously, it was as a rider to my existing home owners insurance, and the amount they were quoting me was several hundred dollars per year. I don't recall the exact numbers, but it was on the order of about $100 to $200 per year per $10K being insured. Between all of mine and my wife's collectibles, we have in excess of $50K worth of things to cover (only a small fraction of which is my figures) which was going to be somewhere between $500 to $1000 extra per year. Instead, what we did is found ways to protect the smallest and most valuable items from our collections that should endure most types of natural calamities and theft. That addressed about half of our collectible items, but unfortunately, it does not include my figure collection. If it's possible to insure my figures cheaply enough I would be interested, but I have no idea how to get them appraised.
1 mese/i fa
This is something I've been meaning to do as well, but just never got around to doing. I know it's a big issue considering how big my collection is, that many things are older/more difficult to find now, and collectibles' values changing over time. I didn't know there was a specific insurance for collectibles, but I guess it makes sense that there would be. The biggest thing holding me back was definitely that I'd need to get it appraised, and I know there's no way a regular insurance agent would be able to properly appraise everything (especially all my anime trading cards). I'd definitely be interested to hear more about it and about how to get a proper appraisal done.

Something that most people don't realize is that regular renter's/homeowner's insurance may NOT cover your entire collection, even if your total amount is more than what you're insuring. Apparently, insurance companies separate out how much of your policy goes into which categories (furniture, decor, jewelry, etc), and won't pay out more for one section than what they've allotted. I learned this because a few years ago one of my best friend's moved from California back to the East coast and the storage place that was holding her and her husband's belongings burned down in one of the wildfires. They had issues getting reimbursement for some of his collectibles due to the allocation not being enough, but they managed to reclassify some of it so it ended fine. But it's always made me (and her!) wary of how I've been insuring mine... which I admit is definitely not adequate.
1 mese/i fa
MajesticOtaking Odayaka janai!
vgadict1 mese/i fa#78553773I've previously checked on collectors insurance for other items, such as collectible items such as books, stamps, coins, MTG cards, etc. I didn't ask at that time, but I suspect collectible figures would fall into the same category.
According to my agent, getting the additional coverage to cover collectible items required that all items being covered would need to be appraised and then provide proof of that appraisal to the insurance company. Getting items appraised can be costly, and I'm not sure know how to do that for figures. Even without the cost of appraisals factored in, the additional amount it was going to add to my yearly insurance cost was prohibitively high.
Instead, what they recommended was taking pictures or videos of all items in the house. This is standard recommendation for electronic items, appliances, and furniture which are usually among the most expensive things to replace. Then keep a copy of those pictures/videos someplace safe like a safety deposit box at your bank, etc. If you do have a loss due to fire, theft, etc. you can then use the pictures or videos to get replacement value of the items. I assume this could work for figures, but it may be difficult to prove they are legit items and not bootlegs.


Unfortunately, as I said in my previous post, my renter's insurance would not be enough to cover my collection, hence I need something extra and there isn't a point of taking a video other than for the more standard things. Also, collector's insurance itself is not prohibitively expensive for me; after a basic estimate of what my figure collection is worth (before accounting for price fluctuation and other forms of merch), it's only going to cost me $150 for the year. That's less than $12 per month.

The company I'm looking at only requires that you get it appraised if I claim its worth over a certain amount, and unfortunately [?] I've broken that total, so I would need to have it appraised. I don't know what that would cost quite yet (I'm in the process of wording an email to find out). Under that total, though, they don't require professional appraisal (but you have to keep records yourself). I figure I need to do my own legwork in advance, though, listing everything in a comprehensive way and pricing it myself so that an appraiser will understand what they are even looking at. It will be a lot of work, but I'm fine with that. I like big projects like this.

Also, I assume that figures fall under the "toy" category, and the insurance I'm considering does insure toys, books, video games, and other memorabilia. There may be parts of my collection that aren't insurable, though I might not know what until I stumble onto them. There's a big variety of stuff in here, and a decent chunk of the plush and misc merch is not in the MFC database, so I'll have to do extra legwork for that stuff.
1 mese/i fa
I've previously checked on collectors insurance for other items, such as collectible items such as books, stamps, coins, MTG cards, etc. I didn't ask at that time, but I suspect collectible figures would fall into the same category.

According to my agent, getting the additional coverage to cover collectible items required that all items being covered would need to be appraised and then provide proof of that appraisal to the insurance company. Getting items appraised can be costly, and I'm not sure know how to do that for figures. Even without the cost of appraisals factored in, the additional amount it was going to add to my yearly insurance cost was prohibitively high.

Instead, what they recommended was taking pictures or videos of all items in the house. This is standard recommendation for electronic items, appliances, and furniture which are usually among the most expensive things to replace. Then keep a copy of those pictures/videos someplace safe like a safety deposit box at your bank, etc. If you do have a loss due to fire, theft, etc. you can then use the pictures or videos to get replacement value of the items. I assume this could work for figures, but it may be difficult to prove they are legit items and not bootlegs.
1 mese/i fa
Your source for old and rare figurines!

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