I will check into this matter ,and if like everything else , cost is a deciding factor. And if too much and something happens then I’ll cry like a BABY and start all over .
You would be surprised to find out what is NOT included in your house if something happens. I have around 1000 diecast cars and had to have them appraised before my insurance company would include them under my contents insurance. Wait until I tell them I’m into trains now, lol.
ABSOLUTELY!!! As my grandfather always told me, you buy insurance betting that something bad is going to happen to you or your belongings and the insurance company is betting that nothing bad will happen to you or your belongings.
Even when I was living in an apartment, I had a rider on my renters insurance just in case something bad happened.
If you are going to spend a considerable amount of money on something, you might as well pay a small premium to insure it.
You will need a special rider on your policy, normal homeowner’s insurance doesn’t cover collections. There are companies that specialize in writing policies of this stuff, but I have never bothered. Depending on what you are trying to insure, it can be a long involved process, recording and valuing a layout or collection.
In my case, because I have such a large high value home, I was assigned a rather large value for personal property. So, if the whole thing burned down, I would probably end up with more trains than I have now.
As for a layout, I don’t know if you could even come close to insuring it’s total value, probably only the materials. The labor to create it is too hard to place a value on, unless you had it built professionally.
For sure it’s insured. Probably not for true value, but at least I’d have something to help me get started again. Insured through the plan offered by the NMRA.