I recently set up a pet insurance policy for my dog through the VFW, and it got me to thinking…
Does anyone out there have a specific insurance policy for your layout and/or model railroad equipment? If so, what are the details? Or do you have a rider on your homeowners or renter’s policy?
I’d like to know, since I move every 2-3 years for Uncle Sam, and I know he doesn’t reimburse very much when his contract movers smash and lose things. Thnaks!
There are two options that I know of. The NMRA has an insurance program designed specifically for trains. I’m a member, but you’ll have to contact them for details on the program.
The road I took was with my homeowner’s policy by adding a collectible rider to it with a replacement cost provision. I think this should be available for most homeowner’s policies, but it may be they ultimately are a little less cognizant of the needs of model railroaders than the NMRA’s arrangement with a specific insurer for such specialized coverage.
Like most insurance holders, I really hope I never have to find out exactly how good my coverage is. With either option, the coverage seems more oriented toward your trains, rather than your layout itself. I suspect – unless it’s custom built for you by someone else and you have the receipts to prove your investment – that such policies will cover the replacement cost of the materials, like track, switch machines, DCC power units, structure kits, scenery materials, etc, with a rider like mine, but NOT your labor in assembling it all.
Depending on your point of view, available time, and whether you’ve gotten older and less flexible than when you built the original that is being compensated for after a loss, this could be good news or bad news. It’ll most likley be a lot of work, unless you’ve made a specific provision in the policy to compensate you for your own labor on a hobby project such as a layout that you could then use to pay someone else to rebuild for you.
Mike Lehman
Urbana, IL
I have video taped everything MRR related that I own, and each time I get a new piece, I add it to the tape. I have also added a list of everything on my layout, including the layout itself on my homeowner’s insurance policy. It didn’t even change the premiums.
It isn’t just government contracted movers Dave, by federal law movers are only required to pay 60 cents per pound for lost/damaged/stolen articles. I would gladly pay you that for your rollingstock and locomotives. [}:)] Fred
Alright Flee, that’s about enough of that. LOL
I talked jokingly about burning my layout and getting insurance money out of it once when me and my friend went to Dallas. I didn’t know that I was setting next to an insurance fraud investigator. He said it wouldn’t be a good idea, and said that insurance could come through homeowners for layouts.
People might just be surprised about what is NOT covered under your homeowners insurance. My train collection and my diecast car collection have a separate policy.
Yes, be careful what you assume is covered. I am in the midst of making an inventory on my computer of my stuff and I plan to put one copy in a safe deposit box and attach the other to my homeowner’s policy. We have to declare any single item over $5K, but some policies require any item over $500, so be careful!
As for moving, yes, the standard policy pays X amount per weight (usually around 50 center per pound)… BUT, you can get a supplementry insurance (check thru the carrier OR your homeowner’s) that will cover the actuall value. Ours ran around $250-300 for our move from Philly to Tacoma last year. BUT, it only took 2 broken items and we “broke even” (NO deductable). Anyway, I would HIGHLY recommend the supplement if you have any sort of furniture, electronics or hobby stuff that is valuable…
My 2 cents…
Brian
Thanks, guys! Good info there. I plan to look into the NMRA program (I was a member once, but dropped it). This is probably a pretty important thread, what with the recent spate of natural disasters about. I guess another question for coastal residents is how flood damage to your layout is handled. Hopefully I’m inland enough (and my layout’s on the second floor) that I don’t need to worry about that.
I have a rider on my homeowners policy, it was only a few dollars extra. I also keep a detailed listing of my track, structures, and rolling stock in the safe deposit box. (we’re talking like $8,000 worth of stuff here)
Nick
Some company called American Collectors Insurance inc. used to advertise in MR. They had the application as their ad basically. I think they might still be around although bear in mind the issues I remember seeing their ads in were from about 10 years ago. The phone number they list for it is: 1-800-360-2277
My wife listed all my train stuff in the computer for me and I purchased insurance form Collectibles Insurance Agency that advertises in MR. ph1-888-837-9537. But like any company you only find out out how good they are when you need them. And we all pray that doesn’t happen to our stuff. Phil