Hey,
I was wondering is there anyone out there that has insurance on their layout. I checked with my insurance carrier. They said the building is covered under my home owners insurance (Which is a out building with my trains in it), but the contents like my trains and Dept 56 and hobby tools and all that stuff is not. It would have to be under a differnt policy, Which the cost is not to bad actully I was surprised, for every thousand dollars of coverage it will cost me 10 bucks, I am just going to get 10,000 for 100 bucks, but that is not once a month its once a year, and it covers actual cash value of your collection. Covers fire and theft etc…just a thought. Also if you do decide to do that, you would have to make a itemized list of everything you have and the value it is worth to give to the insurance agent. when you purchase new things you would have to contact the insurance agent and update the list they have.
BD…I looked into fire and theft some months back. There was a blanket max payout the insurance carrier would provide under the standard homeowners’ policy.
To provide an itemized rider on my homeowners’ policy to cover above the standard max on a “collection,” my carrier, MetLife, wanted photos, an itemized inventory, a cost basis provided by me for each item (a guide), and a declared value I would want each piece insured at.
I began hauling out my stuff and preparing an inventory on the pc. I started taking photos, then realized a closeup video with sound might be the better and easier visual alternative. Then I speculated that a basement flood was also a possibility and called them back. Got a fuzzy “it depends” re flood coverage, the event of a hurricane loss (with and without water damage, and what seemed like a complicated pitch on those insurance coverages. I lost steam, and never completed the project.
The Forum archives have some threads on this topic. You may want to check there for more input. As a theoretical matter, it makes sense to insure something of value. As a practical matter, you have to weigh the risks and annual cost over the long haul. The inventory and insured dollars can add up quickly, and hence the additional premium dollars.
My conclusion was, if I ever get back into insuring my stuff, to eventually set aside just the big ticket items and forget the rest. [2c]
Jack
Jack,
I aint worried to much about flooding since its in a out building, I would be more worried about theft. Small chance of an eletrical fire, but you never know. I had to prepare an itemized list of all my stuff and the price value, thank goodness I kept all those catalouges from 2004 to current. I asked if I had to provide pictures, she wasnt interested in that just the itemized list. I will ask about hurricane and tornado…I havent bought the insurance yet, just contemplating it. I’m glad I asked in here, I didn’t think to ask about hurricane and tornado insurance.
Before you commit, I’d send the insurance carrier a letter by snail mail, outlining various but specific most likely loss scenarios and let them answer in writing what, when, and how much would be covered.
I recently read over my auto policy cover to cover for the first time (a zillion pages) and came away with more “what if” and “what do they mean” questions than clear, unambiguous answers. A lot of cross reference “refer to section VII, subsection A paragraph 4 which supercedes…” type of verbage. Looks like as much a legal document as an insurance one. And you’d be unpleasantly surprised at how much or little “the next available customer service rep” can answer intelligibly over the phone. Like the IRS, what they say versus what they mean can be quite different because “you misunderstood, I didn’t say that.”
For example, my sump pump dies and… Or I have a power outage and so my sump pump stops operating, and… Losses due to a power outage due to simply a blown transformer, a construction crew hacked through an underground line, a drunk took out a power line, or my neighbor dug a hole in the wrong place putting in a fence post. Versus power losses due to what they term “natural” causes, acts of God.
Note the media coverage of that massive power outage that took out half of New York State and parts of Canada a couple of years back. We blamed the Canadians and they blamed us. The media networks spent some of their media coverage on insurance liability and losses, or lack of same. A lot of unpleasant surprises for the consumers.
Not as clear cut as we may think.
Jack
I got Lucky in one respect, the thieves had no idea what my Lionel collection is worth. While I was at Sumpter, OR. the last week of July enjoying running their Mikado during an Engineer for a day rental, my home was burglarized. They stole my Computer, and my entire GUN SAFE, with contents, and whatever smaller items that I have yet to discover. But Fortunately they didn’t touch any of my trains. I had my week old Scale Lionel GS-4 on the front track of the Christmas Tree sub-division of the CTC&W, along with my LionMaster Big Boy and Cab-Forward and a Mikado on the other tracks. Both my FEF-3s and two LionMaster Challengers and some other engines on the display table, as well as my Lionel Scale AC-9 were all displayed, over $10,000 worth of Locomotives not even touched, or damaged, they just walked right past them. It’s not to hard to understand that Guns and Computers are easier to sell on the street than trains. “Hey Buddy, you wanna buy some trains?” or " Hey Buddy, you wanna buy some Guns?" Guns are much easier to convert into Meth. I do need to get my collection organized, itemized, appraised and documented, but at least this time, I didn’t need that insurance yet, but it is starting to seem like a heck of an idea, for Fire protection as well as theft.
Doug
Doug…you have to believe the thieves were high on something because those gun safes weigh an awful lot. My nephew’s weighs so much he had to reinforce his basement stairs to safely get the thing down there, using a bunch of heavy duty friends in the process, and he is clueless on how he will ever get it back out. He had his safe bolted to the concrete floor as well.
Just goes to show you that a thief will not be deterred when they want something bad enough or are high enough. Wonder how they got your’s open after they got back to the hideout, Butch Cassidy approach?
Jack
I have a different take on insurance. I only purchase insurance if the item matches two conditions.
- Would I have to replace or fix it?
- Could I not afford to replace it without serious financial pain?
For example. Should i insure the $30,000 car I use for work every day. Yes, because I would have to replace it and it would be serious financial pain to write another $30,000 check.
Should I insure my $500 car I drive to work every day? No because while I would have to replace it right away I can easily write another $1000 check to replace it.
For that reason I do not insure my “collectable” trains. I would not HAVE to replace them right away (if at all). I paid over time to purchase them once. I could do it again if I had to.
By the way… my normal homeowners coverage covers replacing all my “modern” trains. The key is that they have to be readily available at retail (ie not have collectable value, ebay does not count as retail). Since I run everything that pretty much applies to me. Even my older (10 - 15 years old, conventional operation) trains could be replaced with modern sets that have most of the same features. I did one time get out all my boxes and take a picture of the ends (with model numbers). I also have a spreadsheat with all the items listed.
Too many people purchase insurance so they “win the lottery” if something bad happens to them. I think that is silly because just like the lottery the odds are stacked against you. The insurance company is in business to make a profit…who do you think pays for that profit? For example, once your estate grows enough to pay off all your obligations, why would you “need” life insurance?
On the other hand. If a little insurance is required to let you sleep at night then pay the premium and sleep soundly. Our youngsters play expensive fragile stringed music instruments and the insurance has come in quite handy twice albeit not totally necessary w
TCA members can get a Insurance Floater Policy through TCA.
TCA certifies the value of your trains and it covers your trains in tansit from train shows. I just send in overall view photos each year to show what has been bought and sold.