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Appraisal Question

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Post by stdrwt11 on Fri Jul 26, 2013 10:27 am

I spoke to my insurance company and they said they needed an appraisal before before insuring my stuff. Where or how could I do this?
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Post by FourFeathers on Fri Jul 26, 2013 11:31 am

Insuring memorabilia is next to impossible and extremely expensive.

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Post by stdrwt11 on Fri Jul 26, 2013 2:24 pm

Actually it is pretty cheap. My company is through my home and it will only be $69 a year for the estimated value I gave them.
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Post by FourFeathers on Fri Jul 26, 2013 3:20 pm

You cannot prove the value or authenticity to an insurance company. Good luck, but I think you will find it's not nearly as easy as your company is making it seem. I've spent lots of time looking into it, and it basically all ends in, if there's a fire, you're not gonna get squat replaced.

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Post by stdrwt11 on Fri Jul 26, 2013 5:09 pm

Well when I spoke with them they specifically said it will all be covered.
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Post by POHara on Sat Jul 27, 2013 11:46 am

The distinction might be: stdrwt11 is gonna get replacements in the form of $$ and FourFeathers wants his replacements to be actual items.
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Post by POHara on Sat Jul 27, 2013 11:48 am

How is insuring a collection of memorabilia different than insuring a collection of classic cars?

If there is a fire/flood/theft/tornado -- you aren't getting your cars back but you'll get the cash equivalent of their appraised value.
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Post by Silly on Sat Jul 27, 2013 12:33 pm

How do you appraise something that is not authenticated?? Wouldn't it then become an estimate?

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Post by FourFeathers on Sat Jul 27, 2013 1:12 pm

POHara wrote:How is insuring a collection of memorabilia different than insuring a collection of classic cars?

If there is a fire/flood/theft/tornado -- you aren't getting your cars back but you'll get the cash equivalent of their appraised value.

The difference is a car is a car. It's hard to forge a car and call it real.

A signature, regardless of the sticker is always speculation. Of course if you witnessed it being signed, you know it's real. The insurance company doesn't.

Obviously the replacement of items would come in the form of money. Still, I'd like to hear one story where someone's collection was damaged/ruined and their insurance company fully replaced the monetary value. In my search, that doesn't exist. I'm not bashing the OP, I'm just saying good luck. Most the stuff today is PSA'd or something comparable, but these stickers aren't authentication. They're opinions that have been proven to be wrong lots of times.

I don't know. I think if all our houses catch fire, we're all screwed.
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Post by stdrwt11 on Sat Jul 27, 2013 8:39 pm

PO- Yes, I would like to get the money back if something happened. I hope nothing does as it would be tough to replace all of it but at least I could try with the money I get back.

Silly- Almost every item I have is authenticated. Every time I go to get autos I get them authenticated for that purpose plus if I have to ever sell something or all of it (God forbid) then I can try to get back what I paid for it at least (I hope). I have sold a few things over the years to get something I would rather have and I am glad I had the authentications.

I know that some of you don't care about authentications (to each his own) but I think it is good. They insurance company actually asked if I had that. If anything, I will estimate the worth of each item.

Four- Very true on the authentications if you were to send them in, all opinion. I usually get my autos at shows then have it authenticated while the signer is there. Yes, I know people have snuck in items that were not legit and had them authenticated but it is better than nothing. I do see how some collectors though disagree. I just feel comfortable buying or selling items that have authentication because in the past I was burned multiple times on items. I try not to buy autos now unless I am getting them in person.

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Post by kenoshacub on Sun Jul 28, 2013 11:15 am

All you do is add a rider to your policy, very simple. I have one. You estimate what the value is and you pay that premium. Just like water damage, flood damage, etc. Any insurance guy thats some what knowledgeable will help you out.

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Post by payton8134 on Sun Jul 28, 2013 12:41 pm

I have American family and have a rider for what I think my stuff is worth. Along with my wife's jewelry. They wanted paperwork on my wife's wedding rings but not on my sports stuff. I asked the agent right to his face so if my house burns to the ground you are going to cut me a additional check for what I have covered 60000 grand? And he said yep. But I have a feeling if that ever happened its going to be quite a fight to get that check
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Post by vjw0307 on Tue Jul 30, 2013 11:50 am

Most companies will want items that are authenticated from what I've heard in the past. Almost all of my really valuable items are authenticated so it wouldn't be an issue...but the other half of my collection probably isn't. As long as you're paying the premium...some companies will care less.

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