Well. it's about that time again; insurance renewal for my renters policy. I received an e-mail from my current car policy underwriter who said that they may be able to save me money. Upon receiving her quote, I noticed that it was over twice as high. When we went over the nuts and bolts, her reasoning was that I needed more to cover potential sue-happy "guests" that may get hurt, and the increased size of my collection of lighthouses (and other things) that, to my surprise. aren't covered by the "replacement value" renters policies!?!

So, I took a picture of all 106 with their tent cards, a couple with their boxes and a couple of close ups to show the uniqueness and the seal on the bottom to show that they aren't just "a lighthouse".

My question: do I just put in the retail of each, or is there a way to get them appraised (like the variation pieces and the low flags)? Then I have to get up with the agent and he'll add it on (and raise my premium!!). I could've sworn that when they wrote the policy for me that they asked what I owned monetarily and we settled on $34,000. Now i find, I can say $100,000, but if i say someone stole/damaged a lighthouse, if I don't have a rider(?) (unsure of terminology) to provide for that, then I get a lighthouse from K-Mart or wherever ...boy or they sneaky; any way to get more money out of you!!

Steve

Most collectors have a separate insurance for collectables.
You have to check and see if it is cheaper. Down here in Florida it is wise that you have it separate from your homeowner. Because of Hurricanes many insurance company will drop you if you file any claim against your homeowners. They are dropping homes over 50 yrs old, mobile homes and homes in certain wind zones.

I have mine with state Farm. I pay $37 a year for every increment of $10,000. I wrote up my own appraisal using the green book for all the ones that are in the book. All the ones beyond 1998 I used the value of retail except for my double digits, those I added 30% to the value. Remember I did all this between 1998 and 2002 when two digits were going for more than retail on the secondary market and variations were holding true to the green book value at the time. Back then I figured for me to replace one would be hard to find and pricey.
I then had my HL dealer look over it with the green book and signed it as the appraiser.
You reminded me, I need to update my insurance.

other comments on insurance from the past.
Read all these and you will be a HL insurance expert

http://www.lighthousekeepers.com/cgi-bin/forumscgi/ultimatebb.cgi?ubb=get_topic;f=18;t=000730

http://www.lighthousekeepers.com/forums/ultimatebb.php?ubb=get_topic;f=1;t=001060#000000

http://www.lighthousekeepers.com/cgi-bin/forumscgi/ultimatebb.cgi?ubb=get_topic;f=3;t=000116

http://www.lighthousekeepers.com/cgi-bin/forumscgi/ultimatebb.cgi?ubb=get_topic;f=1;t=000559

http://www.lighthousekeepers.com/cgi-bin/forumscgi/ultimatebb.cgi?ubb=get_topic;f=3;t=000079

I have used the Collectible Insurance Agency for 6 years now and while I have never had to file a claim I'm perfectly happy with them. I'm covered for home theft, breakage in home or transporting to functions, theft from vehicle, wind, fire and flood losses. You don't have to insure any piece separately unless it's value is over $5,000.00(I believe this is the figure). Whatever dollar figure you choose your collection is valued up to that figure. You do not have to provide an itemized list to them, all you have to do is prove to them the piece(s) that you are claiming and the value of that piece(s). I use the values from the yearly Price Guide to Contempoary Collectibles and Limited Editions. I change my coverage yearly as the secondary market fluctuates and for the newer pieces I use the retail value. I keep all this information on a spread sheet. Hopefully I will never have to use them but I'm confident with them and it doesn't affect my home owners insurance. I have found that they are very reasonable and unless you think you need your whole collection covered it is not necessary to carry full coverage. They are affiliated with the Hartford Insurance Co. I believe they charge approximately $3.70 per $1,000 coverage which is a little more expensive then riders on policies but you do not have to inventory to them or say which pieces you want to cover. You have blanket coverage up to the ammount that you choose. Their phone number is (410)876-8833

Okay, so you guys have given me alot to research including the archives and shere to get the annual collectibles whatever that rich mentioned, but would that book go into the variations and how about the low numbers? Is that a good rule of thumb (+30%). I know, some questions may be answered in the archives, I'm just trying to figure the direction to go. The low numbers you won't be able to replace obviously, but I guess HL's website can help you find replacements (w/shipping)...BTW should we allow for S&H?? :p

Thanks,
Steve

Perhaps it would be interesting to see exactly what insurance premiums are being paid. Would anyone care to share that information with us? Would you also be willing to include an approximate value of what you are insuring?

Bob

I think we've had several discussions on insurance and had some good reports on Collectibles Insurance

You might compare their rates with your other insurance company. I have no interest in this or any other insurance company.

Well, as you can see, I didn't read a few of the posts above this last one.

Well, I went in and did a Wordperfect document (spreadsheet type) and listed all of the LE's, OE's, events, memberships and Christmas' that I have; what there retail was; what flag# it is (if applicable) and whether it's retired and/or signed or not. I come up with about $7700 worth @ retail. The book that was mentioned sounds good, but since they change every year, I was thinking that I'd wait until next year since this one's all but over and get a copy then if the price is reasonable.

Does anyone have enough time to look it over and tell me if I have anything that is that special "sleeper" that will drive the worth up, or if I'm safe insuring at retail (I know that the two digit flags are worth more but you can't replace them)? If so, contact me with your addy so I can try and send you the document to peruse at your leisure.

Steve

The new book usually comes out in the fall of each year. The book that will be coming out will have 2004-2005 prices so it is always going to be a little outdated. It can't help but be. I have all the current prices so if you want to send me your list I'll be glad to look it over. If other people also look it over you can take the average. Rule of thumb: If you have GLOWS, Ornaments, LLOMs, Anchor Bays or recent issues LE lighthouses since 1996 then you can figure their value as retail. I don't remember anything bringing more then retail. Tax, shipping, etc. should not be figured into the value. Prior to 1996 there may be some increased value depending on the piece. Send it and I'll look at it.

Rich,

Thanks, I just sent it. I don't have many pre-'96ers so they are probably as is on most of them. Also, the numbers are not there on three of them as I haven't received them yet.

Steve

One more side note, on the Collectibles Insurance yada-yada site, I notice from the first check to the latest check, the price has gone up from $38 to $40/yr for $10,000 coverage. Probably still well within reason, but thought I'd throw that out there.

Steve

Yes, well my annual premium with the Collectibles Insurance Agency has gone up each year also. Guess that's just how it is. Just paid the bill. Funny though, when it comes it doesnt' tell you how much you're insured for.

Here's apage to their latest (since I don't know how to transfer/import PDF files):

http://www.collectinsure.com/quote.htm

Steve

I just renewed in July and got my renewal declarations page and also thought that it did not give me the listing of the coverage I was insured for. I was wrong. On the right hand side of the page it has a column that gives the total amount of monetary coverage for each type of loss/damage they are insuring for. At least it does on my new declarations page.