Insurance? How much! Buy or Sell? How much?
#9930
11/07/99 12:05 AM
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Joined: Mar 1999
Posts: 73
Karen Smith
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I started Collecting Harbour Lights Lighthouses, maybe you started with under 10, then under 25, then over 50, then over 100, and then; they are now considered family and THEY have their own room, in your or is it THEIR home! Let just say, OUR HOME! With today flexible market! Then, today's flexible pricing on eBay; just, what does a buyer or seller do! I paid $$$, then eBay gets $$$, then the Blue Book says $$$ and then the Green Book says $$$. Honestly, I am confused, so very confused! They are PRICELESS to me, but, still I am so confused! Karen :-)
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Re: Insurance? How much! Buy or Sell? How much?
#9931
11/07/99 12:41 AM
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Anonymous
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Anonymous
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Karen You can't put a dollar value on things that you like and enjoy. So don't worry about what you paid $$$, or what eBay gets $$$, or what the Blue Book says $$$ or what the Green Book says $$$. If when you look at them, they bring a smile to your face, just enjoy them. "TheLightkeeper"
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Re: Insurance? How much! Buy or Sell? How much?
#9932
11/07/99 01:09 AM
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Joined: Mar 1999
Posts: 73
Karen Smith
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But, Lightkeeper! I do love them and enjoy them! But, sometimes I guess, you need to hear; that, you haven't gone over board or just lost it! Thanks! Karen :-)
[This message has been edited by Karen Smith (edited 11-07-99).]
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Re: Insurance? How much! Buy or Sell? How much?
#9933
11/07/99 02:35 AM
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Joined: Jul 2002
Posts: 606
Jazzer
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Karen ,
The Lightkeeper is correct. In a way like good music or wine . If you like them they will come ........ and take over the living space, storage space , outer space ........ on and on .
Lonnie
Lonnie
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Re: Insurance? How much! Buy or Sell? How much?
#9934
11/07/99 03:40 AM
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Joined: Aug 1999
Posts: 143
youngone
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Karen,
You're beginning to enter the HARBOUR ZONE! While your laying in bed, do you hear a fog horn in the distance? When a car's headlights shine through your window, do you wonder if it's Thomas Point or Sharp's (I'm in MD). If you answer "yes" to both these questions, you've entered the HARBOUR ZONE! I sorry Karen, I would go on, but it's time for my medication, adios!
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Re: Insurance? How much! Buy or Sell? How much?
#9935
11/07/99 03:48 AM
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Joined: Oct 1999
Posts: 96
Firstmate
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Karen - Lonnie and The Lightkeeper said it well! Just relax and ENJOY!
Seattle Sailors
'Bama Boaters
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Re: Insurance? How much! Buy or Sell? How much?
#9936
11/07/99 10:00 AM
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Joined: Dec 1969
Posts: 12,331
Bob M
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Thanks for the info, Sean. It would be a wise thing to do, especially with a large collection. Did you use the Greenbook Inventory Software for Harbour Lights? Bob
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Re: Insurance? How much! Buy or Sell? How much?
#9937
11/07/99 10:13 AM
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Joined: Mar 1999
Posts: 1,179
Joanne
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My homeowner's insurance company wanted $120 for a $12,000 rider to my policy. Through the forum I found CIA, The Collectibles Insurance Co. I was able to get the insurance through them for about $35.00. It is also at replacement cost. I calculated each piece at retail plus 30%. Each year I will recalculate the insured amount to consider additions or changes in the market.
As far as prices go, I have a few theories of my own, whether or not they are accurate, I'm not sure.
1. I think people bought three or four extra pieces thinking they could be sold at a huge mark up. Well, it can take up to four years or longer to retire a piece. Is it really a good investment if it takes five years to get 20 or 30 percent back? I think this is what has happened with Hillsboro. I was unable to get on a waitlist for it and then they started showing up on Ebay. They're not even selling at the retail price so it will take a while before it hits a secondary price. I was able to buy one last month (the first time I was able to see one)in a store and bought it for under 20% udner retail. So, if a piece sells out fast, is it because of the multiple orders by individuals with anticipation of selling later? Are these buyers actually temporarily and falsely inflating the prices with their multiple orders? I hope this will not happen with Panama.
2. Ebay has made it easier to find pieces. The price of the middle man has been omitted. I have seen websites for secondary sellers who have purchased whole collections and the prices are astronomical even for pieces that aren't retired yet. It is a shame that someone who has had to sell a collection received maybe half of what the secondary seller gets. Now, people can sell directly, and not take such a loss. If that reduced the prices, then it's great for me because I am buying most pieces under retail. If I must sell them for some reason, I might make more money selling them myself than through a secondary dealer.
Maybe people who bought three or four Hillsboro's because of the 6500 edition number,reconsider where to invest their money. I feel I came out the winner this time. I was offered Hillsboro's at more than retail and wouldn't spend the money. I decided I would not be able to include it in my collection. SO I am a winner since I have it at less than retail. Speculation is a great thing, but it can easily be disappointing instead of lucatrative.
If you buy in order to enjoy each piece for it's beauty and detail, instead of investment value, you will never be disappointed. Don't get me wrong, it's terrific and great if they do appreciate. I would like them to appreciate, but if they do it slowly, that's fine with me.
Joanne
[This message has been edited by Joanne (edited 11-07-99).]
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Re: Insurance? How much! Buy or Sell? How much?
#9938
11/09/99 02:48 PM
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Joined: Dec 1969
Posts: 346
ladylightkeeper
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Insuring collectibles IS a wise move. And HL's are "collectibles", not Fine Art, per se; though insurance companies use that category when defining which kind of policy applies. Getting a Fine Arts floater policy attached to your main home owners policy can be a good move; sometimes resulting in better rates. KNOW the insurance company you decide to deal with. Cheaper rates aren't always the best choice, if the company doesn't pay off if there is a loss. You hear of this all the time in car and home losses. Replacement value is the only way to go with today's fast-changing economic values, be it home insurance or collectibles. There is a need to update that type of policy as replacement values rise. Some home policies do this automatically; but I don't think it works for HL's. I would use a replacement value based on a secondary dealer, as they would be more apt to be able to get the pieces you need in case of any loss; as SOME day I am sure this whole e-bay low prices and below retail price syndrome will disappear, as newer collectors snatch up these good buys and the well runs dry.
Nobody here has talked of photographing the HL collection. This is an absolute must. Do it either with video or a still camera. Switch on the button that will imprint the date on your images. Use a light blue background, so that the lighthouse shows up clearly. Use a camera that has close-up ability so you can fill the frame with the lighthouse. Put the tent card in front of it for identification purposes. Try to use even lighting: some lights from both sides if doing it indoors; (you can get small clamp-on light relectors at a hardware store); or bright cloudy conditions if doing it outdoors (to eliminate harsh shadows in sunlight; or use flash on camera to help fill in the shadows).
Be sure to get at least double prints made; and keep one complete set in your safety deposit box along with the receipts. On the back of each print, you could even write the purchase price, date, and a code number and key it to your original receipt. Keep another set in the safety deposit box to give to your insurance agent, if any loss should occur. And keep one set at home for your own reference and the fun of looking at what you own.
If you are using video instead, most of the same tips apply, especially using either an accessory light for the camera or good natural light. Have your video copied and put two copies in your safety deposit box. You can do this yourself, if you have two vcr's. Use gold-tipped RCA jacks/cords for better copying transmission between vcr's (go see Radio Shack for advice on this).
Be sure to update your photo inventory periodically when you have enough to warrant hauling out all the equipment to do it. Go to the HL website and look at their professional photos and the work of Paul Brady, to see examples of good lighting to show off your pieces for best results and identification for insurance. Most insurance companies are now asking for photos and/or videos of collections, and even all household contents, for replacement insurance. It is a smart thing to do regardless of what you own.
There are insurance companies out there which specialize in collectible collections. I think Dept. 56 lists one; and the National Model Railroad Association lists one.
Ladylightkeeper
ladylightkeeper
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Re: Insurance? How much! Buy or Sell? How much?
#9939
01/30/00 04:32 PM
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Joined: Mar 1999
Posts: 1,179
Joanne
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I wanted to bring this one back for any Newbies out there who may not have thought about insuring their collection or didn't know where to get information.
Joanne
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Re: Insurance? How much! Buy or Sell? How much?
#9940
01/30/00 05:33 PM
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Joined: Dec 1969
Posts: 8,949
WackoPaul
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Thanks Joanne, I believe that photographing your collection for insurance purposes is very important. You can see most of my collection by going to HarbourLights.com and the Catalog pages. I was shooting pictures of my collection for a visual inventory and John needed images for his Lighthousekeepers website, so I was able to do both at the same time. The old two for one! Plus I figure if something would happen with my collection, 'knocking on wood real hard', I can just send the insurance company the catalog web page address and they will be looking at my inventory. SaintWackoPaul ' Keep the Flame
Onward to The Land of the Midnight Sun!
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