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Old 03-07-2006, 12:03 PM   #1
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Default Do you have insurance on your stamp collection?

Just read about stampinlife on Buy/Sell Forum who lost all of her stamps & assessories ~ a stamper's worst nightmare! I was wondering if anyone insures their stamp collection. Do you think they're covered by homeowners insurance? Just curious.
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Old 03-07-2006, 01:00 PM   #2
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I would think they would be covered under your normal homeowner's insurance, but you might want to check with your agent. If you have an extensive collection, you might need a rider like you would get for valuable jewelry or antiques.
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Old 03-07-2006, 01:02 PM   #3
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BUT getting a rider does require that you let dh know the value of your stuff *ahhhhhhh!!!!!!!!!!!*
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Old 03-07-2006, 01:04 PM   #4
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I talked to my agent about this the last time I updated my homeowners policy. For someone who is a demo, the type of extra insurance needed to cover the items is apparently so expensive, few people opt to buy the coverage. I don't remember what he said it cost but it was a LOT!
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Old 03-07-2006, 01:06 PM   #5
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Homeowners insurance will cover anything you have in your home under the contents part of your insurance. Just check your policy to make sure you are insured for enough. Many people are finding out in our area that their insurance just doesn't come close to covering their losses. It never hurts to have an itemized list of your things either especially if you live in an area with hurricanes like I do.
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Old 03-07-2006, 01:23 PM   #6
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Not for my stamps, but for my Longaberger baskets, I do. I have one old one that has appraised for $900 bucks! I never even thought about it until I was talking to a girl who sells them and she told me to get a rider for the really old baskets...after all, what insurance company will really believe that a basket was worth $900? I also have separate riders on my jewelry. Better to be safe than sorry!

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Old 03-07-2006, 02:16 PM   #7
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I'm a demo and just added a rider onto my homeowners insurance. It was only $51 for the year.
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Old 03-07-2006, 02:17 PM   #8
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Ha, I've often thought of doing this, LOL! BUT...my insurance man is also DF's DH and then he would know how much we both have invested in this hobby...and I'm the on that got her started in it!! I would probably lose our insurance policy effective immediately!! Also DH would know, but he pretty much knows now!
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Old 03-07-2006, 05:17 PM   #9
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That is so sad, losing an entire collection.

We have a list of items in our safe deposit box for insurance, but I never thought to add all my stamping stuff. For this purpose, it's good to take photos if you don't have receipts. You could keep the photos on a cd and put that in your safe deposit box. If I ever had to make a claim, the agent would probably never believe the total unless I had proof.

Thanks for bringing up this subject, good advice.

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Old 03-07-2006, 05:38 PM   #10
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definitely something to think about
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Old 03-07-2006, 06:41 PM   #11
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I started a list once, long ago as our agent recommended a rider on our policy but never got it finished. Thanks for starting this thread...reminds me that I really ought to get that done after all! There are alot of things on the shelves behind me that I would demand be replaced if there was a loss and a separate rider would be the only way I could guarantee that my DH would let me have $$ to do that!
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Old 03-07-2006, 07:22 PM   #12
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no but with my new digital camcorder I plan on making a tape of the home furnishings and my special collection and then I'm going to inventory them and value them on an excel sheet. If I die, I don't want some relative throwing them away and not realizing their value!
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Old 03-07-2006, 07:43 PM   #13
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Great thread- thanks for bringing up this topic. I do have insurance on my stamp collection, but do need to keep it more up to date. I don't have a rider on my policy, haven't needed one thus far. I should check with my agent though-
Thanks again,
Karan
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Old 03-07-2006, 07:59 PM   #14
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How do we prove the value of our collection? Do we write down everything we have with the price we paid for them? I want to make sure my collection will be replaced if something were to happen to our house.
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Old 03-09-2006, 11:47 AM   #15
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While on the subject if you rent make sure you have renters insurance. If you don't and you have a lose, you will get nothing! The homeowner's policy covers him not you. (My DH is in insurance.) And the best part is, it's usually very economical.
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Old 03-09-2006, 04:58 PM   #16
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My husband's a State Farm agent here in Ohio, and I checked with him about this. This is a little complicated, but in Ohio, the deal with insuring your stamps is this:
- If you are NOT a demo, your stamps are covered under your regular homeowners policy UNLESS your stamps happen to be in the basement (like mine are). NOTHING in your basement is covered unless you have backup sewer and drain coverage on a FINISHED basement. Even with the special backup sewer and drain coverage, no personal items are covered in an unfinished basement- only the structure itself is covered.
- If you ARE a demo (even only a hobby demo who writes off all her stamp purchases), you must carry a special business policy. Otherwise, not one stamp is covered under any policy. The cost is minimal- he guessed about $350 a year here in Ohio (and I believe the cost of the insurance is tax deductible).

I hope this clarifies things for some people. I certainly re-evaluated the things I have in the basement.

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