Let's talk insurance

[Gingerbread]

Does anyone here have any info on insurance for their collection? I'm just curious what others may have done. I can't imagine it would be easy to get appraised and since it's ever growing that's something else to factor. I was always under the assumption it would fall under personal property in your home owners plan but when I was combing through my most recent renewal I noticed it limits "collectables". So I made a trip by the insurance agent's office to get educated. See in a typical plan, say you have 100,000. in personal property well that's all your stuff should your house burn to the ground. However, some things have limits on their category, like jewelry might only be up to 5,000. or electronics up to 10,000. etc. This is typically how it works and if you wish to buy additional insurance for specific categories of items you can pay to add those on. So my plan had limits on what it categorized as collectables but none of the things they listed were appropriate for ponies. It was like, coins, stamps, furs, fine art (personally I think fine art seems correct but insurance agent disagreed LOL). So, after the agent called headquarters and spoke to 3 people it was finally decided that since ponies don't fall under any of their categories they would just be considered personal property and as long as I have enough for them and all my other stuff they're considered covered. This makes my life easier in the sense that I don't have to try to get a documented appraisal or pay for additional coverage just for the collection but I do have to make sure I keep my inventory up to date which is a project I started this year. Hopefully though, nothing will ever happen so I'll never need to worry about it but it is something to think about for sure.

 

[Skybreeze]

See I’m not sure my collection is at the point when I would need to consider extra insurance for as of yet. But I was aware that down the line I may need to have an appraisal done, which also makes me feel a big nervous. 1) I don’t like strangers judging my things. 2) They’re all priceless keepsakes to me... 3) I hope to never have to use insurance to claim for anything in my home. But I guess this is yet another Adult-y thing I should start looking into soon. Because I sure don’t have a pony buying problem. Nope. Not me.

 

[Tak]

I think we revisit this topic every few months, huh? Since I'm technically renting from my parents, I have renter's insurance. My agent, who's awesome btw, just had me up my coverage to an amount that would include the cost of replacing the entire collection. Then, he had me take photos of everything. They needed to be clearly visible so we could identify them along with a description of overall condition. I have individual photos of the customs with what I paid for them. My insurance covers everything from the walls inward of my home with the exception of major appliances. I have general pictures of everything in my house and keep updating them as necessary. It gives you a good reason to always take photos of new ponies, too. even if you have an entire pony room, this method can work, but the best thing to do is talk to your insurance agent. Every company has differences in the way they handle collections, plus it depends on the value, and the type of insurance. For instance, if mine exceeds $20,000, for just the ponies as displays and stands are not considered part of it, then I would need to have it assessed by them and it would be a separate addendum. Essentially a separate fund entirely, just for the ponies, that would allow for appreciation, and wouldn't be accessible for the other insured household items.