Insurance

At the stamp club the responsible once told me that mr. X well in his eighties got part of his collection robbed. She add he was lucky they didn't take what was most valuable. Since then on occasion I think about getting an insurance or at least tell the house insurance company about my assets in philately. I know I should do that to cover myself but still I wait. I even thought buying a dog...

There was a thread on here recently, 19th August, titled "Are YOu Protected?". Quite a lot of discussion there on insuring collections.

Hi! timbres

I figure in Australia that scanning my expensive stamps is a good form of insurance.If the worst happened I could sent an email to most dealers. It would be easy in my local city. I would keep a good eye on ebay.

My insurance company wanted a scan of the expensive stuff and trusted my description for the rest.

It was not expensive to get cover added to the house hold insurance. Just a lot of time scanning.

Theft I think is a low risk here but fire and storm damage is not.

Yes it is a more common question than I thought it would be.
Welcome to the what about insurance club!
John

Thanks Stampgal and KGV. I have more infos now about insurance. Daniel

I recently did a you turn, and took house insurance
from my Banking Institution.

For the same cover from a competitor,
I have saved $150 annually on my house and contents premium
and a cover of $2000 for my stamps is I reckoned
at about $14 per year

Just a FYI for Aussies

I imagine this varies from country to country -- and probably from insurer to insurer -- but I wonder what constitutes a claim under a stamp collection provision? Is there a deductible? How is value established? If you provide the insurer with an inventory of stamps lost in a theft, can you use a SG or Scott catalog value to determine the loss or is the replacement value typically 10%, 20% or 30% of catalog value? Is the coverage determined by cost at the point of purchase or at today's replacement value? (i.e. If one bought a stamp for $10 in 1960 and today's value is $100, would the coverage relate to the original purchase price or today's value?)

I also find it interesting that insurance in every other category is higher than that for stamps, although I suppose you can always increase the coverage at a proportionately higher premium, should your collection warrant it.

With many insurance carriers (at least in the US), stamp collections are not covered by homeowners' insurance. I went with a dedicated policy from Hugh Wood, since they have a deal with the APS.

Yes, $2000 is low
but it's a start.
One doesn't need to establish the collection
at that price, they would accept it as a theft
I need to read the fine print however.