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Insuring Your Collection

KiwiLegoMeisterKiwiLegoMeister New ZealandMember Posts: 212
Hi all.
Just after your views.

I'm about to renew my contents insurance, and am seeking to 'value' my collection.
The basis I am using, is to
(1) record all sets I can identify, catalogue via
(2) From there, I can get the original $USD price, although in many cases, these prices are now many-years old.
(3) So I will apply the local annual inflation rate, compounding for each year per, to the prices, to bring them 'up-to-date'.
(4) Then I will convert those 'current' prices to local currency, based on:
- for all recent sets (over the last several years, by applying the typical differential Lego apply to US rrp to local rrp. An example is the Sydney Opera House retails on for $320USD, or $500NZD.
- For older sets, simply apply an average $USD -> $NZD exchange-rate.
The result of steps 2-4 is that for all sets, I'd have a current purchase price, were I to have to buy new (assuming the sets were available).
(5) Finally, for all high-value sets, II am doing some case-by-case analysis via a local auction site, Ebay, and also, to obtain current Replacement-value prices.
- Case in point, to replace the Statue of Liberty set, were I to have it (sadly, I don't), we all know would now cost in the region of $8000.
(6) For all sets, I'd have to add an amount to cover typical shipping costs (which get quite high, sending them through to the bottom of the world), and also covering import duties, as bigger orders can get dinged for this.
(7) Note that there will be a great quantum of blocks that I cannot identify source sets, general bought used, for parts. For this, I will probably just add a singular figure to the above total.

My question is: Does this seem a reasonable approach; has anyone else done something like this? Has anyone ever had to claim for a significant collection, especially in case of fire?

Note I have kept most receipts over the years, and between receipts and photos (which are/will be stored off site), I doubt I'll have any real issue proving to an insurance company that I have/had what I have catalogued.
Most sets were new; are now used; and in many cases, have melded into the great pile of bricks on the floor (many sets are bought in quantity, expressly for parts).


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