Has anyone added their Lego collection to their home insurance as an collection?

Fireheart

I have just tried to add my Lego MISB collection to the home insurance as an indivual collection, and the large insurance company seemed a bit taken back by this.
Currently I'm waiting for the underwriter to confirm this is something they would add to the policy, and if so I will need to break the collection up into themes / years.

Has anyone else tried to add their Lego to the home insurance policy?

monstblitz

Good question. I need to do this. 

drdavewatford

I've tried, but I had a similar experience when I declared my collection to potential insurers. Ultimately they weren't interested in treating my LEGO as a collection - the consistent advice I got was just to ensure that the overall insured amount for my home contents was enough to take the value of the LEGO into account, as well as the rest of my home contents of course.

Salamalex

I have had the same experience as drdavewatford.

monstblitz

There are some insurance companies I saw when I searched on this awhile back that specialize in collectibles.  I'm guessing it's pretty expensive though, and I didn't follow through with getting a quote.  Anyone have any experience with these? 

Pitfall69

Talk to your agent and find out your coverage under your homeowners policy. If they are not covered, don't add them to your homeowners policy. Get a separate "personal articles policy." It can have a different or lower deductible, and claims won't make your home owners premiums go up. 

akunthita

There was a discussion about this on Reddit recently, and an insurance agent said the following:

"I'm an insurance agent so here you go. Ask me anything.

What you're wanting is a schedule of items. You would just need to tell your agent what you want covered, I would keep a documented receipt or eBay invoice of what that item costs, and maybe even take a picture of that item. Collect this info, slap it into an excel sheet and shoot it over to your agent. We would add a 'schedule list of property"'to your policy and there would be some additional premium for it (not an insane amount but maybe 100 bucks a year for 15,000 worth of coverage).

It's no different than covering jewelry, antiques, firearms, camera equipment, etc. Your insurance out of the box gives you "contents" coverage but if you start collecting large amounts of high dollar items, I would want that scheduled above and beyond contents."

You can read more in the original conversation at the following link. It is very useful info: http://www.reddit.com/r/lego/comments/477dbp/collectorscollectible_insurance/

Pitfall69

$100 a year for just $15,000? I am screwed then ;)

1265

How do you all value your collection?  I use Brickpicker.  Any other sites and/or tools?

Fauch

will they really refund 2000€ if your misb 10179 burns? or will you be lucky if you can just get back the 500€ it originally cost?

Legoboy

Fauch said:

will they really refund 2000€ if your misb 10179 burns? or will you be lucky if you can just get back the 500€ it originally cost?

Nope, €3,500.  ;)

Like others here, all of the insurers I've spoken to haven't been interested in my sets as a collection but instead just urge me to make sure my overall contents cover is sufficient.  In enquiring about the value of the insured, I was advised that the current item value is what they consider but also to make sure I have all of my sets recorded shou,d i need to make a claim.  I as such have photographic evidence and a long long list itemising every part of my collection.

Sethro3

Do you photograph the built set, instruction manual, sealed set, empty box?

Considering most of my collection is separated into pieces, it would be tough to say what I own at first glance. I do have Brickset with my collection recorded, but someone could just as easily say they own 20 cafe corners if they wanted, like any other insurance fraud.

Outside of keeping ALL receipts, which is unlikely, I don't see how they can "prove" you do own the sets you own.

I'm a trustworthy person, so that is different, but I know there are shady individuals out there.

I've considered doing this, since per Brickset my collection is MSRP valued at almost 20k and I know that isn't the official market value.

Pitfall69

This is interesting. Most Lego sets, if parted out and all parts are sold, are worth more than the set itself. In a lot of cases; this is true with automobiles. I can understand why insurance companies would shy away from insuring a bunch of bricks as opposed to a sealed set or even Lego at all. Pretty much anything can be considered "collectible", but I am sure the insurance companies have their own definition of what a "collectible" is. 

Pitfall69

Sethro3 said:

Do you photograph the built set, instruction manual, sealed set, empty box?

Considering most of my collection is separated into pieces, it would be tough to say what I own at first glance. I do have Brickset with my collection recorded, but someone could just as easily say they own 20 cafe corners if they wanted, like any other insurance fraud.

Outside of keeping ALL receipts, which is unlikely, I don't see how they can "prove" you do own the sets you own.

I'm a trustworthy person, so that is different, but I know there are shady individuals out there.

I've considered doing this, since per Brickset my collection is MSRP valued at almost 20k and I know that isn't the official market value.

You wouldn't do anything different with your Lego than you would do with the contents of your home. You should document everything in your home by taking pictures and/or video and have a spreadsheet of everything. You cannot "prove" you own everything that you have listed, but most of the time the insurance company will take your word for it. They would send an insurance adjuster out to your home just as they would to inspect your car. 

Legoboy

Sethro3 said:

Do you photograph the built set, instruction manual, sealed set, empty box?

 I photographed and videoed the LEGO Room rather than individual pieces.  Some built but mostly boxed.  I also have proof of purchase for just about every set I own.  :)

TheOriginalSimonB

Legoboy said:

 I photographed and videoed the LEGO Room rather than individual pieces.  Some built but mostly boxed.  I also have proof of purchase for just about every set I own.  :)

Are these kept in a fire-proof, off-site safe though?  Otherwise they could be lost in an accident/burglary along with the sets.

Sethro3

Almost all of my sets are pieces and I have gotten rid of most boxes, so I guess I'll take a loss or they can take my word for it. I guess if something were to happen and I took a loss on it, I think I'd just be done with the hobby because I wouldn't be able to get everything I own again due to aftermarket value mostly.

aldredd

My insurance company only cares about individual items when they're above a certain threshold.  (£2000 comes to mind, could be higher, and likely to vary by provider). I then have to declare each of these individually, whilst of course keeping within my insured limit.

So whilst you may not need to have the collection treated as a single entity, make sure for any individual sets valued above your declarable threshold, that you declare these. And for these, do ensure you have some form of proof of ownership.

Fireheart

The insurance company came back to me today, and they are happy to list Lego MISB on the insurance contents policy. Their limit is £30K for the whole Lego MISB collection, and they wanted the collection broken down into themes with a value for each theme, i.e. Star Wars, Star Wars UCS, Lego Sets in General.
They update your policy with these themes named on the policy, and with an value for each theme (which you tell them as most themes are made of retired sets) but all the themes together cannot exceed £30K.

aldredd

Sounds reasonable - and it's good practice for anyone to keep a log of what they own anyway (Lego or otherwise)