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Insuring your collection

PaperballparkPaperballpark UKMember Posts: 3,375
edited January 9 in Collecting
I won't go into too much detail here, but I recently decided to rent a secure storage unit to store my Lego in while I move house (hopefully it'll sell quicker if it's not rammed full of Lego!).

I asked my home contents insurance provider to give me a quote for insuring my Lego collection in the storage unit. Bear in mind at this point that my insurance company were previously unaware of my collection - I suspect like many AFoLs I just assumed it would be covered under normal contents insurance, as long as it didn't exceed the total insured value.

They got back to me a couple of days later, and said that it was a bit complicated. To insure the storage unit I'd have to take out a separate policy with them, which was quite expensive (i.e. a rip-off).

But that wasn't the killer.

Apparently, once I moved my Lego back into my house, I was to tell them I had, because at that point they would cancel my current insurance policy. Basically, although they were willing to insure my Lego in a secure storage unit, it turns out that they weren't willing to do so if it was in my home!

Thankfully I was quickly able to get a new insurance policy with my bank, who were happy to insure my collection in my house, and gave me a very reasonable price for insuring the storage unit too.

So the moral of the story is, don't just assume your insurance provider will automatically insure your collection, because some won't!
TheBigLegoskiLittleLorird1899Baby_YodaMr_CrossomniumFowlerBricksakunthitaBrainsluggedFizyxMegtheCatsnowhitiePolyphemusRonyarAddicted2OxygenLEGOFan2

Comments

  • M1J0EM1J0E Calgary, ABMember Posts: 308
    Thanks for sharing this!  I always trusted mine would just be included with the contents portion, after all I don’t have that extensive a collection.  For some though, I can see some extensive collections really needing a full documentation to add to the normal contents portion of the homeowners policy.
  • Boardshorts85Boardshorts85 ChicagoMember Posts: 163
    Interesting.  I don't know the ins and outs of the UK system, but I know in the US I previously asked my insurance provider about my drumset that is kept in a rented studio and he advised that any personal property that were stolen / damaged outside of my home would still be covered under my renters / homeowners insurance.
  • TheBigLegoskiTheBigLegoski Amsterdam, NederlandMember Posts: 1,282
    ^ The devil is in the details, or rather fine-print. Don't just take your insurance provider's word, have them confirm it in writing.
    SumoLegoFizyx
  • SumoLegoSumoLego New YorkMember Posts: 11,346
    Again, each Country, State, etc... could have separate policy clauses, but so long as you can document the loss, and it falls under the policy limits, the insurance company has the obligation to cover the loss.

    But be forewarned, the insurance adjuster has a lot of discretion to value items at a depreciated amount.

    If you have a collection worth thousands of dollars and other stuff in the house - you may hit that personal property coverage limit. 
  • TheBigLegoskiTheBigLegoski Amsterdam, NederlandMember Posts: 1,282
    "Remember Sammy Jankis."
  • Wicksy80Wicksy80 Northern IrelandMember Posts: 497
    @Paperballpark I am currently in same situation, as I have most of my Lego in a storage unit whilst my house is being built. I know its too late now but I was given this companies details by the storage unit to insure my stuff - https://www.insurastore.com/
  • PaperballparkPaperballpark UKMember Posts: 3,375
    Oh and I also worked out that the storage boxes for my Lego make up about 2% of the entire value of my home contents...!
  • PaperballparkPaperballpark UKMember Posts: 3,375
    Wicksy80 said:
    @Paperballpark I am currently in same situation, as I have most of my Lego in a storage unit whilst my house is being built. I know its too late now but I was given this companies details by the storage unit to insure my stuff - https://www.insurastore.com/
    Yeah I looked at them too, but their website quoted £25 per week to insure my stuff. My bank quoted a tenth of that.
  • Pitfall69Pitfall69 0 miles to Legoboy's houseMember Posts: 11,224
    In the US; if your car gets broken into and they steal personal items, that also is covered under most homeowners insurance policies. 
  • Switchfoot55Switchfoot55 The Northwest, USAMember Posts: 1,358
    My expertise is more in the Auto side of insurance, but I overlap into some Property matters as well. As @SumoLego stated, at least in the US, most major (and likely minor) carriers insure the contents of the home under your contents policy limits. It would behoove you, however, to consider your limits to ensure the contents will be properly covered. For a total loss such as a fire or tornado, the other contents of your home and those essential for living would take precedence over other items (not necessarily in the wording of your policy so much as you and your spouse/family recovering from the loss). 

    For your Lego collection, I HIGHLY recommend keeping photo evidence to support what you have in your collection. There are some apps out there that can be gotten for free that help you build a digital library of your possessions (Lego or otherwise). These photos are kept on the server of the app provider and can be accessed should the unthinkable happen. One would simply access the photos, provide a copy to the content's adjuster, and work with them to ensure all items in the photos are properly accounted for in the itemization. 

    *Brickset also has the Advanced Collection Management system (forgetting the actual name off the top of my head???) that could aid in your record keeping. 

    Knowing the size and value of many of the members on this community, it wouldn't hurt to inquire with your agent to see if any additional endorsements could be added specifically for collections or valuables to ensure full consideration is given to their real value. 

    Depreciation is real, and often applied liberally in these situations...
    rd1899SumoLegoBaby_Yodamustang69FizyxMegtheCat
  • AstrobricksAstrobricks Minnesota, USMember Posts: 2,061
    And I thought it was bad when they canceled your policy because you had the audacity to file an actual claim.
    TheBigLegoskiBrickByBrickBaby_YodaFizyxMegtheCat
  • SumoLegoSumoLego New YorkMember Posts: 11,346
    Also keep in mind that the adjuster is probably a civilian and knows nothing about the residual value of LEGO as a collectible.  

    Uh... I have four Mr. Golds and they're gone!  And they're going for $5000.00 each on eBay!  What do you mean you're giving the cost of a CMF with seventy-five percent depreciation?!?!? 

    $3.99 x .25 = $0.99...
    560HeliportFizyx
  • blokey9blokey9 MelbourneMember Posts: 99
    this is why you should list collectibles separately on your policy. at least that's what we do in Australia.
    SumoLegoFizyx
  • drdavewatforddrdavewatford Hertfordshire, UKAdministrator Posts: 6,218
    blokey9 said:
    this is why you should list collectibles separately on your policy. at least that's what we do in Australia.
    But presumably you only list collectibles over a certain value, rather than the thousands of sets which make up the collections of some AFOLs?  
  • PaperballparkPaperballpark UKMember Posts: 3,375
    That's the problem - they say 'list each item worth over £2500', but no single item is.

    Anyway, good point about taking photos.
    SprinkleOtterFizyx
  • FireheartFireheart Suffolk, UKMember Posts: 435
    I’ve recently changed my insurance policy since the thread below was started: https://forum.brickset.com/discussion/23322/has-anyone-added-their-lego-collection-to-their-home-insurance-as-an-collection#latest

    so this thread is a good reminder to check with my new policy.. I did go for Uber cover this time, with max levels so it will be interesting to see what Axa come back with. 
  • paul_mertonpaul_merton UKMember Posts: 2,942
    If I were you, I would complain to the insurer who wants to cancel your policy, and ask for some or all of your premiums back. You were paying for something that their own actions show they clearly wouldn't have paid out on.

    If they say no, refer it to the Financial Ombudsman, who I'm sure would side with you.
    Mr_CrossFizyxMaffyD
  • PaperballparkPaperballpark UKMember Posts: 3,375
    If I were you, I would complain to the insurer who wants to cancel your policy, and ask for some or all of your premiums back. You were paying for something that their own actions show they clearly wouldn't have paid out on.

    If they say no, refer it to the Financial Ombudsman, who I'm sure would side with you.
    I already cancelled it and went with my bank, who also offered to pay any cancellation fees.
  • paul_mertonpaul_merton UKMember Posts: 2,942
    If I were you, I would complain to the insurer who wants to cancel your policy, and ask for some or all of your premiums back. You were paying for something that their own actions show they clearly wouldn't have paid out on.

    If they say no, refer it to the Financial Ombudsman, who I'm sure would side with you.
    I already cancelled it and went with my bank, who also offered to pay any cancellation fees.
    No, I was saying you should ask for your premiums back. You were paying for insurance that wouldn't have paid out in some situations. If those situations weren't made clear to you at any point before now, then you have good reason to ask for a proportional refund.
    dmcc0Mr_CrossFizyx
  • PaperballparkPaperballpark UKMember Posts: 3,375
    TBH I can't be arsed. They'll just say that I hadn't previously let them know of any large collections, and they can only cover based on what I tell them. Which is correct, really.
  • CCCCCC UKMember Posts: 17,204
    blokey9 said:
    this is why you should list collectibles separately on your policy. at least that's what we do in Australia.
    But presumably you only list collectibles over a certain value, rather than the thousands of sets which make up the collections of some AFOLs?  
    This is always difficult, and why it can be best to talk to the insurer about declaring the value of a collection vs individual items. For example, stamp collections are often taken as one thing to insure rather than 1000s of individual items, whereas collections of (expensive) art / paintings are taken as individually listed items.


    SumoLegoFizyx
  • natro220natro220 USAMember Posts: 540
    For people talking about depreciation......can't value be determined by comparison to sales of similar items online? Most Lego sets end up appreciating in value rather than depreciating, especially after they are no longer sold in stores. It's not like a car or TV or computer which can wear out or break down after a period of time.
  • FireheartFireheart Suffolk, UKMember Posts: 435
    Fireheart said:
    I’ve recently changed my insurance policy since the thread below was started: https://forum.brickset.com/discussion/23322/has-anyone-added-their-lego-collection-to-their-home-insurance-as-an-collection#latest

    so this thread is a good reminder to check with my new policy.. I did go for Uber cover this time, with max levels so it will be interesting to see what Axa come back with. 
    AXA came back to me, and the LEGO MISB for them is just taken as general contents, so as the cover for the policy is £100k contents, it will come under that on any loss. And I don’t have to list anything separately. Which makes it nice and easy. 
    PaperballparkMr_CrossSumoLegoFizyxBaby_Yoda
  • SumoLegoSumoLego New YorkMember Posts: 11,346
    edited January 11
    Fireheart said:
    ...Which makes it nice and easy. 
    Until all the stuff you want to replace costs more than £100k.  Or if the insurance company doesn't believe you have £100k worth of contents... or if they depreciate what you claim was damaged under the policy limit of £100k.
    SprinkleOtterFizyxsid3windrgmonkey76
  • NellyNelly Member Posts: 77
    My experience has also been that a LEGO collection of sufficient size is considered a collectable, and as such is treated the same as fine art, jewelry, etc. I don't recall the terms my insurance provider offered me, but I seem to remember the annual premium being somewhere around 1% of the estimated value of my collection.
  • colaycolay OxfordshireMember Posts: 297
    This is why I find Brickset useful, you have a value of your lego for insurance purposes! :)
    Some will be worth more, some less, but at least you have a total RRP of your sets. I also (although have been slack of late, hence some duplicate sets) am keeping a spreadsheet of price paid, location and open or boxed.

    Some insurance companies in UK differ. I upped my contents insurance because of it, and once I stop 'collecting' I can add the total collection at a fixed value if I like. I'd advise any one on here with any collection, large or small, to think about fire or theft. Especially those with older, retired, irreplaceable sets, to seriously consider what they'd do in event of catastrophe.
    gmonkey76
  • jonmdudleyjonmdudley GermanyMember Posts: 23
    I am in a similar boat as I am moving for work from Germany back to the states. While I will have positive control of the sets until the moving company puts their tamper stuff on the crate and I can put them on a high value item sheet we have started the process of taking apart my Lego collection. really only part of my Lego collection is put together because we have only been in Germany, and in our house, for about two and a half years. But the amount of Lego that has been bought and put together in that time is more than the first few years. We are taking this time while I take everything apart and put them in Ziplock bags to take photos. This way we have proof in case something happens in transit. It will also be good for me to start doing for this purpose. I need to ask my insurance company what their policy is for buying sets that are discontinued. 



  • ryjayryjay Member Posts: 974
    Also keep in mind, some insurance covers only replacement value....meaning, if you dont replace you dont get anything if lost, say in a fire.
  • ryjayryjay Member Posts: 974
    ...and that^ doesnt mean the insurance companies will give you current value either
  • SumoLegoSumoLego New YorkMember Posts: 11,346
    ^ Agreed! 

    (And eBay doesn't always past muster as a price guide.)
    SprinkleOtterFizyx
  • AstrobricksAstrobricks Minnesota, USMember Posts: 2,061
    Once I pass muster it’s in my past :)
    SprinkleOtterFizyx
  • SumoLegoSumoLego New YorkMember Posts: 11,346
    Yes, that's correct.  The phrase is 'past mustard', my apologies!
    AstrobricksSprinkleOtterFizyx
  • imhotep85imhotep85 Southampton, UKMember Posts: 24
    I am reminded of the "build Brian from confused.com" competition here: https://brickset.com/article/10089 which also has a link to a guide on their website in it.
    My Lego collection is explicitly mentioned on my insurance policy with a value I have specified against it - and I found 'collections' were surprisingly cheap to insure (£2.50 for £10,000), talking to the operator on the phone they did say unless you insure it to leave the house it is inexpensive.
  • stevemackstevemack 1567km Drive From BillundMember Posts: 878
    £2.50 per 10K per month?
  • 12651265 Member Posts: 940
    edited January 15
    Anyone here use Brickpicker's BrickFolio to value their collection?  I last uploaded My Sets from Brickset a couple years ago and it's not a bad site for true replacement value.  If anything, it's another tool to use to valuate your collection for insurance purposes.
  • colaycolay OxfordshireMember Posts: 297
    No, but I may do now :) Ta
  • imhotep85imhotep85 Southampton, UKMember Posts: 24
    stevemack said:
    £2.50 per 10K per month?
    Nope per year - my collection is insured for £10K and it put my premium up by less than £3
  • Pitfall69Pitfall69 0 miles to Legoboy's houseMember Posts: 11,224
    I use Brickpicker as well as Brickset. There are tons of sets and CMF's that don't have a dollar value according to Brickpicker. I have always wondered about that? So, I don't think it is as accurate as it can be. 

    You can see here that these CMF's have no dollar value:

    piratemania7SumoLego
  • Pitfall69Pitfall69 0 miles to Legoboy's houseMember Posts: 11,224
    Sorry for double post, but I also noticed that these CMF's are all wrong; the picture doesn't match the name of each CMF. 

    piratemania7SumoLego1265LEGOFan2
  • Switchfoot55Switchfoot55 The Northwest, USAMember Posts: 1,358
    ^ and ^^ 

    ...looks suspiciously like insurance fraud to me...
    SprinkleOttergmonkey76Pitfall69SumoLego
  • SumoLegoSumoLego New YorkMember Posts: 11,346
    I remember when the Huns attacked with their delicious Meat Lover's Pizza.

    They were unstoppable.
    Switchfoot55Baby_YodaSprinkleOtterPitfall69Muftak1MegtheCat
  • Baby_YodaBaby_Yoda The world's backsideMember Posts: 1,019
    Is that Dino Tracker looking for those of the aquatic variety, perhaps?
    Pitfall69SprinkleOtterSumoLegoMegtheCat
  • colaycolay OxfordshireMember Posts: 297
    At least the Pizza Delivery guy is right. As I always PMSL when he tells me what he wants paying when he arrives
  • Gibbo1959Gibbo1959 Northumbria UKMember Posts: 235
    And looks like Fairytale Princess and Spooky Girl did one of those body swap movie things.
    SumoLego
  • SumoLegoSumoLego New YorkMember Posts: 11,346
    Hey, hey.  One person's Spooky Girl is another person's Fairytale Princess...

    This is a judgment-free zone.
    Gibbo1959560HeliportBludchylde1SprinkleOtterdavetheoxygenman
  • Gibbo1959Gibbo1959 Northumbria UKMember Posts: 235
    SumoLego said:

    This is a judgment-free zone.
    Really! I’ve been doing this all wrong!
    560HeliportSprinkleOtterdavetheoxygenman
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