(Topic ID: 159525)

Home Owners Insurance Covers Pinball Machines?


By WackyBrakke

3 years ago



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  • 103 posts
  • 43 Pinsiders participating
  • Latest reply 1 year ago by MrBally
  • Topic is favorited by 10 Pinsiders

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    There are 103 posts in this topic. You are on page 2 of 3.
    #51 3 years ago
    Quoted from wayout440:

    Good idea.
    The Art of Coverage: Collectibles Insurance vs. Traditional Homeowners Policy
    http://www.propertycasualty360.com/2013/06/24/the-art-of-coverage-collectibles-insurance-vs-trad

    Any web site with that many pop-up ads and a requirement for registration to keep reading can't be wrong...

    #52 3 years ago
    Quoted from flynnibus:

    I wasn't inferring that - only that the agent isn't the actual decision maker, he's the sales agent. Good intentioned or not, 'my agent said it was covered' will not change an outcome if the underwriters rule against you.

    Adding to this - if you're using an independent agent, they're the sales person for multiple companies. I can all but guarantee that they don't know each and every product inside out like you'd hope they do.

    #53 3 years ago

    One thing to always remember is, in the event of a flood, home owners inaurance is not going to help. Flood insurance does not cover contents below grade either.

    Anyone know of an insurance policy that would cover pins in a basement in the event of a flood?

    #54 3 years ago
    Quoted from flynnibus:

    I wasn't inferring that - only that the agent isn't the actual decision maker, he's the sales agent. Good intentioned or not, 'my agent said it was covered' will not change an outcome if the underwriters rule against you.

    Gotcha, just read it wrong through the text, I apologize.

    #55 3 years ago

    Is it possible to talk to an underwriter? Do I just call, for example, State Farm and say "get an underwriter on the phone"?

    Are they accessible to joe blow?

    #56 3 years ago
    Quoted from BillPinball:

    One thing to always remember is, in the event of a flood, home owners inaurance is not going to help. Flood insurance does not cover contents below grade either.
    Anyone know of an insurance policy that would cover pins in a basement in the event of a flood?

    We have a sump rider and the basement flooded from a power outage due to superstorm Sandy. The furnace was covered as well as water heater, and structural (drywall, doors). Contents are not covered. Things like wood shelving, furniture, boxes of belongings - all that was a loss. I had about a foot of water.

    #57 3 years ago
    Quoted from viper001:

    At the risk of pointing out the obvious, why would you want to stick with a company you obviously can't trust? You need them to pay off the rest of your contents in case of a total loss, right?

    Well the rest of it is legit (state farm) but I assume that they were doing the minimal effort on researching the coverage of my pins.

    #58 3 years ago

    I am an insurance agent too. I have replacement cost coverage on my homeowners and I schedule pins under schedule personal property so I know they are covered for what I have them listed for. Many agents tell you the are insured for replacement which is true but the problem is that if they are totaled in a fire, tornado or any other covered peril there is no way they can determine condition. lets say I have a mint HUO Addams family which I think is worth $6500 well if its totaled they will determine the price on any Addams family. let say average TAF goes for 5000 that's what they will settle for. I just lost 1500.. They can not replacement something that is no longer in production with a new one. on my policy it cost me 4.70 per thousand. My thoughts this is cheap for peace of mind and knowing I don't have to fight on the value. My 2 cents

    #59 3 years ago

    I just talked to a woman from CollectInsure.com. She was super nice, and wondered why she's getting so many calls from pinball collectors lately. I sent her this thread.

    My quick quote was around 0.7% annually, but that included coverage at my storage unit and burglary coverage. My actual cost will probably be lower since most of my games are at home. They replace using market value, but we didn't discuss how that value is determined in the event of a loss. I look at it this way: it's about the cost of a ColorDMD for peace of mind.

    #60 3 years ago

    Swampfire is right, for less than the price of a color DMD i am covered up to $60,000 in replacement value for pins. It does not matter if it is a Rider policy, i know i am actually covered. If your willing to take a chance to save $371.00 a year trust what your Homeowners Ins. agent says. Good Luck!

    #61 3 years ago

    You'll need to "schedule" anything over $5,000. For me that was 5 pins in my collection (the 5 Sterns). I'm waiting to see what that means, exactly.

    #62 3 years ago
    Quoted from swampfire:

    My actual cost will probably be lower since most of my games are at home.

    Ok guys, I will admit my participation in this thread has got me thinking I need to schedule my games on my regular homeowner's policy. But I still feel the need to point out why this salesperson made this above statement. It's because they know that any games located in your home are going to have to be paid out for the vast majority of any claim by your homeowner's policy, NOT them. So they can give you a great rate and tell you that you are covered for $60,000 knowing that even in a catastrophic loss they will NEVER EVER be cutting you a check for $60,000. So while peace of mind is important just realize the amount of actual coverage you are paying for is very minimal and no where close to 60k. Again, the last time this came up that insurance salesperson had to confirm all these facts, they are selling secondary coverage to your homeowner's policy....

    #63 3 years ago
    Quoted from viper001:

    Any web site with that many pop-up ads and a requirement for registration to keep reading can't be wrong...

    Well, that example was just a quick cut and paste (I didn't get the pop ups since I use a well protected Linux system).

    it just might be better to consider collectibles insurance for many that have large collections, higher value collections, or just want *better* coverage than a homeowners policy can provide.

    "Hartford's Collectibles Insurance Agency has no inventory requirement or appraisal requirement. The insured gets $60,000 of coverage for crime, travel and shipping and mailing coverage. There is $100,000 of coverage for losses in a storage facility. It also offers coverage for displays at exhibitions."

    collectibles-v-std-ho-ins_(resized).jpg

    #64 3 years ago

    again I am an agent, to answer viper001, if you schedule it on your homeowners policy you don't have to worry about two different companies and who pays what. When I schedule it I have the same as the collectible companies coverages.. Like someone said before it is all risk coverage except what the policy excludes.. and on values my company needs an appraisal or some justification on anything $5000 or over. So what I did was print off the values from the pinside page of each individual machine an they accepted that.

    #65 3 years ago

    I'll definitely check in with my regular insurance company (USAA), to see what they'd charge to schedule my pins.

    #66 3 years ago

    I'd be curious if they cover Flood. No homeowner's will cover a flood. Is it when your homeowner's is declined they too will decline?

    #67 3 years ago

    As just an FYI for costs, it costs me about 700 a year to schedule a collection valued around 100k, which is right around that 0.7% value stated in a post above . Because each machine is individually scheduled with actual market verification (mr. pinball price guide), I will get full market value for each one if anything happens to them.

    In addition, a nice benefit of this scheduled coverage, is they are now covered if they break and need fixing. Obviously a small fix like a coil or something wont be worth it, but if something were to happen and say smoke all the boards in the backbox, you could run that cost through the insurance and be covered instead of it coming out of pocket.

    #68 3 years ago

    FYI.. I bumped my deductible to $1000 and got mine for 4.70 per thousand mine runs 470 for 100,000

    #69 3 years ago
    Quoted from john32:

    FYI.. I bumped my deductible to $1000 and got mine for 4.70 per thousand mine runs 470 for 100,000

    Nice! I'm gonna call my agent and see if I can do something similar and get a little better deal, thanks for the info.

    #70 3 years ago
    Quoted from john32:

    FYI.. I bumped my deductible to $1000 and got mine for 4.70 per thousand mine runs 470 for 100,000

    But as far as coverage goes, does that include flood or transport to a show like collectors insurance, or are those situations excluded?

    #71 3 years ago

    transportation is covered... underwriting is double checking to see if flood is covered... I have it insured as a collectible without breakage...flood is covered if I insure it for collectible with breakage.. they will get back with me on the without breakage.. what this all means is if you schedule personal property there are different rates for different items.. suck as jewelry, guns, china,. if I drop the pinball machine that is not breakage as if I broke a piece of china

    #72 3 years ago
    Quoted from altan:

    Is it possible to talk to an underwriter? Do I just call, for example, State Farm and say "get an underwriter on the phone"?
    Are they accessible to joe blow?

    I would like to know this as well...,,

    #73 3 years ago
    Quoted from john32:

    FYI.. I bumped my deductible to $1000 and got mine for 4.70 per thousand mine runs 470 for 100,000

    I pay $3.385 per thousand dollars worth of coverage for my pinball collection. I have an auto policy, umbrella policy and homeowner's policy with the same insurance company so perhaps that allows for a bit of a price break.

    Gord

    #74 3 years ago

    typically underwriters are only available to the agents. most companies have a costumer service number that may patch you through to some one.. I know our company a lot of time will email them a copy of the policy and tell them where it is at in the policy..

    #75 3 years ago

    I added them to my business policy, as inventory.
    I realize this is not an option available to many.
    Cost on 45K was just under $300.

    I have more at home, so Im still checking as a collectible to be scheduled.

    #76 3 years ago

    I also have my autos, house, and umbrella policy with my company.. rates are determined by a lot of factors and one of the major factors on property coverage is where you live and how quick fire department can get to you.. so your address. I live in Kansas so storms are a big rating factor on price.

    #77 3 years ago

    I'm a independent agent, contents replacement cost works for me. Pins are covered, I feel I would have no problem collecting if I had a big loss, tornado, fire, errant airplane trying to land at O'Hare, etc. 6 of 7 pins were bought within 2 years and I have the receipts, toss in I have flood, backup of sewer and drain and earthquake in Illinois. Pins in basement not covered by flood. Not worried about the Pin Bot I bought in 1992. BTW this is all confirmed with my underwriter.

    #78 3 years ago

    I just applied at collectinsure.com, 400 bucks and change a year to cover $70,000 worth of machines.....Worth it in my opinion.

    1 week later
    #79 3 years ago

    I ended up getting insurance with collectinsure.com, they agreed on the values I placed on my machines.....which I am sure is much much more than my standard homeowners insurance would value them at. They cover them for almost any situation that would result in a loss. I think the premium is well worth the peace of mind. Highly recommend

    #80 3 years ago

    Yeah, I do what the experts say to do - schedule everything of significant value. Much better to be prepared and not need it than to have something happen and not be adequately covered.

    #81 3 years ago

    Be interesting to see what my insurance agent says.

    1 week later
    #82 3 years ago
    Quoted from swampfire:

    I'll definitely check in with my regular insurance company (USAA), to see what they'd charge to schedule my pins.

    I checked with USAA and that's why I'm here. I was told "interesting question" and knew I was barking up the wrong tree.

    I have 1 pin METLE. (Probably 1 more coming) Advice?

    1 year later
    #83 1 year ago

    I see this thread is over a year old. It took a year to get the final answer from my insurance company. A fire took 2 of my pinball machines. I had 200k in personal property insurance. These were called "collectible" by the adjuster and my total reimbursement for all collectibles was $1500.(Scared Stiff and TAF) I contacted the MN insurance commissioner and they agreed that they should be paid for based on my policy wording, but could not force the company. They fought it tooth and nail, hiring a lawyer to say the following:" More than one makes a collection", "Ebay has pinball machines under the collectible heading", "Pinball machines are collectible in nature". In short, I didn't get a dime for these machines. You can't take the agents word, my agent was on my side and he has pinball machines. He is just a salesman.

    #84 1 year ago

    I added $100k to my personal articles policy per my agent who got it signed off on by underwriting for my pinball machines. Fully covered for theft, fire, or flood.

    #85 1 year ago

    I spoke with my insurance folks back when this thread first started, and got email confirmation from them that ALL of my machines are in fact covered under personal property. That was from the lady that works in the office, the agent himself, as well as their underwriters. I did have to increase my amount of personal property insurance since these things are getting so expensive. so my annual premium is now higher, but at least I have peace of mind that my machines will be covered with everything else in my house should I suffer a total loss.

    hope this helps someone.

    #86 1 year ago

    and the extra $100k to cover the pinball machines was only $18 per year.

    #87 1 year ago

    That is not the question to ask.

    They will pay if there's a fire.

    The real question is HOW MUCH will they pay for your machines.

    That's the issue here.

    I am currently working with my agent on this issue.

    #88 1 year ago

    Also keep in mind that if you schedule the pins on an inland marine policy and there is a loss, the carrier will only pay up to the limit to replace the machine. So keep updating the values if your pin happens to appreciate.

    If they can replace it for less (and the replacement item is in the same shape as yours was before the loss) then they will replace it even if the replacement costs them less than the value you insured it for you are not entitled to the balance.

    However I believe the inland marine is the way to go for pins. Each pin is listed on the dec page along with a value and a premium. The carrier knows what they are insuring. Its much better than trying to claim them on your homeowners personal property coverage. They will claim they had no idea you had 30 pins and 10 jukes etc.

    Read your policy and ask questions...and yes the agent is only a sales person. They can't speak for the carrier nor should they.

    If you had a loss and you thoroughly documented your process when you insured the pins and perhaps documented the fact that your agent said your pins would be covered for 'replacement cost' in the event of a total loss when if fact they were not....then you go after the agents E&O. Plain and simple.

    A good agent will not 'speak' for the carrier. They may try to get an answer for you via email which is great but if they are 'shooting off the cuff' then take it with a grain of salt and get it in writing. Agents carry minimum $1,000,000 of E/O. We carry $11,000,000. Its cheap insurance for the insurance agents.

    #89 1 year ago
    Quoted from Bendit:

    That is not the question to ask.
    They will pay if there's a fire.
    The real question is HOW MUCH will they pay for your machines.
    That's the issue here.
    I am currently working with my agent on this issue.

    Please keep us updated.

    #90 1 year ago

    Progress. I have heard back. I'm with American Family Insurance. I have an extra policy that covers my machines. It is about $20 a month for this extra policy (a little less if I remember correctly). It covers my entire current collection. Here's what my agent wrote today when I asked "what is the replacement value":

    "It is a replacement policy. So you buy a 52” LG TV at an estate sale for $100. 3 weeks later the TV is stolen. We tell you to go buy a 52” LG TV at Best Buy and it is $2500. You get it because it is Like for Like. Same thing with the pinball machine they are going to give you $5000 cash they are going to say find another one LIKE for LIKE and they will pay for it. It could be $7000 OR it could be $4000. You will get the same make, model and condition."

    Now, here's the kicker on "condition". I wrote a document, and sent some pictures. Not even detailed pics. So the insurance company has my pics and only this:

    -------------------------------------------------------------
    We currently have SIX pinball machines:

    The Simpsons Pinball Party, January 2003, manufactured by Stern Pinball, Inc.
    https://pinside.com/pinball/archive/simpsons-pinball-party
    VALUE: $6,200
    Note: It's a home-use only, perfect condition and a perfect example of this machine.
    It has the "Radioactive" lollipops rails as well as the "Radioactive" backbox hinges.
    A ColorDMD is also installed ($400 value), as well as the "Itchy & Scratchy TV" mod ($150 value).
    It also boasts a full Cointaker LED kit.

    The Hobbit (2014) by Jersey Jack Pinball, still in production today.
    http://store.jerseyjackpinball.com/Games/The-Hobbit/The-Hobbit-Pinball-Limited-Edition_2.html
    VALUE: $8,500
    Note: It's a home-use only, perfect condition and a perfect example of this machine.

    Pirates of the Caribbean , June 2006, manufactured by Stern Pinball, Inc.
    https://pinside.com/pinball/archive/pirates-of-the-caribbean
    VALUE: $5,500
    Note: It's a home-use only, perfect condition and a perfect example of this machine.

    Champion Pub, April 1998, manufactured by Bally Manufacturing Co.
    https://pinside.com/pinball/archive/champion-pub
    VALUE: $5,500
    Note: Higher value due to the new Pinsound sound board installed, as well as a new DMD driver board. One of the best examples of this machine you'll ever see, with original glass backglass in perfect condition, accentuate by all-L.E.D. conversion.Also has Mirror-Blades installed.
    https://www.pinsound.org/pinsound-board/

    The Last Action Hero, 1993, manufactured by Data East USA, Inc.
    https://pinside.com/pinball/archive/last-action-hero
    VALUE: $3,200
    Note: Superb example of this machine, almost perfect cabinet and playfield and a L.E.D. lighting conversion and powder-coated legs and lockbar. Also has Mirror-Blades installed.

    Star Trek: The Next Generation, 1993, manufactured by Williams Electronic Games, Inc.
    https://pinside.com/pinball/archive/star-trek-the-next-generation
    VALUE: $6,400
    Note: Superb example of this machine, with an almost perfect cabinet and playfield.
    Modifications that increase its value are:
    Playfield in excellent condition. No errors. DMD display board has been replaced recently. Cabinet has no fade, colors are bright, a few nicks and scratches, nothing major. Extras include: Mirror Blades, Pinbits shaker, LED lamps and insert lighting, BriteCaps™ EVO lighted pop bumpers, lighted LED flipper buttons, laser pointer cannon mod, all ships upgraded.
    Also includes new ramp and protector: 4/1/2016, Ordered from http://www.marcospecialties.com :
    STAR TREK NEXT GEN (WMS) Alpha Guards RG-11 1 $19.95 $19.95
    STAR TREK NEXT GEN (WMS) Ramp Alpha PR004 1 $124.00 $124.00
    -------------------------------------------------------------

    So I suppose they are trusting me to assess the quality of my machines. Fine by me. End-of-progress.

    Edit: Correction. They wanted a picture of my game room, with all the machines visible, in the same place at the same time. I included my wife in the picture for authenticity.

    #91 1 year ago

    It's not a matter of IF they are covered, as mnroadking found out they are indeed covered. for $1500
    That is why you need insurance where they are scheduled at agreed to values that they will be covered for in the event of a loss. Otherwise you are left with them being valued by the adjuster, you will never be happy what they value them at. Those of you that continue to count on your homeowners policy covering them as personal property.....good luck

    #92 1 year ago

    I am insurance agent and as I said up above in this thread buy an Inland Marine policy that attaches your homeowners policy. The inland marine has state amount coverage up to the value they agree on when you add the machine to the policy. It is primary and is basically an all risk policy with a few exceptions. Cheap piece of mine at 4.70 per thousand

    #93 1 year ago

    I went back to my agent and told him the issues some of you guys are having with not getting your games covered. He had me take pictures again and write the value of each one down. He then sent to underwriter again and had the underwriter sign off AGAIN that in the event of ANY damage (fire, theft, flood, etc.) they are FULLY covered under my personal articles policy. This is the second time I have had this done. I just increased my personal articles policy by $100k to cover all my pinball stuff and had all values signed off on by the underwriter.

    #94 1 year ago
    Quoted from john32:

    I am insurance agent and as I said up above in this thread buy an Inland Marine policy that attaches your homeowners policy. The inland marine has state amount coverage up to the value they agree on when you add the machine to the policy. It is primary and is basically an all risk policy with a few exceptions. Cheap piece of mine at 4.70 per thousand

    Or buy a monoline inland marine policy. If you make a claim on the IM policy, it won't affect your homeowners policy.

    #95 1 year ago
    Quoted from mnroadking:

    I see this thread is over a year old. It took a year to get the final answer from my insurance company. A fire took 2 of my pinball machines. I had 200k in personal property insurance. These were called "collectible" by the adjuster and my total reimbursement for all collectibles was $1500.(Scared Stiff and TAF) I contacted the MN insurance commissioner and they agreed that they should be paid for based on my policy wording, but could not force the company. They fought it tooth and nail, hiring a lawyer to say the following:" More than one makes a collection", "Ebay has pinball machines under the collectible heading", "Pinball machines are collectible in nature". In short, I didn't get a dime for these machines. You can't take the agents word, my agent was on my side and he has pinball machines. He is just a salesman.

    As I have said dozens of times; Insurance COmpaNies are your friend, until something goes wrong.
    An "Adjuster" adjusts how little the COmpaNy will pay you.

    #96 1 year ago
    Quoted from Bendit:

    I included my wife in the picture for authenticity.

    What is her replacement value?

    1 week later
    #97 1 year ago
    Quoted from mnroadking:

    I see this thread is over a year old. It took a year to get the final answer from my insurance company. A fire took 2 of my pinball machines. I had 200k in personal property insurance. These were called "collectible" by the adjuster and my total reimbursement for all collectibles was $1500.(Scared Stiff and TAF) I contacted the MN insurance commissioner and they agreed that they should be paid for based on my policy wording, but could not force the company. They fought it tooth and nail, hiring a lawyer to say the following:" More than one makes a collection", "Ebay has pinball machines under the collectible heading", "Pinball machines are collectible in nature". In short, I didn't get a dime for these machines. You can't take the agents word, my agent was on my side and he has pinball machines. He is just a salesman.

    I have to admit the recent posts in this thread made me a little uneasy. So I went to the web site with a copy of my policy and took a careful look at all the fine print. I think where things diverge is we are all talking different insurance companies with different policies, etc. Case in point, I couldn't find any exclusion or limitation for anything categorized as a "collectable" on my policy. There are exclusions and limits for several things (cash, etc), but nothing that seemed like an adjuster could use to fit a pinball machine into to try to screw us over.

    That doesn't change the argument that I still may not be happy with the valuation placed on my items in the event of a loss. I'm going to go back to my agent and go another round on this. I have saved all his emails in the past where I was assured I was covered, but I'm thinking it may be worth the time to get some agreed values on all this...

    #98 1 year ago

    I have insurance with farmers. The maximum they will do is $75k insurance, I value my collection at about $85k. If I want more, it has to be a business insurance policy. 75k insurance would be $340/year. Anyone getting an better quotes?

    #99 1 year ago
    Quoted from viper001:

    I have to admit the recent posts in this thread made me a little uneasy. So I went to the web site with a copy of my policy and took a careful look at all the fine print. I think where things diverge is we are all talking different insurance companies with different policies, etc. Case in point, I couldn't find any exclusion or limitation for anything categorized as a "collectable" on my policy. There are exclusions and limits for several things (cash, etc), but nothing that seemed like an adjuster could use to fit a pinball machine into to try to screw us over.
    That doesn't change the argument that I still may not be happy with the valuation placed on my items in the event of a loss. I'm going to go back to my agent and go another round on this. I have saved all his emails in the past where I was assured I was covered, but I'm thinking it may be worth the time to get some agreed values on all this...

    I did the same and spoke with my agent. Basically you are at the mercy of the adjuster as to the value in the event of a loss. My agent recommended scheduling the items which requires an appraisal (and I’m sure costs more money).

    Not to mention it isn’t easy to get an appraisal from someone you can trust to be fair. I haven’t heard of any companies on Pinside that provide appraisals.

    #100 1 year ago
    Quoted from Lermods:

    I have insurance with farmers. The maximum they will do is $75k insurance

    But haven't they seen a thing or two and it's covered?

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