(Topic ID: 150733)

How do you purchase insurance on your pins?

By Lkck1969

8 years ago


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Topic Stats

  • 30 posts
  • 13 Pinsiders participating
  • Latest reply 8 years ago by pinbum
  • Topic is favorited by 8 Pinsiders

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    #1 8 years ago

    I'm getting ready to start a new policy to cover my homeowners insurance..Can i get a sperate policy for the value of my pins?

    #4 8 years ago

    Thanks for the information

    #5 8 years ago
    Quoted from Lkck1969:

    I'm getting ready to start a new policy to cover my homeowners insurance..Can i get a sperate policy for the value of my pins?

    Probably a good question for your insurance company. I have a rider on my home owners policy, and have to pay extra.

    #7 8 years ago

    I just got a quote through Collectibles Insurance Services for $60,000 coverage at $374 a year. Should know if i am approved on Monday or Tuesday. This was the first insurance that i called ,maybe cheaper else where.

    #8 8 years ago

    Just to make another note, my home owners said they were covered under my policy but would not put it in writing. So i am going with something more secure.

    #9 8 years ago

    I would check with your agent/insurance company. My pins are covered in my homeowners policy under contents, I have verified coverage in writing with the underwriter since I'm an agent. The example I gave was the Woz pinball machine cost new 9k. Covered.

    That being said my pins don't move, no shows, vending etc,.

    #10 8 years ago

    Checked with my insurance and all i get is, they should be covered. Should, when dealing with these companies is not good enough for me.

    #11 8 years ago
    Quoted from pinbum:

    Checked with my insurance and all i get is, they should be covered. Should, when dealing with these companies is not good enough for me.

    AKA we will do everything we can to try and not have to pay for them =D.

    I just went through a home owners claim in november... some heroin junky busted into my house (who got caught later). I was a bit worried i would have to fuss with them about having receipts for all the stuff that got stolen, but they didnt. They paid everything i claimed sans some depreciation. The most hassle was getting them to replace the back door. Even though it was kicked in and the frame was busted, they only wanted to pay for fixing it. I pressed the issue a bit and then they paid to replace it. Kind of odd just the back door was what they wanted to fuss over.

    No pins where damaged, but i feel like if they where, they would have paid them. I got full near value for old galaxy s3 smart phone and stuff like that.

    #12 8 years ago
    Quoted from pinbum:

    Checked with my insurance and all i get is, they should be covered. Should, when dealing with these companies is not good enough for me.

    Read the entire thread that was quoted earlier in this thread. You are most likely wasting your money with this collector insurance, assuming you have a decent policy with contents replacement on your home. That company was called out about their coverage and we found out it is secondary coverage to your primary homeowners policy anyway. But in any case do you research and understand what you already have before buying more.

    #13 8 years ago

    I am one of those sleazy insurance guys. It really depends on the company. Different insurers have different individual item limits that they will pay without items having to be scheduled. You really have two options. Schedule any individual game that is above that individual limit your insurance company will cover on a separate endorsement or as was mentioned in a previous post here, you can look for an individual collectors policy.

    #14 8 years ago
    Quoted from DuckBrian:

    I am one of those sleazy insurance guys. It really depends on the company. Different insurers have different individual item limits that they will pay without items having to be scheduled. You really have two options. Schedule any individual game that is above that individual limit your insurance company will cover on a separate endorsement or as was mentioned in a previous post here, you can look for an individual collectors policy.

    One thing you should do regardless of which way you go, is to take updated pictures of your collection anytime you change something just as proof of what you had in your collection at that time.

    #15 8 years ago
    Quoted from DuckBrian:

    Schedule any individual game that is above that individual limit your insurance company will cover on a separate endorsement or as was mentioned in a previous post here, you can look for an individual collectors policy.

    I agree with the first bit of your advice wholeheartedly. Folks should read their policy to see what the limits are. For my policy there was not a limit that applied to the pinball machines aside from the overall limit of my coverage. But the additional collector insurance is a poor value IMHO. They are always going to insist on your primary coverage paying first, in the event you aren't able to collect from them what you agreed it was worth they will pay the difference. Folks should understand that, it's not like you can collect the full amount of what each company says it was worth and you are getting double coverage.

    #16 8 years ago

    One point I would make if you don't know this already. Most pins are in the basement so even it you have a NFIP flood insurance it doesn't cover anything below the ground floor except mechanicals. So if your basement is flooded better hope you have sewer back up and drain coverage and hope that's the cause of flooding.

    #18 8 years ago

    From reading all the threads about pinball coverage i have not heard of one claim where someones homeowners policy has been used. Am i missing something, or somewhere, to validate they cover collectibles {Pinball}. A few agents on here say yes it is covered under contents. But will someone chime in on an actual event, where they used a regular homeowners policy to collect there loss.

    #19 8 years ago

    Be wary of how your insurance company will reimburse on the loss...you want replacement value. Make detailed notes on condition of you have high end condition pins, track like sales you can use right out the gate to defend your price...just because you lost value xyz for your game when you get the insurance doesn't mean they will pay you xyz if an incurable event occurs.

    Protect yourself.

    #20 8 years ago
    Quoted from pinbum:

    But will someone chime in on an actual event, where they used a regular homeowners policy to collect there loss.

    It would be nice to hear the same story about a specialized collector policy paying out on a claim.

    #21 8 years ago

    Yes it would be good information but fortunately it seems needing to make an insurance claim is a rare occurrence.

    Eric

    #22 8 years ago
    Quoted from viper001:

    It would be nice to hear the same story about a specialized collector policy paying out on a claim.

    Either way, specialized or regular. I have been on pinside long enough to read on threads about water damaged machines and burnt pins, but no threads if insurance was involved.

    #23 8 years ago

    Just went with secondary coverage on my machines. This is how it works ,if homeowners policy low balls the value of each machine the Collectibles insurance picks up the difference for actual value from recent sales of that title. I just think for $377 a year for $60,000 coverage is not so bad. We are the lightning capital of the United States.

    #24 8 years ago
    Quoted from pinbum:

    We are the lightning capital of the United States.

    Florida: The lightning capital of the United States.

    Much better (and more honest) than the Sunshine State. Every time I'm down there (and I try to avoid it), at 5 o'clock you can see me looking like a wet albino rat, running down the sidewalk trying to dodge the lightning bolts that are shooting up my ass.

    And thanks for sending NJ all your hurricanes.

    #25 8 years ago

    True, in the summer from the west, here comes the thunder storms and it can get brutal. You can keep the hurricanes

    #26 8 years ago

    I had a recent conversation with my insurance company and am still waiting on detailed/specific answers on coverage.
    It is one of those questions you just often forget to ask.

    #27 8 years ago
    Quoted from pinbum:

    Just went with secondary coverage on my machines. This is how it works ,if homeowners policy low balls the value of each machine the Collectibles insurance picks up the difference for actual value from recent sales of that title. I just think for $377 a year for $60,000 coverage is not so bad. We are the lightning capital of the United States.

    By your own explanation they didn't sell you $60,000 in coverage. Assuming $60,000 is the fair market, provable value of your games you bought coverage for whatever part of that your homeowners policy won't pay. Technically they should use the same valuation methods so with all things being equal your homeowners policy should be paying $60k (and your collector insurance will be completely off the hook which is what they are counting on), assuming you don't have item limits or overall policy limits that would prevent that. If you are thinking your homeowners might try to nickle and dime you on the valuation, maybe they get fussy and only pay out 55k. Then the secondary kicks in to pay you a grand total of 5k. You are made whole, but $377 for 5k in coverage is less appealing of a deal. Again, IHMO...

    #28 8 years ago
    Quoted from bax:

    I had a recent conversation with my insurance company and am still waiting on detailed/specific answers on coverage.
    It is one of those questions you just often forget to ask.

    I did this as well. And I made sure to have the conversations with my agent over email which I saved for posterity. At the end of the day all insurance agents are bonded so even if you have a disagreement with your company it might be helpful to have his assurance in writing down the road.

    #29 8 years ago
    Quoted from indybru:

    One point I would make if you don't know this already. Most pins are in the basement so even it you have a NFIP flood insurance it doesn't cover anything below the ground floor except mechanicals. So if your basement is flooded better hope you have sewer back up and drain coverage and hope that's the cause of flooding.

    I have the sewer back up and sump pump failure but in my area contents is limited to only $10,000. I cancelled my flood insurance after I found out they don't cover anything below ground level. I am debating on adding this collectors insurance.

    #30 8 years ago

    All i know is now i feel they are insured in all directions with out having to second guess if my home owners will try to weasel out of paying for them as a collectible instead of furnishing contents. Paying $377 is well worth it to me.

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