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Re: Insurance Appraisal
Thain
Joined:
2006/5/26 20:36
From Oregon, USA
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One other thought on the appraisal - it is less important to get an appraisal now, as they will pay you the value at the time of loss, not at the time the policy was taken out. They leave it to you to guess (or get an expert opinion) on the value of your collection and choose how much you insure it for. Then, at the time of loss, if the official appraisal (based on the documentation you have for the books you lost) comes in lower than your policy, they pay the lower value. If it comes in over your policy amount, they pay the policy amount and you are out of luck for the difference.

So basically, your best bet is to insure your collection for how much it will appraise for when you lose it.

Again, the insurer may well ask you to get an appraisal when you get the policy.

Posted on: 2011/10/13 9:55
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- Jeremy


Re: Insurance Appraisal
Thain
Joined:
2006/5/26 20:36
From Oregon, USA
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From my personal perspective:

The insurance company will let you declare your "personal property" for any value you want. They typically cover a certain percentage of the value of your house by default in your homeowner's policy. (If you are a renter, renter's insurance is a good idea but another topic). If what you delcare is higher than the default, they will make you get a rider (additional insurance). They may ask you to get it appraised if it is very high value, but that is up to them.

If (fingers crossed never) you have a loss, they will not pay you until you can prove your loss. This is key - before you have a loss, you should either get an official appraisal, or you should self-document - photographs of what you own, receipts from purchase, etc. - everything needed to prove "replacement value". They WILL NOT take your word for a loss - if you can't prove that pile of ash (or broken window for theft) was a $1000 copy of The Hobbit, they will pay you $20 to go buy a new hardcover copy. That's replacement value, in their book.

Your self documentation needs to be stored offsite (in a safe deposit box, for example) for obvious reasons.

I have not had to file a claim yet, so this is just anecdotal from conversations I have had and my own conversation with my insurer. I do not know if digital pics would be accepted, given how easy they are to scrounge off the Internet they may not take it as evidence you actually owned the book(s) in question.

Just my opinions, again...

In any event, it is a good idea to have documented what you own, what you paid for it, etc.

Good question!

Posted on: 2011/10/13 9:51
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- Jeremy


WANTED: 6. The Misty Mountains Post Card
Just popping in
Joined:
2011/10/13 8:16
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Hello,

I'm very interested in purchasing the #6 card, The Misty Mountains, from the Tolkien Cards, The Hobbit Series One. It's now the only one I'm missing. I have spares of some of the others and would be willing to trade.

Thanks,

Michael

Posted on: 2011/10/13 8:25


Re: Hatchards Leather Quarter bound Hobbit (No Reserve)
Shirrif
Joined:
2007/8/16 4:56
From Scotland
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I see it went for £380. The winner would have been better just going straight to Thorntons (as Stu mentioned) and buying it...

BH

Posted on: 2011/10/13 7:31
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You drive a hard bargain – you can have it for £10 all-in – one consolation (for you) is that you do not have to hear the cries of my children, for bread...


Re: Insurance Appraisal
Shirrif
Joined:
2007/8/16 4:56
From Scotland
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Shirrif
Posts: 1791
Offline
Every time I go to PBFA fair I get some flyer about a company who provide specialist book (collection) insurance --I don't have the information to hand, and have no idea how reputable they are, but clearly there are companies out there providing this kind of service. That aside, all you can do is insure to value. I mean, never mind if you could replace them (i.e. if they are one-off's) --what would they cost right now to acquire? And make sure you are insured over and above this. If your house burns down --what have you lost in monetary terms?

BH

Posted on: 2011/10/13 2:04
_________________
You drive a hard bargain – you can have it for £10 all-in – one consolation (for you) is that you do not have to hear the cries of my children, for bread...



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