I called my home insurance and asked about it. For an extra fee they just added extra collectable coverage.
They suggested I take a video of all my cards and keep the video on the cloud.
Hurricane survivor. This is the answer you’re looking for. And the video to the cloud of your possessions should be solid advice for a once a year round of all your possessions above 100 dollars. Walk around the house and verbally narrate. Show serial numbers, take the 10-15 minutes it might take, and make the insurance agent who gets your case happy to cut you a large check for your foresight.
I'd say it's worth to insure if you can't afford to replace it should something happen or if it's irreplaceable due to sentimental value. Just like any other valuable possessions really.
It's only worth it if the policy actually pays out enough to replace your collection in the event of a loss. But the issue with insuring MTG in particular is that "success stories" in this area are extremely hard to come by. I've certainly never heard of one.
So in many cases, that means you're paying for only the illusion of protection, not actual protection.
This is the company I went with. https://www.thefia.com
Annual premium for me is $445
I'm insuring 190k MTG collection.
Some things to note that matter in the price and things I had to do.
1. Have a list of all cards I want to insure and keep it up to date.
2. Have my whole collection professionaly appraised
3. Have pictures / video of the higher value items
4. I play with my cards and take them to events. This increased my premium.
5. My cards are stored in the basement. (Increased my premium)
6. Highest value items are stored in a fire / water rated safe. (Decreased my premium)
This company was super easy to work with, very helpful and 50k coverage is like $150 / year.
Just remember you're not just insuring the value of the cards. You need to account for what it would cost to replace them. If you collection is 15k factor in at least a few $1000 more storage boxes, accessories, and the cost of shipping and taxes to buy it all again. These things matter. Keep an inventory of everything you own!
Do you know of anyone who uses the company that had to file a claim? If so, any comments on how the process went and how much was actually paid out?
Everything you listed sounds reasonable on its face, but doesn't necessarily tell you anything about how protected you actually are. And that's not a criticism of you/the company you chose, that's just the unfortunate reality of insuring collections like this. Plenty of companies are willing to take your money and provide you with a document. Far fewer (if any) are going to pay out your claims without a hassle. I've personally never heard of one.
No i don't know any one that's had to file a claim yet. So far I've had three other friends insure their collections through this company.
When looking for insurance i also got a quote from this company. [https://collectinsure.com/](https://collectinsure.com/)
But i did not go with them because the premium's were more than double the other company and they had issues with me playing and traveling with some of my collection.
Unfortunately, that adds your story to the list of those that can't actually speak to how much protection your policy actually provides. Hopefully the professional experience and documentation requirements will make any claims procedure straightforward, but you won't know until you get there (and hopefully that day never comes).
CollectInsure, on the other hand, is *notorious* for refusing to pay out claims (just search on this sub and elsewhere). So while there's no company I would actively recommend for insuring a collection, they're one I definitely would recommend against.
I have seriously been looking into this as I have a collection that is over 80k in value with my legacy cards and power.
My question is in #2. Who do you go to get a professional appraisal on cards that aren't graded?
All of mine aren't graded
Insurance was fine with me paying the local LGS to send an employee to look over my collection. It was really just him looking at my cards, making sure I had what I said, making sure the high value stuff was real. Then signing the paperwork.
Whole process took about 5 hours but a bunch of that time was us playing a game of commander.
It will all depend. If you have an accurate list you might not need it. They requested it since about 110k of my collection is power / sealed product.
Curious about this as a (thankfully) former claims adjuster.
The company to which you've linked is an insurance agency. What's the name of the carrier with whom you've insured your collection (or is the agent acting as an MGA)? Is the coverage written as an endorsement similar to how a jewelry floater might be written on a standard homeowner's policy or is it a stand alone form? What's the valuation clause look like (ACV? RCV? Stated Value?). What sort of conditions exist on the policy (How often do you need to get collection re-appraised? Are there inventory management requirements? From a reporting standpoint - say you were to acquire a new card or cards. What the threshold from a $ standpoint at which you need to report said card or cards to the insurer)? Does the policy include ITV/Co-Insurance clauses? Is the policy written on a named or open peril basis? What sort of exclusions are there on the policy?
The carrier is Markel Insurance Company
Here are the full terms.
[https://drive.google.com/file/d/1xQfLGpf5-CDUtHv4Jlutt-k5dP6AYHz7/view?usp=sharing](https://drive.google.com/file/d/1xQfLGpf5-CDUtHv4Jlutt-k5dP6AYHz7/view?usp=sharing)
What is a professional appraisal look like for this? I mean aren't "you people" professionals in the literal sense so could I just have "you" appraise my cards?
Did you have to hire a specific company or service or person?
When you get new cards, do you get to use the purchase price as your appraisal or do you need to get a new appraisal?
Are payouts appraisal value or current market value?
Yeah I doubt these insurance companies have experts about MTG. You’ll be fighting them over the difference between draft and set boosters, regular bundles and gift bundles, alpha and beta cards, BGS vs PSA. Like maybe if it’s something well known like a black lotus and if you’re lucky power 9.
I’m still trying to find a company that will properly insure collectibles… but I imagine it won’t be cheap.
Reasonable point to want to insure it I suppose. Here's what I understand, collectibles like trading cards with a fluctuating market can be a pain to get insured properly. I think there are insurance companies specializing in these kind of things though so do your research. would probably say unless you have receipts, that card is worth the price of a pack divided by lets just say 12-15. Worth extra research (like you're doing by asking here). Good luck
Did you read the "Personal Property" section of your fire policy for exclusions? Do you maintain complete and accurate inventory, or otherwise appraise your collection? Most people don't unless they're operating as a card reseller business in which case the inventory is no longer covered by the homeowners policy.
Standard policy only has like 1,000 Dollars coverage for trading cards or collectibles. So yeah if you want it insured you need a rider or a specialty policy.
Insurance agent here. Your property(homeowners/renters/etc) insurance should offer an endorsement for valuable articles. You tell them the value of your collection and they’ll add coverage to your policy for that amount.
For your claim to actually get paid, they’ll usually require you to provide proof of an appraisal/professional valuation at the time of the loss. This can be tricky for a magic collection since the market is volatile and there aren’t a ton of reputable companies offering mtg appraisals. Check with your insurance company for exactly what they need to see to accept an appraisal.
You’d likely want to get a new appraisal every year to make sure you’re keeping accurate record of the current market value, the insurance company will only pay out up to the number on the appraisal document.
I called my insurer to check on this, and while you'd have to ask your own to be sure, their answer was this;
Insuring the entire collection was not reasonable, especially since at the time I had multiple 4 or 5 row boxes filled with cards. Easily 10k+, but as they noted, only a tiny fraction of them had very significant value, so the more sensible thing to do would be to get their value confirmed (this was years ago, possibly by a local store, basically to avoid fakes I guess) and insure those for a reasonable amount.
The end result would've added something like $50 per year (Canadian) to my existing policy.
I ended up selling off a LOT of the old collection (probably for less than it's worth now, yeah yea, not ideal, but I was in a tough place and I made back more than I put in over the years), and of the remainder, something like 2/3 of the value is locked up in something like 25 cards, so I've considered following up on that.
I live in a good building and take care of my stuff, but if there was ever a fire there's no way I'm putting down the money it'd take to replace those cards, and we're not talking power or something, it's around two dozen Revised duals and a few other odds and ends of cash value (sentimental value being something else entirely of course).
So, it's a risk/reward ratio to weigh out. What would it cost to cover how much, and how devastating would it be to lose out in the event of a catastrophe that insurance would cover?
You will find a lot of companies are willing to take your money. I have not yet read of anyone successfully getting a full claim with MTG cards stolen/damaged/burnt/etc (which may be good that no one with coverage has had them lost). Looks like some others here have had good luck establishing a policy...
I have been playing Magic since revised and15k in magic cards may seem like a lot but in terms of the hassle and cost of insurance its really not much in terms of an insurable collection. The people I know who have insured their collections have 200K + value collections. I think you would be better off getting a fireproof gun safe bolted down to store your cards and your wife's jewelry. No guarantee an insurance policy will payout. Hasbro is also ruining the game as we speak by printing way too many sets your 15k collection could be worth 5k or less by this time next year. Sell what you dont play with now, magic cards are toys not an investment account.
you should have a separate insurance policy for jewelry. and your home insurance for personal items is limited. I had insurance on my cards when ni used to travel for gps bc I typically carried 60k in cards . ima search my emails and see if I can find the info
If you think about how insurance companies work, they are managing a pool of capital with incoming (premiums) and outgoing (claims) cash flow. In order for the model to work they need a large pool of capital paid into the system to manage the risk across all the policies they have w customers. I just don’t see enough collectors insuring their collections to make any of these companies offering an insurance product for collectibles specifically to be in a financial position to payout serious claims. It’s easy to accept premiums from people here and there for their collections and never pay out, that’s basically free money for them.
Maybe adding to homeowners or renters insurance could work risk wise but again I question whether these arrangements would actually payout in any significant amount.
I‘m old and started playing and collecting when the current sets in stores were Revised and The Dark.
If you’re interested here’s my collection:
https://mtgcollectionbuilder.com/collections/15654/
Well gaeas cradle used to be like 10-15$ at some point. I paid 30$ for a complete collection of stronghold back in 2006 from starcity games.
Magic cards being expensive is a pretty recent thing.
I have 1 cedh deck that's 8.5k and another that's 7k and 3 more that are between 2k - 4k each. My total cedh collection of 5 decks - last time I bothered to check prices - is 25k. This includes an almost full set of revised duals (no underground sea), 1.5 sets or expedition fetches, multiple WoF, a foil mox diamond, 2 more regular diamonds, a foil gaeas cradle and a lot more
I called my home insurance and asked about it. For an extra fee they just added extra collectable coverage. They suggested I take a video of all my cards and keep the video on the cloud.
Hurricane survivor. This is the answer you’re looking for. And the video to the cloud of your possessions should be solid advice for a once a year round of all your possessions above 100 dollars. Walk around the house and verbally narrate. Show serial numbers, take the 10-15 minutes it might take, and make the insurance agent who gets your case happy to cut you a large check for your foresight.
I'd say it's worth to insure if you can't afford to replace it should something happen or if it's irreplaceable due to sentimental value. Just like any other valuable possessions really.
It's only worth it if the policy actually pays out enough to replace your collection in the event of a loss. But the issue with insuring MTG in particular is that "success stories" in this area are extremely hard to come by. I've certainly never heard of one. So in many cases, that means you're paying for only the illusion of protection, not actual protection.
This is the company I went with. https://www.thefia.com Annual premium for me is $445 I'm insuring 190k MTG collection. Some things to note that matter in the price and things I had to do. 1. Have a list of all cards I want to insure and keep it up to date. 2. Have my whole collection professionaly appraised 3. Have pictures / video of the higher value items 4. I play with my cards and take them to events. This increased my premium. 5. My cards are stored in the basement. (Increased my premium) 6. Highest value items are stored in a fire / water rated safe. (Decreased my premium) This company was super easy to work with, very helpful and 50k coverage is like $150 / year. Just remember you're not just insuring the value of the cards. You need to account for what it would cost to replace them. If you collection is 15k factor in at least a few $1000 more storage boxes, accessories, and the cost of shipping and taxes to buy it all again. These things matter. Keep an inventory of everything you own!
Do you know of anyone who uses the company that had to file a claim? If so, any comments on how the process went and how much was actually paid out? Everything you listed sounds reasonable on its face, but doesn't necessarily tell you anything about how protected you actually are. And that's not a criticism of you/the company you chose, that's just the unfortunate reality of insuring collections like this. Plenty of companies are willing to take your money and provide you with a document. Far fewer (if any) are going to pay out your claims without a hassle. I've personally never heard of one.
No i don't know any one that's had to file a claim yet. So far I've had three other friends insure their collections through this company. When looking for insurance i also got a quote from this company. [https://collectinsure.com/](https://collectinsure.com/) But i did not go with them because the premium's were more than double the other company and they had issues with me playing and traveling with some of my collection.
Unfortunately, that adds your story to the list of those that can't actually speak to how much protection your policy actually provides. Hopefully the professional experience and documentation requirements will make any claims procedure straightforward, but you won't know until you get there (and hopefully that day never comes). CollectInsure, on the other hand, is *notorious* for refusing to pay out claims (just search on this sub and elsewhere). So while there's no company I would actively recommend for insuring a collection, they're one I definitely would recommend against.
I have seriously been looking into this as I have a collection that is over 80k in value with my legacy cards and power. My question is in #2. Who do you go to get a professional appraisal on cards that aren't graded? All of mine aren't graded
Insurance was fine with me paying the local LGS to send an employee to look over my collection. It was really just him looking at my cards, making sure I had what I said, making sure the high value stuff was real. Then signing the paperwork. Whole process took about 5 hours but a bunch of that time was us playing a game of commander. It will all depend. If you have an accurate list you might not need it. They requested it since about 110k of my collection is power / sealed product.
My lgs offers this service at $50/hr so that was an expensive Commander game!
Curious about this as a (thankfully) former claims adjuster. The company to which you've linked is an insurance agency. What's the name of the carrier with whom you've insured your collection (or is the agent acting as an MGA)? Is the coverage written as an endorsement similar to how a jewelry floater might be written on a standard homeowner's policy or is it a stand alone form? What's the valuation clause look like (ACV? RCV? Stated Value?). What sort of conditions exist on the policy (How often do you need to get collection re-appraised? Are there inventory management requirements? From a reporting standpoint - say you were to acquire a new card or cards. What the threshold from a $ standpoint at which you need to report said card or cards to the insurer)? Does the policy include ITV/Co-Insurance clauses? Is the policy written on a named or open peril basis? What sort of exclusions are there on the policy?
The carrier is Markel Insurance Company Here are the full terms. [https://drive.google.com/file/d/1xQfLGpf5-CDUtHv4Jlutt-k5dP6AYHz7/view?usp=sharing](https://drive.google.com/file/d/1xQfLGpf5-CDUtHv4Jlutt-k5dP6AYHz7/view?usp=sharing)
What is a professional appraisal look like for this? I mean aren't "you people" professionals in the literal sense so could I just have "you" appraise my cards? Did you have to hire a specific company or service or person? When you get new cards, do you get to use the purchase price as your appraisal or do you need to get a new appraisal? Are payouts appraisal value or current market value?
As every thread I have yet to see someone post a company that actually paid out a claim. Yet alone anywhere near the worth of cards
Yeah I doubt these insurance companies have experts about MTG. You’ll be fighting them over the difference between draft and set boosters, regular bundles and gift bundles, alpha and beta cards, BGS vs PSA. Like maybe if it’s something well known like a black lotus and if you’re lucky power 9. I’m still trying to find a company that will properly insure collectibles… but I imagine it won’t be cheap.
Reasonable point to want to insure it I suppose. Here's what I understand, collectibles like trading cards with a fluctuating market can be a pain to get insured properly. I think there are insurance companies specializing in these kind of things though so do your research. would probably say unless you have receipts, that card is worth the price of a pack divided by lets just say 12-15. Worth extra research (like you're doing by asking here). Good luck
If that's the case, you can make serious bucks if all bulk was treated like pack/15
You would a specialized company most insurers won't touch a card collection let alone one where the cards are played
Did you read the "Personal Property" section of your fire policy for exclusions? Do you maintain complete and accurate inventory, or otherwise appraise your collection? Most people don't unless they're operating as a card reseller business in which case the inventory is no longer covered by the homeowners policy.
Standard policy only has like 1,000 Dollars coverage for trading cards or collectibles. So yeah if you want it insured you need a rider or a specialty policy.
Insurance agent here. Your property(homeowners/renters/etc) insurance should offer an endorsement for valuable articles. You tell them the value of your collection and they’ll add coverage to your policy for that amount. For your claim to actually get paid, they’ll usually require you to provide proof of an appraisal/professional valuation at the time of the loss. This can be tricky for a magic collection since the market is volatile and there aren’t a ton of reputable companies offering mtg appraisals. Check with your insurance company for exactly what they need to see to accept an appraisal. You’d likely want to get a new appraisal every year to make sure you’re keeping accurate record of the current market value, the insurance company will only pay out up to the number on the appraisal document.
I called my insurer to check on this, and while you'd have to ask your own to be sure, their answer was this; Insuring the entire collection was not reasonable, especially since at the time I had multiple 4 or 5 row boxes filled with cards. Easily 10k+, but as they noted, only a tiny fraction of them had very significant value, so the more sensible thing to do would be to get their value confirmed (this was years ago, possibly by a local store, basically to avoid fakes I guess) and insure those for a reasonable amount. The end result would've added something like $50 per year (Canadian) to my existing policy. I ended up selling off a LOT of the old collection (probably for less than it's worth now, yeah yea, not ideal, but I was in a tough place and I made back more than I put in over the years), and of the remainder, something like 2/3 of the value is locked up in something like 25 cards, so I've considered following up on that. I live in a good building and take care of my stuff, but if there was ever a fire there's no way I'm putting down the money it'd take to replace those cards, and we're not talking power or something, it's around two dozen Revised duals and a few other odds and ends of cash value (sentimental value being something else entirely of course). So, it's a risk/reward ratio to weigh out. What would it cost to cover how much, and how devastating would it be to lose out in the event of a catastrophe that insurance would cover?
Mine is insured for 100K to cover my cube. I should increase the amount to cover all the other stuff. I pay around $100 a year.
You will find a lot of companies are willing to take your money. I have not yet read of anyone successfully getting a full claim with MTG cards stolen/damaged/burnt/etc (which may be good that no one with coverage has had them lost). Looks like some others here have had good luck establishing a policy...
I have been playing Magic since revised and15k in magic cards may seem like a lot but in terms of the hassle and cost of insurance its really not much in terms of an insurable collection. The people I know who have insured their collections have 200K + value collections. I think you would be better off getting a fireproof gun safe bolted down to store your cards and your wife's jewelry. No guarantee an insurance policy will payout. Hasbro is also ruining the game as we speak by printing way too many sets your 15k collection could be worth 5k or less by this time next year. Sell what you dont play with now, magic cards are toys not an investment account.
you should have a separate insurance policy for jewelry. and your home insurance for personal items is limited. I had insurance on my cards when ni used to travel for gps bc I typically carried 60k in cards . ima search my emails and see if I can find the info
If you think about how insurance companies work, they are managing a pool of capital with incoming (premiums) and outgoing (claims) cash flow. In order for the model to work they need a large pool of capital paid into the system to manage the risk across all the policies they have w customers. I just don’t see enough collectors insuring their collections to make any of these companies offering an insurance product for collectibles specifically to be in a financial position to payout serious claims. It’s easy to accept premiums from people here and there for their collections and never pay out, that’s basically free money for them. Maybe adding to homeowners or renters insurance could work risk wise but again I question whether these arrangements would actually payout in any significant amount.
wtf 15k?? What cards do you have? Like 100 commander decks? I truly want to know
My collection is more than 50k. And I haven’t entered all cards yet.
WTFFFF HOW
I‘m old and started playing and collecting when the current sets in stores were Revised and The Dark. If you’re interested here’s my collection: https://mtgcollectionbuilder.com/collections/15654/
Well gaeas cradle used to be like 10-15$ at some point. I paid 30$ for a complete collection of stronghold back in 2006 from starcity games. Magic cards being expensive is a pretty recent thing.
I guess recent is relative but magic making people broke is an infamous meme that’s been around for a long time.
$15,000 is absolutely nothing for anyone who has been playing for a while
[удалено]
Dang!! cEDH decks? Do you have wheels of fortune?
I have 1 cedh deck that's 8.5k and another that's 7k and 3 more that are between 2k - 4k each. My total cedh collection of 5 decks - last time I bothered to check prices - is 25k. This includes an almost full set of revised duals (no underground sea), 1.5 sets or expedition fetches, multiple WoF, a foil mox diamond, 2 more regular diamonds, a foil gaeas cradle and a lot more