Magebane

Insuring Your Collection

8 posts in this topic

I am exploring different options on insuring my collection.

Has anyone else gone down this route and, if so, do you have any advice?

Also, in terms of placing a value on your book, does anyone have a sense of the fair market value for a complete, matched lettered Meisha Merlin and Sub Press set?

I looked into this last year and becca69 suggested about 20k.

Also, anyone have thoughts on the difference in value between a low letter set versus a high letter set (What would letter "A" be worth versus letter "B", "X", etc.)

Thanks in advance for any thoughts!

Edited by Magebane

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I think the price is still good at 20K. As far as lower numbers or letters on anything - they don't really affect the value unless it was owned by someone connected to the book in some way - the author's or artist copies, a special industry connection, etc. Other than that, if the limitation increased on a series and you can only obtain a full set under a certain number like the Dark Tower series - anything under #500 is worth more.

There are several companies that specialize in collectible insurance such as American Collectors or Collect Insure. They might be cheaper than a rider on your homeowner's. You can get quotes online pretty quickly.

They will look at market value. Just take the highest listings or sales you can find and they usually accept that if you have a claim - you decide what you want to insure for. Use different sources like Camelot, Ebay, Abebooks, etc.

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On 1/19/2017 at 7:52 AM, becca69 said:

I think the price is still good at 20K. As far as lower numbers or letters on anything - they don't really affect the value unless it was owned by someone connected to the book in some way - the author's or artist copies, a special industry connection, etc. Other than that, if the limitation increased on a series and you can only obtain a full set under a certain number like the Dark Tower series - anything under #500 is worth more.

There are several companies that specialize in collectible insurance such as American Collectors or Collect Insure. They might be cheaper than a rider on your homeowner's. You can get quotes online pretty quickly.

They will look at market value. Just take the highest listings or sales you can find and they usually accept that if you have a claim - you decide what you want to insure for. Use different sources like Camelot, Ebay, Abebooks, etc.

Great advice from Becca and I echo it.  I think the value of a lettered set won't change a thing with regard to its value unless the particular buyer wants or sees something unique in it.

With regard to insurance, I went through the bidding process and found that insurance can be exorbitant.  My recollection is that paying the premiums each year would quickly chew up the value of the books within a handful of years.  Maybe I just got bad quotes, but it ultimately wasn't worth it to me. 

Accordingly, I try to self-insure: books are kept away from direct sunlight in a barrister bookcase in a moisture and temperature controlled-room. If there's a catastrophe at my home (storm, fire, etc.) I think I'll chalk up a loss of any collector's items as a sunk cost, push for my homeowner's insurance to pay for it, and--if they won't--maybe lose a little sleep but likely just be grateful that I and my family are OK.

TL;DR: Insurance will be expensive.  Get lots of quotes and see if it makes sense for you financially and economically.

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Yes, probably won't be worth insuring just that set alone. If you have a large collection, it's worth it. But definitely check homeowner's to see what you need to do in order for them to be covered. My homeowner's (Liberty Mutual) covers the market value of my books as long as I have photos/descriptions of what I own.

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1 minute ago, becca69 said:

Yes, probably won't be worth insuring just that set alone. If you have a large collection, it's worth it. But definitely check homeowner's to see what you need to do in order for them to be covered. My homeowner's (Liberty Mutual) covers the market value of my books as long as I have photos/descriptions of what I own.

I didnt even know homeowners would cover that.

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Some do and some require a rider. It's worth a call to your company. 

Edited by becca69

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Just now, becca69 said:

Some do and some require a rider. It's worth a call to your company. 

Hmm. Interesting.

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I am in a bit of a different boat, as my collection has a lot of art as well.  But, my insurance company charges about $800 CDN ($600USD) a year for the rider I needed...  So, that seems pretty reasonable for me.   It's worth a few calls around to see... Ideally, you could combine it with a general contents policy, and you may get a bit of a price break.  

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