stargate
02-19-2004, 06:48 PM
I noticed there were a few posts lately asking about insurance for game collections and a few about collections being damaged in losses. Since I work in this field, I thought I would put together some frequently asked questions to offer some advice. Granted it's not the most exciting material, but it should be helpful. Just keep in mind, this is general information only. Laws and insurance policies vary between different insurers and different states. Any specific questions should be directed to your insurance agent.
I don’t own a home or a condo. Can I still get insurance?
>Yes, most insurance carriers offer renters insurance.
Do I need “special insurance” or specific coverage to cover my gaming collection?
>No, not necessarily. Most policies will cover your belongings whether they are collectible or not. While it is usually better to obtain specific coverage for collectible items, it is not always necessary.
What are the benefits of buying specific coverage for my collection?
>Well, usually you are covered for a wider variety of losses. Some policies will actually cover you for just about anything, even if you accidentally damage the items yourself such as by dropping them. It also gives you coverage specifically for your collection, so you know your policy has enough money to cover it. You can also have items appraised or listed at a certain value so there is no bickering over what it’s worth should you have a loss.
Is insurance expensive? I’m broke as it is.
>No, it’s usually quite cheap. I have pretty decent renter’s insurance with $15,000 in coverage for my stuff. I pay about $85 per year, or $7 per month. Even if I never use it, it is good peace of mind.
My stuff was damaged because of someone else. Won’t his insurance pay for it?
>No, not necessarily. Most policies will only cover other people’s property if there is negligence. Many losses are seen as “act of God” type events. So, if your neighbor has a pipe burst and it floods your apartment, his policy may cover him but not you.
Won’t my landlord’s policy cover me?
>Usually no.
What other types of things will I be covered for?
>Besides your personal property, many policies also cover you for things like temporary housing and the costs associates with getting by when your home or apartment is being repaired. Many policies also cover you for your own negligence. Maybe you leave the stove on and it starts a fire and damages the building. Or say you are playing baseball at a park and accidentally hit someone in the head with a ball or dent someone’s Mercedes, your homeowner’s or renter’s policy may cover this damage. The policy may also cover medical expenses if someone is injured on your property and dog bite injuries if your dog bites someone.
OK, I now have insurance. I am covered against everything, right?
>Wrong. No policy is going to provide “blanket coverage”. There are always certain exclusions as well as limits as to what is covered. The basic type losses are usually covered: theft, fire, water damage, etc, but even then there are exclusions. For example, some policies may cover water damage say if a pipe bursts, but won’t cover if the water damage is due to ground water, say if there are heavy rains and the water floods your basement. Again, insurance is a good idea and will cover you for most things. You should just not totally depend on insurance and take certain precautions. If you have extremely valuable stuff, keep it in a safe place, maybe a fireproof/waterproof safe. If you have certain games or systems you want to protect, maybe Rubbermaid containers. Use your head. If you live under someone, such as another apartment or condo, the risk of water damage is greater. If they have a toilet leak, a water heater let go, or a pipe burst, you will get flooded.
I don’t own a home or a condo. Can I still get insurance?
>Yes, most insurance carriers offer renters insurance.
Do I need “special insurance” or specific coverage to cover my gaming collection?
>No, not necessarily. Most policies will cover your belongings whether they are collectible or not. While it is usually better to obtain specific coverage for collectible items, it is not always necessary.
What are the benefits of buying specific coverage for my collection?
>Well, usually you are covered for a wider variety of losses. Some policies will actually cover you for just about anything, even if you accidentally damage the items yourself such as by dropping them. It also gives you coverage specifically for your collection, so you know your policy has enough money to cover it. You can also have items appraised or listed at a certain value so there is no bickering over what it’s worth should you have a loss.
Is insurance expensive? I’m broke as it is.
>No, it’s usually quite cheap. I have pretty decent renter’s insurance with $15,000 in coverage for my stuff. I pay about $85 per year, or $7 per month. Even if I never use it, it is good peace of mind.
My stuff was damaged because of someone else. Won’t his insurance pay for it?
>No, not necessarily. Most policies will only cover other people’s property if there is negligence. Many losses are seen as “act of God” type events. So, if your neighbor has a pipe burst and it floods your apartment, his policy may cover him but not you.
Won’t my landlord’s policy cover me?
>Usually no.
What other types of things will I be covered for?
>Besides your personal property, many policies also cover you for things like temporary housing and the costs associates with getting by when your home or apartment is being repaired. Many policies also cover you for your own negligence. Maybe you leave the stove on and it starts a fire and damages the building. Or say you are playing baseball at a park and accidentally hit someone in the head with a ball or dent someone’s Mercedes, your homeowner’s or renter’s policy may cover this damage. The policy may also cover medical expenses if someone is injured on your property and dog bite injuries if your dog bites someone.
OK, I now have insurance. I am covered against everything, right?
>Wrong. No policy is going to provide “blanket coverage”. There are always certain exclusions as well as limits as to what is covered. The basic type losses are usually covered: theft, fire, water damage, etc, but even then there are exclusions. For example, some policies may cover water damage say if a pipe bursts, but won’t cover if the water damage is due to ground water, say if there are heavy rains and the water floods your basement. Again, insurance is a good idea and will cover you for most things. You should just not totally depend on insurance and take certain precautions. If you have extremely valuable stuff, keep it in a safe place, maybe a fireproof/waterproof safe. If you have certain games or systems you want to protect, maybe Rubbermaid containers. Use your head. If you live under someone, such as another apartment or condo, the risk of water damage is greater. If they have a toilet leak, a water heater let go, or a pipe burst, you will get flooded.