Is it possible to insure your game collection?

[gepeto]

Hello,
I was just wondering is it possible to get a game collection covered by insurance and if so what would an insurance for something like that be called and how would one go about aquiring some. The last agent i spoke to I had informed him that I would like my expensive collection covered game collection he treated me like I was running some type of game. Please help me if you can. Ps If it is covered in your homeowners insurance how do you get them to recognize your collection and treat it as such. I think this is a overlooked issue usually looked at when it is too late.. I am just tryiing to protect myself in the event of some tragic event.
Thanks,
Gepet0

[Cirrus]

I recently signed up for homeowner's insurance and the agent factored it into my possessions. That's probably the way to go.

[WanganRunner]

Yeah, definitely homeowners or renters insurance.

You can seperately insure anything, but it'll cost you a fortune.

[esquire]

This is a good question that I have always wondered about myself. I know you can insure the electronics in your house as part of the contents. You just have to prove ownership and value. To that end, I keep receipts for all my games that I purchase retail. The best place is to keep them in a fireproof safe or box. As for the more collectible games, I am not sure. I would still keep copies of all ebay receipts and maybe keep an inventory list somewhere, including taking a photograph of your collection. Whether the insurance company would actually insure them or not is another question. I know you can insure stamp and coin collections, so I don't see why not. I am sure an appraiser would have to come out and do a valuation of the collection, but let's be honest, I don't think insurers have anyone with that knowledge.

The other problem you may experience is that in the case of the loss, most insurance policies only give you Actual Cash Value, as opposed to Replacement Cost Value. Thus, if I lose a game due to a fire, and I paid $1 at a thrift, yet its worth $100, I'll only get $1 for it. I suppose you can get a policy for Replacement Cost Value, but the premiums would be a lot higher.

I am guessing it is possible, but it will prove more difficult than say insuring a coin collection whose value is more easily determinable.

Let me know what you find ou. I have been thinking of doing this myself.

[hydr0x]

I recently signed up for homeowner's insurance and the agent factored it into my possessions. That's probably the way to go.

yep, same here, increased the amount i have to pay though ;)

[MegaDrive20XX]

Very much so, my friend records every single game he gets by Bar Code, Serial Numbers, UPC codes on the games and Reciepts, etc.

[Flack]

Want advice on insuring my game collection
http://www.digitpress.com/forum/viewtopic.php?t=47824

[Barbarianoutkast85]

Yea its possible it would be under either homeowner or renters insurance I would think.

[Barbarianoutkast85]

But if i had insurance on my collection then something happened to my house and i lose the collection. Even after the insurance company gave me the check for my lose I dont know if id collect games like i do now. In other words ive put to much time and money into it to start all over again.

[vulcanjedi]

But if i had insurance on my collection then something happened to my house and i lose the collection. Even after the insurance company gave me the check for my lose I dont know if id collect games like i do now. In other words ive put to much time and money into it to start all over again.

Time spent is one thing you can't factor in to an insurance check. Starting with a 6 switch 2600 my Parents bought my sister in 1981 when I moved out ( which I talked them into giving me in 1984 ) trying to calculate time spent at yard sales or flea markets would make my head spin.

You can get insurance to cover replacement value minus a deductibile but it is way too expensive. With normal insurance you get some depreciated value. In either case it is very important to have a good inventory documented. Not much difference to the insurance company if it's mint or ex rental. And add some pictures. And store the inventory list in multiple places. Not much point in keeping everything on your home computer if it is going to burn up in the same fire.

VJ

[hydr0x]

With normal insurance you get some depreciated value.

not always, my "normal" insurance covers replace value, which basically means i have to rebuy everything and they give me the money for it after that if i can show them i owned the item in the past (thus the inventory)

of course they will handle it like this to make things easier: i have to estimate how much i need to replace everything, they check if it sounds ok, then they pay me the money. i asked them what happens if the money ain't enough to replace everything i had and they are going to pay a 2nd amount if needed :)

in fact this means: i have to overestimate value a little to be sure to be able to replace anything without too much hassle...

so anything can be replaced (quite fast most of the time), the only problem are one-of-a-kinds or games with less than 50 known copies

[rbudrick]

http://www.digitpress.com/forum/viewtopic.php?t=7942
http://www.digitpress.com/forum/viewtopic.php?t=16466
http://www.digitpress.com/forum/viewtopic.php?t=17536
http://www.digitpress.com/forum/viewtopic.php?t=28451
http://www.digitpress.com/forum/viewtopic.php?t=29230
http://www.digitpress.com/forum/viewtopic.php?t=30031
http://www.digitpress.com/forum/viewtopic.php?t=47723

Just for reference....there's been a few threads on this.

-Rob