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Post by southafrica1 on Nov 10, 2023 1:35:19 GMT
Is it possible to have an insurance policy for just your stamp collection or accumulation without having to document all your purchases and acquisitions over a number of years?
Just in case of fire or flood or any other nasty occurrence that would destroy or seriously damage your holdings. Something simple stating a ballpark value of your collection or accumulation without going into too much detail. This insurance policy would be separate from your regular homeowners policy for theft or fire etc.
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rod222
Member 
Posts: 11,047 
What I collect: Worldwide Stamps, Ephemera and Catalogues
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Post by rod222 on Nov 10, 2023 2:41:54 GMT
I include mine on my normal "Contents" I am a good risk, I'd say, not made a claim in 50 years of owning a house. I should really be up around $50,000 , next year I may up it to $15,000 Just to replace my Romania and Turkey albums, if they ever were lost.  |
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Post by carabop on Nov 10, 2023 2:43:34 GMT
Yes you can. Unless your stamp collection is very valuable your homeowners insurance should cover the loss.
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djcmh
Member
Posts: 794
What I collect: Worldwide
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Post by djcmh on Nov 10, 2023 6:16:32 GMT
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philatelia
Member
Captain Jack - my best kiloware find ever!
Posts: 3,655
What I collect: Ireland, Japan, Scandy, USA, Venezuela, Vatican, Bermuda, Austria
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Post by philatelia on Nov 10, 2023 9:24:08 GMT
Excellent recommendation from djcmh .
I strongly urge our members to consider going with specialized stamp collection insurance. The policies are tailored for philately and covers you where riders on your home insurance policy doesn’t.
This reminds me that I had started to videotape my collection to provide some documentation and that I really should finish.
THANK YOU southafrica1 for starting a thread about this important topic.
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angore
Member
Posts: 5,699
What I collect: WW, focus on British Empire
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Post by angore on Nov 10, 2023 11:00:44 GMT
I have Hugh Wood insurance (APS) for my collection. If there is a loss, I have been told they will expect evidence (like receipts) of the collection. In part, I have scanned almost everything and have an inventory in StampManage software. They do not ask for any evidence up front. You get a discount if the collection is in a safe or protected by a monitored security system.
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kasvik
Member
Posts: 607
What I collect: Cancels mostly, especially Sweden Gävle and Lidingö, Switzerland Geneva, Germany Pforzheim
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Post by kasvik on Nov 11, 2023 0:59:12 GMT
Hugh Wood isn't required, but APS makes it easy and the rates are fine. House insurance limits coverage of valuables. On my house policy the maximum for valuables is USD 3000 over the deductible. That's nice, but not enough for peace of mind. And there is a sneaky rub; if you file a claim, they want their money back.
My education came from a break-in ten years ago. Came home late to a strangely cold house, the cat sitting on the remnants of the side door. Amazingly, somebody confessed. The police picked him up and drove him around the neighborhood, asking 'Did you hit that one?' He was very agreeable. Whoever it really was, they took a lot of jewelry; nice stuff. Left my stamps alone. Insurance paid the USD 3000. But renewal time comes, and Geico/Travelers more than doubled our bill. They got it back fast. We're with State Farm now.
Let's hope there isn't a next time. But I'd rather try a claim with Hugh Wood.
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Post by nick2302 on Nov 11, 2023 15:41:28 GMT
My homeowners insurance is the pits when it comes to stamps, art, antiques and etc. Who keep receipts of everything they own? Even if that was done that paperwork would burn just as brightly as anything else or get swept away by a tornado. So next week I am going to call Hugh Woods and see what they have to say and what it take when a loss should ever (hopefully not) occur what is the drill like. When I find out I will post info here and let others know what the deal is. This collection has moved across country several times with no issues. I have been collecting since I was in my 30's after my Dad passed. It has been 40+ years growing and growing. I shall see what the deal is after reading a whole lot about it from the APS.
Nick
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