marbles
Member 
Posts: 101
What I collect: Nothing too expensive for commonwealth
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Post by marbles on Feb 25, 2024 9:20:00 GMT
Hi all, has anyone got their stamps insured and if so would we need to get a valuer out?
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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 Feb 25, 2024 12:38:13 GMT
Hi all, has anyone got their stamps insured and if so would we need to get a valuer out? What is your personal assessment of your collection's worth? ..and how did you arrive at it? |
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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 Feb 25, 2024 21:16:48 GMT
I would suggest talking to the insurer and I would use an insurer that specializes in collectibles such as Hugh Wood who is the APS preferred insurer.
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salmantino
Member
Posts: 266
What I collect: Specialised UK and overprints, Ireland, Netherlands, Spanish permanent stamps.
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Post by salmantino on Feb 25, 2024 21:22:34 GMT
Is OP from the USA?
Insuring makes sense if you have a valuable collection with rare stamps. The premiums can add up over time.
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Post by nick2302 on Feb 26, 2024 2:02:50 GMT
For the average stamp collector there is money for stamps and supplies or for fancy albums and equipment. Insurance is a topic all its own. It surprising how much money you can tie up in the collection without realizing it. How crushed would you be if the whole collection got flooded or burned up? Depending on where you live is a factor on the chances that something not great could possibly happen. It is a roll of the dice. As much as I would be upset about losing my collection, I take the change I may lose it all. Scary to think about. Let us know what you conclusion came to.
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salmantino
Member
Posts: 266
What I collect: Specialised UK and overprints, Ireland, Netherlands, Spanish permanent stamps.
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Post by salmantino on Feb 26, 2024 7:34:25 GMT
For the average stamp collector there is money for stamps and supplies or for fancy albums and equipment. Insurance is a topic all its own. It surprising how much money you can tie up in the collection without realizing it. How crushed would you be if the whole collection got flooded or burned up? Depending on where you live is a factor on the chances that something not great could possibly happen. It is a roll of the dice. As much as I would be upset about losing my collection, I take the change I may lose it all. Scary to think about. Let us know what you conclusion came to. Here too: considering OP has shown George V 'shades' and duplication of QEII castles, and that OP uses the Stanley Gibbons catalogue and Stanley Gibbons numbering is visible in a picture, I wonder if OP is from the UK. Some parts of the UK suffer from frequent flooding. I do not know how this works in the UK. I do know that Dutch insurance does not cover disasters, including flooding. Only car insurance covers inundation damages. Where flooding is a frequent occurrence, and or affects a large area, it becomes impossible to insure, or re-insure. So, the policy may exclude flooding, or flooding in an area where you live. In such cases, you either cannot insure your collection against flood damage, it will be extremely expensive, or you must live atop mount Snowdon. Check what occurrences are covered by the insurer. |
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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 Feb 26, 2024 11:35:36 GMT
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salmantino
Member
Posts: 266
What I collect: Specialised UK and overprints, Ireland, Netherlands, Spanish permanent stamps.
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Post by salmantino on Feb 26, 2024 11:40:25 GMT
Is there any limit to geographical cover? What law applies? If marbles is not a US resident, this insurance may not be worth the paper it is written on. Additionally, even if it is offered to rresidents of other countries, this appears to be linked to APS membership that has very little further value if you do not collect North American stamps. So, essentially, you pay membership fee in addition to insurance premium to have your stamps insured. There will be costs incurred with transfer of premiums in USD. And you incur exchange rate risk when your policy covers an amount in USD and the USD depreciates. |
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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 Feb 26, 2024 11:43:23 GMT
In the US, all insurance (property, auto) is regulated at the STATE level so may be possible to not get coverage in every state.
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salmantino
Member
Posts: 266
What I collect: Specialised UK and overprints, Ireland, Netherlands, Spanish permanent stamps.
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Post by salmantino on Feb 26, 2024 11:47:24 GMT
In the US, all insurance (property, auto) is regulated at the STATE level so may be possible to not get coverage in every state. Let's see if OP is a US resident. Recommending insurance without knowing the details, really, is not the way to go. Not only the stamps posted and reference to SG, but also the use of 'catalogue' and not 'catalog' raise doubts about OP being American, at least. |
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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 Feb 26, 2024 12:49:33 GMT
My last post was illustrating types of terms associated with insurance.
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salmantino
Member
Posts: 266
What I collect: Specialised UK and overprints, Ireland, Netherlands, Spanish permanent stamps.
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Post by salmantino on Feb 26, 2024 13:15:05 GMT
It also pays to check whether your stamp collection is covered by the home insurance. Some consider collectables as valuables that are covered up to a maximum. If your stamps are worth £ 2,000, your home insurance may already cover the collection. If they are worth £ 10,000 they either may not be covered or covered up to £ 5,000.
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marbles
Member
Posts: 101
What I collect: Nothing too expensive for commonwealth
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Post by marbles on Feb 26, 2024 18:53:07 GMT
Hi all. I have no idea how much the value is. I do know that his father did not put a value on them as it was a hobby. He had been collecting stamps since a boy. He died aged 87. As you know we inherited them. What I do know is that corbetts in Newcastle who he dealt with said he would love to buy them if and when he died. unfortunately they were given to my husband so we’re not sold. In total there are 112 albums (quite a lot of Great Britain with duplicates which we are going through slowly). He collected the commonwealth stamps. Hubby is not too bothered about insurance so may be I won’t bother. I will ask him when we have sorted all the albums out properly. We are up to G, still have Gambia etc to sort out. I am putting them in glass pockets as there are too many to unhinge as well. I don’t fancy getting anyone out to value them as that would cost money which could go towards the empty spaces there are.
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marbles
Member
Posts: 101
What I collect: Nothing too expensive for commonwealth
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Post by marbles on Feb 26, 2024 18:57:25 GMT
Is OP from the USA? Insuring makes sense if you have a valuable collection with rare stamps. The premiums can add up over time. Hi not sure what OP means. We live in England the wonderful island where it rains none stop |
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JeffS
Member
Posts: 2,843
What I collect: Oranges Philately, US Slogan Cancels, Cape of Good Hope Triangulars, and Texas poster stamps and cinderellas
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Post by JeffS on Feb 26, 2024 19:50:24 GMT
marbles OP usually refers to the Original Poster of a thread.
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salmantino
Member
Posts: 266
What I collect: Specialised UK and overprints, Ireland, Netherlands, Spanish permanent stamps.
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Post by salmantino on Feb 26, 2024 20:12:05 GMT
Hi not sure what OP means. We live in England the wonderful island where it rains none stop As JeffS already replied, 'OP' stands for 'original poster' or 'original post.' I suspected you would be from the UK. If you are considering insuring your stamp collection, check whether your home insurance already covers it (partially). Check what occurrences the insurance covers. If you live in an area that suffered floods in recent years, they may not cover water damage at all, or flood damage. I am not sure how this changed post-Brexit but up to Brexit, any non-EU insurer required a 'passport' to be active within the EU. The UK might still require a similar 'passport' for non-UK insurers. Also check what is being paid out in case of a loss. This may be a catalogue value. If you have old unmountedmint stamps, catalogues will list mounted unused prices. So, you only may get partial compensation for those. This will be less of an issue with used stamps. |
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vikingeck
Member
Posts: 3,551
What I collect: Samoa, Tobacco theme, Mail in Wartime, anything odd and unusual!
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Post by vikingeck on Feb 26, 2024 21:00:33 GMT
It also pays to check whether your stamp collection is covered by the home insurance. Some consider collectables as valuables that are covered up to a maximum. If your stamps are worth £ 2,000, your home insurance may already cover the collection. If they are worth £ 10,000 they either may not be covered or covered up to £ 5,000. I sought a specialised Quote some years ago and was horrified at the premium asked. had I been paying for 20 years,with no losses, it would have been ££££ spent for no purpose. As salmantino suggests the first £5000 is already covered by my house contents insurance anyway. the collection is worth considerably more, but as a widower with no children, whilst I would be devastated to lose it in a fire or to theft, (living on a hill, flooding is not a hazard) I am philosophical, I assess the risks as low to minimal, and have not elected to pay extra for insurance. |
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