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 Jan 23, 2021 11:43:00 GMT
Do you insure your stamp collection?
My collection has changed so dramatically that I realized that I need to update my insurance. I think I will video my collection as the easiest way to document my holdings. I insured with W. Danforth Walker for decades - since way back before Hugh Woods became the American Philatelic Society agent. Walker retired in 2017, but I am still with CIS - Collectible Insurance Services. Perhaps it is time to compare rates and terms.
Your thoughts?
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angore
Member
Posts: 5,698 
What I collect: WW, focus on British Empire
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Post by angore on Jan 23, 2021 11:57:55 GMT
Yes, I use Hugh Wood and had previously used CIA. I switched due to cost as CIA raised their rates once they were no longer the APS affiliation and Hugh Wood was cheaper.
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gmot
Member
Posts: 205
What I collect: Canada & French Morocco
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Post by gmot on Jan 23, 2021 14:25:34 GMT
Here in Canada Hugo Wood partners with RPSC and I find their rates quite reasonable for members.
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renden
Member
Posts: 9,162
What I collect: Canada-USA-France-Lithuania-Austria--Germany-Mauritius-French Colonies in Africa
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Post by renden on Jan 23, 2021 14:36:07 GMT
Here in Canada Hugo Wood partners with RPSC and I find their rates quite reasonable for members. Agree - just renewed my insurance with them René |
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Londonbus1
Moderator 
Cinderella Stamp Club Member 3059
Posts: 5,064
What I collect: Wonderland; 1912 Jubilee International Stamp Exhibition, London ('Ideal' Stamp, ephemera); French Cinderellas with an emphasis on Poster Stamps; Israel and Palestine Cinderellas ; Jewish National Fund Stamps, Labels and Tags; London 2010, A Festival of Stamps (anything); South Africa 1937 Coronation issue of KGVI, singles or bi-lingual pairs.
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Post by Londonbus1 on Jan 23, 2021 15:12:35 GMT
We have house insurance but no special policy for collectables. The figure for 'contents' is not high but then neither is the value of the collectables.
Stamp Insurance in Israel is too high to even think about !!
Londonbus1
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Post by dgdecker on Jan 23, 2021 17:46:22 GMT
Right now a portion of my collection is in home insurance. Working on adding the right insurance. Thank to to Canadian members for the suggestion of insurers.
I like to idea of doing a video. I need to have better coverage. I live in a lower unit and I have been affected by two water incidents in the last five years. My poor neighbour has has two this year. He upper neighbour like to keep doors open when it is -15 outside.
i have to get working.
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elderstamps
**Member** 
Stamp and Postal History Collector
Posts: 31
What I collect: Venezuela and Aeronautic
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Post by elderstamps on Jan 23, 2021 22:15:13 GMT
Here in Canada Hugo Wood partners with RPSC and I find their rates quite reasonable for members. Nice info, just now I was thinking to create a thread for insurance stamp collections |
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hrdoktorx
Member
Posts: 7,213
What I collect: France (and French territories), Africa, Canada, USA, Germany, Guatemala, stamps about science, flags, maps, stamps on stamps...
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Post by hrdoktorx on Jan 24, 2021 11:31:55 GMT
I have done like dgdecker, and maxed out the "other valuables" category of my home-owner's insurance to cover the value of the stamp collection. That means an insured value of some 20 kEuros, which is course is quite below the amount I have spent on it, of course. At some point I considered doing a serious expert valuation of the collection and even made some calls towards it, but it never materialized. Still hoping that the children will pick it up when I can't take care of it anymore. From a tax point of view, in France it is much more advantageous to donate to relatives while you are still alive than if it happens through a will. This is euphemistically referred to as "generational wealth transfer" to add money circulating in the economy, but is mostly a way to evade estate taxes. |
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bobstew617
Member
Posts: 376
What I collect: Switzerland, Ireland, Scandinavia, Channel Islands, Hong Kong (British Admin), PNG, others...
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Post by bobstew617 on Jan 24, 2021 17:30:17 GMT
I use Hugh Wood Inc for my stamp insurance.
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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 Jan 25, 2021 2:10:28 GMT
Great thread. The house insurance only helps me if the rest of the house and contents stay okay. If there is a big hurricane/flood (a worry here) or a fire, I'm sunk. So I'm another on the path of least resistance; Hugh Wood.
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brightonpete
Departed
Rest in Peace
On a hike at Goodrich-Loomis
Posts: 5,110
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Post by brightonpete on Jan 25, 2021 10:46:35 GMT
House insurance will only cover a small portion of the stamp or coin collection. When I did look into that years ago, the limit was $500 IIRC.
Separate insurance is must if you have large holdings.
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angore
Member
Posts: 5,698
What I collect: WW, focus on British Empire
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Post by angore on Jan 25, 2021 11:26:03 GMT
I had looked at a rider for our homeowner's policy but it was expensive.
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gmot
Member
Posts: 205
What I collect: Canada & French Morocco
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Post by gmot on Jan 26, 2021 0:10:45 GMT
Yes, I also looked into a collectibles rider on my home insurance policy and it was crazy expensive, relative to Hugo Wood.
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ricky93
**Member**
Inactive
Posts: 17
What I collect: DDR (GDR), UK and Transportation/Space topical
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Post by ricky93 on Apr 30, 2021 18:22:37 GMT
No never insured any stamps, because I don't have valuable stamps.
I.e. what is worth a million for 1 isn't worth a penny for somebody else.
They are I believe insured with my home insurance, but up to 3K euros or so (and I do not have anything that valuable, even my entire humble collection).
If I had more valuable stamps, I would definitely try to insure them, for at least what they are worth to me...
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renden
Member
Posts: 9,162
What I collect: Canada-USA-France-Lithuania-Austria--Germany-Mauritius-French Colonies in Africa
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Post by renden on Apr 30, 2021 18:35:50 GMT
HUGH WOOD CANADA - $75,000
I do have a fireproof SAFE for the valuable stamps and an Inventory with 3 back-ups, one is on the Cloud - Stamp programs are on USB keys in the safe
C$248.00/year
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ameis33
Member
What's in a name? That which we call a rose, by any other name would smell as sweet
Posts: 546
What I collect: Poland and Italy Republic
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Post by ameis33 on May 1, 2021 13:00:37 GMT
When i've asked in Italy, they told me the main issue is how to define the 'value' of the stamps. Catalogs? Purchase bills?
It is always possible to insure everything when it's matter to pay the annual fees, but when the collection should be stolen, how much would i get back?
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gmot
Member
Posts: 205
What I collect: Canada & French Morocco
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Post by gmot on May 1, 2021 13:44:22 GMT
Hugo Wood Canada asked for market or replacement value (as in, cost if buying on the open market to replace the lost items) when I insured with them. So yes, that is subject to judgement, but much better than using catalogue value because as we all know, CV can have a tenuous relation to actual prices.
In my case, to get market value, I based it on how much I paid for my Canada/provinces collection, applied to same percent to the inherited collection, did the same process for my French Africa collection & the other stuff, and then (for the items listed in my online stores), used the listing prices. That seemed to work out pretty well. I was told that if the value of the collection changed significantly, to contact them and they will adjust the coverage & premium.
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renden
Member
Posts: 9,162
What I collect: Canada-USA-France-Lithuania-Austria--Germany-Mauritius-French Colonies in Africa
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Post by renden on May 1, 2021 14:32:03 GMT
Agree with gmot and the way I read the Policy and clauses - I figure that I am sending an annual fee that would probably not cover me the way they say - I cannot keep a room of Stamps in my Safe !! Inventory I know I could produce but if it is a Fire.......the rest of the stamps cannot be shown to the Insurer René |
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