My understanding about this is that there needs to be a way to prove the value of each piece in your collection. USAA, whom I use, specifically told me that eBay or auction prices don't reflect actual value and can't be used for replacement costs. They said the tricky part about stuff like this is that, without documentation, it's very difficult to prove it's value because there are no "official" methods, for lack of a better term, of doing that. Coins, comics, ball cards, etc have price guides and grading services, etc... they suggested getting an appraiser so there is some kind of official value associated with them.
In insuring them, they suggested that I put them under a valuable personal property rider like our wedding rings or other things like our computer and ca,eras, etc... without that, they would only be covered by our Home Owners insurance which means they are only covered in the event of one of the 16 named perils (Lightning or fire, Hail or windstorm, Damage caused by aircraft, Explosions, Riots or civil disturbances, Smoke damage, Damage caused by vehicles, Theft, Vandalism, Falling objects, Volcanic eruption, Damage from the weight of snow, ice, or sleet, Water damage from plumbing, heating, or air conditioning overflow, Water heater cracking, tearing, and burning, Damage from electrical current, Pipe freezing)
So for instance, your framing your newly linen backed three sheet of King Kong and you trip, spill your
all over it, then step on it punching a hole in King Kong's face and then crash into the wall destroying your framed Star Wars birthday One sheet... under standard Home Owners you are totally screwed. Under a valuable personal property policy you are covered.
That's how I understand it and I'm not saying that's 100 percent lock stock either. A buddy of mine had his entire collection in a storage unit and a pipe froze and burst giving almost everything that lovely lower thirds water damage/stain that would give you nightmares and he fought for months with the storage unit insurance company on replacement costs. They guy told him there was not proper documentation or a reliable source for putting a replacement cost on each piece. He used iGuide for help but got shut down on eBay histories and stuff like that. He says ultimately he feels he got about half of what he should have so I am really interested in how to go about doing it right so I am protected. Love this thread.
