A question about logging train values for insurance....

Questions about insurance come up here frequently. I suggest you look for old threads, and do a little extra research.
You are likely to find that putting your trains on your homeowners policy is not the best choice.
I see you are a TCA member. Look into the policies available through them. There is a choice between blanket and itemized policies.

To answer your question, as far as I know, homeowner's policies will be for "replacement value" at best. So if the "street price" is $750, that would be the best case payment on a loss. But they will probably want to depreciate it. You could pay for $1,000 worth of insurance, but that doesn't mean you would get that in a loss. It's the adjusters job to minimize payout.

I think you will also need to list condition, using "standard" definitions.

Read this thread from back in December about train insurance. I'm sure it will answer a lot of your questions.

quote:

Originally posted by TrainPop:
Read this thread from back in December about train insurance. I'm sure it will answer a lot of your questions.

Thanks TrainPop.....

I used a value of 1/3 of price new for insurance purposes, regardless of what I paid. A few lcoso I paid list for, new, but many like a recent Williams I bought at about 20% discount new. Many others I bought for about 50 cents ont he dollar, used. Going to 1/3 does not cover my actual replacement costs entirely perhaps, but I got no argument from the insurance company and it at least mitigates my risk: I'd be able to rebuild, so to speak, up to about 2/3 of what I have now (and have fun doing it).

Mr. Hokkanen,
Sure.... your Homeowners Policy does cover your hobby items... sort of. I learned the hard and very expensive way twenty years ago not to do it again. You would be very wise to use the insurance program that's available through TCA. Or, there are others out there.
God Bless,

If I had logging trains I'd sure look into it.

Pete

quote:

Originally posted by Texas Pete:
If I had logging trains I'd sure look into it.

Pete

???

Michael, why not run this by your homeowner's insurance agent for an opinion. They would know what the deal is in your case. If it's like mine, the collectibles are only covered in a standard policy to a very limited degree and typically you'd need a special collectibles rider if you're sticking with them on it. They can tell you exactly what documentation is recommended.

But most here have recommended specialized coverage other than homeowners.

quote:

Originally posted by Ginsaw:
Michael, why not run this by your homeowner's insurance agent for an opinion. They would know what the deal is in your case. If it's like mine, the collectibles are only covered in a standard policy to a very limited degree and typically you'd need a special collectibles rider if you're sticking with them on it. They can tell you exactly what documentation is recommended.

But most here have recommended specialized coverage other than homeowners.

Fortunately their office is only 22 miles north. I am going to take my list and discuss this with them. I am also going to look over my TCA material.