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Have you insured your train collection? If so, how?

O ogaugeguyOGR Forum Member DIGITAL SUBSCRIBER

I imagine many model railroad hobbyists started with a simple loop or two running one or two train sets and possibly a few accessories and buildings. For those who stay in the hobby it's quite easy to amass a small railroad empire at a cost when added up is higher than many thought it would be.

 

So, how many of you with a sizeable train collection have insured your trains against the obvious possibility of loss due to fire, theft or even flood damage as happened with hurricane Sandy last October?

 

For those with insurance, which route did you take? Insuring them with an endorsement (rider) to your homeowner or renter policy or a separate train policy like one TCA mentions? Which have you found to be the most economical and best route to go?

 

For those of you with your trains insured, have you ever filed a claim? If so, how painless and successful was that experience?

 

As I'm contemplating how best to insure the trains and related items I have, your recommendations on how and where you've insured yours are most welcome.

Last edited by ogaugeguy
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CW C W BurfleOGR Forum Member

Admittedly, it has been a while since I checked.

Insuring trains through a renters or homeowners policy was very dicey.

At the time, the trains needed to be listed under a valuable items policy (rider) which was rather expensive. In addition a collectors item, such as a genuine prewar 700E would be replaced with a current production scale hudson. I am certain the new hudson is very nice, but it is worth only a fraction of a nice prewar original.

 

I use the TCA insurance program, with a inventory (as opposed to their blanket plan).  Thankfully, I have not had to make a claim.

 

This topic comes up every so often. There are folks in the insurance business participating on this board. I am certain there will be others posting additional information.

DK Dick KuehnemundOGR Forum Member
   Many insurance companies such as State Farm can add a "rider" to your homeowners policy, for collectibles such as trains. They may ask you for an itemized list of your items (having digital photos will help in getting a claim paid). 
 
 
Originally Posted by ogaugeguy:

I imagine many model railroad hobbyists started with a simple loop or two running one or two train sets and possibly a few accessories and buildings. For those who stay in the hobby it's quite easy to amass a small railroad empire at a cost when added up is higher than many thought it would be.

 

So, how many of you with a sizeable train collection have insured your trains against the obvious possibility of loss due to fire, theft or even flood damage as happened with hurricane Sandy last October?

 

For those with insurance, which route did you take? Insuring them with an endorsement to your homeowner or apartment contents policy or a separate train policy like one TCA mentions? Which have you found to be the most economical and best route to go?

 

For those of you with your trains insured, have you ever filed a claim? If so, how painless and successful was that experience?

 

As I'm contemplating how best to insure the trains and related items I have, your recommendations on how and where you've insured yours are most welcome.

Burlington RouteBurlington RouteOGR Forum Member

We've got Allstate, and they added a rider for the value of my stuff{models..about 400 last count...kind of snowballed on me}, needed pictures of all of them and we set a value...same thing for my old car, set an agreed upon value for replacement...yeah, like there's alot of '40 plymouths out there!

As for the total sum...that gets sort of scary....geez, did I do that?!

superwarp1superwarp1OGR Forum Member
Originally Posted by Lee Willis:

I haven't bothered.  I have alot invested but I view it entirely as a sunk cost.  There is a lot of paperwork, appraisals, and hassle associated with it, in my opinion, so, I guess I'm "self-insuring": it anything happens to my collectiona and layout I will replace it at my expense!

With the insurance I listed above there's no need for paperwork, appraisals, etc, etc.  Just give them a value of your collection, that's it.

FredstrainsFredstrainsOGR Forum Member SUPPORTING MEMBER

I have my entire Collection Insured as a add on to my "Home Ownerss or Renters" STATE FARM Policy. Rather reasonable, I might add. All it takes is an Inventory, which I already had, of my Train Collection. It even covers replacement costs, if someone accidently drops and damages a piece.  If you haven't inventoried your Collection of Trains, you should. I used an inventory Program thru a company called: "TRAIN TRACKER".  It is 14 Years old, and I don't think they are still in business.  But I have the Program on my Computer and used it ever since to keep my Inventory up to date.

 I have used that same Inventory with twp different Insurance Companies & transfered it to Three different Computers.  IT WORKS & IT's IMPORTANT!!!

 

FREDSTRAINS 

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