INSURANCE QUESTION

I use American  collectors Insurance for my RR. It is separate from my homeoners policy. I have a blanket policy for 200000 with a 250 deductible costs 750 per year.I believe it is wise to separate collectibles and homeowners policy in the long run.And I gave them photos of my RR only and they were satisfied.

This topic gets bandied around quite often, and while it's good to discuss it, it might also be instructional to discuss if anyone who has had insurance on their trains had to use it: how was the process, what came about, what was replacement, etc.

I don't have a huge collection however I have experience here.  I had a house fire in 2014, mainly smoke damage but actual fire damage and heavy smoke affected a room I had quite a bit of train stuff in, N, HO, and O scale.  My homeowners policy is through Nationwide.  I had two adjusters, one for the house, the other for the contents, all the same policy.  The contents had a maximum, I didn't reach it though as many items were able to be cleaned.  The trains that could be salvaged were sent to a professional cleaner that specializes in high end electronics all handled through Nationwide.  The experience was a smooth as possible for such a life disruption.

To the trains which were claimed.  The adjuster had a software tool where she entered all the general items, beeding, pots, pans, TV's etc.  For the hobby items (which also included RC cars) she documented them with generic descriptions and photos.  I then had to provide detailed information on replacement costs.  For items no longer made, I gave here results of ebay listings, she generally based the reimbursement on the highest one.  For items which could be replaced (even if new was a major upgrade such as PS1 versus PS3) I would get the new value.  Now, the catch is you get a check for this, but only at 80% of replacement cost.  I got the remainder 20% when I provided proof of replacement purchase.  In some instances with the RC stuff, I couldn't do exact replacements and the remainder 20% reimbursement was still honored.

I kept it all honest and my adjuster never questioned anything.  I had a year from the original claim date to come back and claim items which may have been forgotten.

This was my standard homeowners policy covered under the contents section.  I had no issues being reimbursed for track, rail cars, locos, or any of it.  Keep in mind policies are all different and you need to be aware of exclusions.  Like mine I believe excludes jewelry and firearms.

Your mileage may vary.

Can anyone point me to an info page that describes the insurance TCA offers to its members. I couldn't find it on the web site.

thanks

Go here for your collection insurance.  Cheaper than the TCA.

https://collectinsure.com/

Oscar posted:

American Family is my insurance company.  I have been with them for almost 50 years.  I want to put an endorsement on my home owners policy covering my trains.  I have about a thousand pieces, not counting the layout.  My agent tells me that I will have to get a registered professional appraiser, pictures of each item, sales receipt, and inventory.  My inventory and pictures are not enough.  I don't have receipts, because everything is used.

Simply put, your insurance company does not want your business.  John

superwarp1 posted:

Go here for your collection insurance.  Cheaper than the TCA.

https://collectinsure.com/

SW1 ... What do you know about this agency?  They look good.  Any direct claims or dealing with them?

Thanks.

TexasSP posted:

I don't have a huge collection however I have experience here.  I had a house fire in 2014, mainly smoke damage but actual fire damage and heavy smoke affected a room I had quite a bit of train stuff in, N, HO, and O scale.  My homeowners policy is through Nationwide.  I had two adjusters, one for the house, the other for the contents, all the same policy.  The contents had a maximum, I didn't reach it though as many items were able to be cleaned.  The trains that could be salvaged were sent to a professional cleaner that specializes in high end electronics all handled through Nationwide.  The experience was a smooth as possible for such a life disruption.

To the trains which were claimed.  The adjuster had a software tool where she entered all the general items, beeding, pots, pans, TV's etc.  For the hobby items (which also included RC cars) she documented them with generic descriptions and photos.  I then had to provide detailed information on replacement costs.  For items no longer made, I gave here results of ebay listings, she generally based the reimbursement on the highest one.  For items which could be replaced (even if new was a major upgrade such as PS1 versus PS3) I would get the new value.  Now, the catch is you get a check for this, but only at 80% of replacement cost.  I got the remainder 20% when I provided proof of replacement purchase.  In some instances with the RC stuff, I couldn't do exact replacements and the remainder 20% reimbursement was still honored.

I kept it all honest and my adjuster never questioned anything.  I had a year from the original claim date to come back and claim items which may have been forgotten.

This was my standard homeowners policy covered under the contents section.  I had no issues being reimbursed for track, rail cars, locos, or any of it.  Keep in mind policies are all different and you need to be aware of exclusions.  Like mine I believe excludes jewelry and firearms.

Your mileage may vary.

Thank you for taking the time to write such a detailed account regarding a painful event.

Just a few observations based on my experience in the insurance industry and as a claimant (although never for trains)...

Without seeing your policy, there's no way to know if they were generous in their interpretation.  The contents coverage on my homeowners policy will provide replacement cost for items which can currently be purchased new.  Older items are considered antiques / fine arts, etc.  (Firearms and jewelry excepted.)  

The insurance adjusters who have handled my claims have been willing to interpret the coverage in the insured's favor as much as possible.  They know that a satisfied claimant is great advertising.  Most insurance companies are not out to rip you off, and most adjusters are not your adversary.  Most.

Being cordial, polite, and honest with the adjuster goes a long way toward getting a fair resolution.  If their offer is unreasonable, be firm and factual when challenging it.     

Ask questions about your coverage BEFORE it becomes an issue.

rthomps posted:

superwarp1 posted:

Go here for your collection insurance.  Cheaper than the TCA.

https://collectinsure.com/

SW1 ... What do you know about this agency?  They look good.  Any direct claims or dealing with them?

Thanks.

I’ve never had to make a claim but they don’t need a list of your stuff, just a value. They cover shipping damage, damage from train shows, from you dropping it or any other thing that could happen in your house

My collection is covered as personal property under our homeowner policy.  Would expect that would suffice for most homeowners unless the value of their personal effects are disproportionate to the value of their dwellings.

What, me worry?