Please share recommendations and actual experience with loss protection insurance covering fire, theft and flooding.
Anyone here have experience with the company which advertises in the TCA mag?
Thank you,
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I put a 10k rider on my homeowners ins. Take plenty of pics and keep them in a safe place. JMHO
bob
NJ Hirailers has insurance on club member's trains that is part of our annual dues.
search "Insurance" for past discussions on the forum
J.A. Bash & Co seems to be the insurance that is offered through the TCA and the NMRA. Coverage through both organizations is similiar.
From the J.A.Bash website:
"You may choose from two available plans:
Plan 1, also called the Inventory Plan, permits you to select only the items you wish to be insured and list these on a separate inventory sheet.
Plan 2, the Blanket Plan, covers your entire collection, without having to submit a written inventory.
Plan 3, the Layout Coverage Plan excludes rolling stock."
From the FAQS:
"How much coverage will the $100 minimum premium buy?
For "Blanket Coverage": $13,333; or
"Inventory Coverage": $16,666; or
"Layout Coverage": $16,666"
There is also a $10 fee to either the TCA or the NMRA to cover their expenses.
This is the insurance that I'm leaning towards, especially as we are moving and my trains will be in temporary storage. Just have to decide if I want to join the TCA or the NMRA.
Jim
Tom Tee posted:Jim, Thank you for your detailed response.
Has anyone on board here had to use their coverage? What I am looking for is first hand experience.
Yes thank you, Jim!
I too would be interested in learning how someone made out with a claim. While my trains are only worth a few thousand, I don't know that I would ever be able to spend what I have already if I don't get insurance.
I would like to hear some first hand info to. I don't have that many trains but it would hurt to have to replace them.
I'm watching this space. I have roughly 100 locomotives, close to that in passenger cars, and a ton of rolling stock. I sure couldn't replace it if it was all lost!
My insurance has $350,000 of personal effects, and they said my trains are insured as long as I have a list with prices, they would be covered. Since I don't have furniture worth that much it's all going for the trains!!!!
Wow Gunrunner! I thought you were a "Heavyweight" like Harry Henning! Your a lightweight! I have that amount in steamers alone!!!! But you do spank me in passenger cars.
Yeah... You think that Jim...
. Until your wife gets a hold of the check then you will actually see how much goes back into your trains and what arrives at the front door- new living room sets with multi-recliner couches, slegh Beth solid wood bedroom sets, big screen led 4g TV's for every room.... Etc!
prrhorseshoecurve posted:Wow Gunrunner! I thought you were a "Heavyweight" like Harry Henning! Your a lightweight! I have that amount in steamers alone!!!! But you do spank me in passenger cars.
Nope, I can't compete with Harry. 
OTOH, most of mine are command capable, I may have him beat in that category. 
I have no wife, I was married once and lost half, so after that I pledged nver to get married again. Nancy and I aren't married, I use my money for what I want, and she uses her's for what she wants. The best of all worlds. When I was married, it was that way, if I spend a dollar she would spend two.
rboatertoo posted:My insurance has $350,000 of personal effects, and they said my trains are insured as long as I have a list with prices, they would be covered. Since I don't have furniture worth that much it's all going for the trains!!!!
Make sure that your company (not just your agent) understands that these are collectibles, and if they say they're covered, get that in writing. Homeowner policies are fairly standard, but interpretations vary from company to company.
I discussed this with my agent awhile ago, and he got an underwriter involved. My carrier's interpretation is that if the items are currently available from the manufacturer, which is highly unlikely with most stuff these days, it's covered as contents. Otherwise, it needs to be on a rider. I ended up getting the TCA insurance (JA Bash), but fortunately I haven't had to use it.
YMMV.
jd-train posted:"How much coverage will the $100 minimum premium buy?For "Blanket Coverage": $13,333; or
"Inventory Coverage": $16,666; or
"Layout Coverage": $16,666"
Is that $100 monthly, quarterly, or yearly? Makes a big difference.
Just my two cents:
1) Where most of us fail in this regard is keeping a LIST of our trains. At a minimum, I'd put together a list of my engines, passenger car sets, transformers, and switches.
2) Most of us, for whatever reason, keep our model train boxes organized and in a confined space. So, take a moment and take photos....and videos of your BOXES, with the part number exposed. With our "smart" phones today, this is super easy....and fast....to do.
State Farm insurance is murky about this subject; we've been able to get the agent to agree a lot of it would be covered, if we could provide a detailed inventory with photos and value appraisal ... the third party train insurance folks quoted very high premiums, over $1,000 a year. We opted for comprehensive fire alarming system, etc. No problem with burglars ... 12ga will take care of any problems in that area. Best protection is not letting a lot of folks know about your collection, no matter what type.
With the few people who have visited ours, one of our 'honest' toy train folks swiped the hook off my old Lionel crane. After that, very few invitations have been extended.
I found the same from State Farm that although they say they were covered you had better have prof and documentation above and beyond what anyone would want to do. We went through a tornado in the early 1990s and if we had not had saved a video of our daughter's second birthday party and the wife had done an inventory of 55 pages of property we would of not done well on personal property with State Farm. After talking with my agent I decided against doing it with them and still don't have it covered. I do like the idea of a blanket coverage. pay x=get x.
"Model train insurance?"
Me, I'd just go with liability.
I insure my trains out of Collectibles insurance services in Phily. I'm really on the fence about renewing as the price is up to 120.00 for a policy year. At the time I picked them they were cheaper than TCA but now who knows.
I am using American Collectors Insurance out of Cherry Hill, NJ http://americancollectors.com/
They required an inventory and currently have $18,000 coverage for $128
Mort
mort1345 posted:I am using American Collectors Insurance out of Cherry Hill, NJ http://americancollectors.com/
They required an inventory and currently have $18,000 coverage for $128
Mort
Mort: Thanks for sharing....and letting us all look into your financial "soul".
Do you mind if I ask how much of a deductible is associated with the coverage?
