Does anyone here know of a company that insures game collections... And has evidence they actually pay on claims?

[goldenpp72 | 1,235]

This isn't entirely a new topic, but as I draw near the end of my collecting journey my desire to have it insured for peace of mind increases. Unfortunately I'm only ever suggested a couple options, but no one seems to have any evidence of actually having success with the process. My concern of course is that in paying thousands a year to insure a collection that the peace of mind is actually valid and not negated via scummy practices. I can't really get any read on this and it's amazing to me that with all the people with big collections of games, comic books, etc, that there isn't a more obvious way to deal with this. Anyone have any opinions or thoughts?

 

Ideally we never have to use any kind of insurance, but imagine how bad you'd feel to lose it only to not be backed up by a company you sunk thousands into

[DefaultGen | 5,426]

I never found evidence of a significant collectible video game claim being paid (it could exist, I just dunno). Trade N Games’ major theft was insured, but probably by some kind of business insurance. Look into cards and comics. I’ve seen claim stories for those but both rejected and accepted but not especially large ones.

I mostly see people happy with their sales guys, which, of course, they’re there to take your money. There aren’t many video game collections of truly significant value, let alone insured ones, let alone insured ones that had a claim event. Also as far as I understand insurance (I don’t) companies like CI and CIS are brokers that sell policies underwritten by a number of different insurance companies, so maybe one claim might not even be exactly comparable to the next.

I need to get more insurance but have been dragging my feet since I’m home 24/7 since the pandemic. State Farm just covered like 80% the replacement cost on my 20 year old roof (I expected literally $0) so I’m on a “Wait, insurance is awesome?” kick right now and getting my database in order to shop around for insurance again.

Edited December 11, 2022 by DefaultGen

[MrWunderful | 2,927]

Did you reach out to your homeowners insurance? Usually they can add a generic rider for you.

[goldenpp72 | 1,235]

48 minutes ago, MrWunderful said:

Did you reach out to your homeowners insurance? Usually they can add a generic rider for you.

I did, essentially my insurance will not cover actual value of items such as these, they were pretty clear they will never send me 5000 dollars to replace Hagane on SNES but rather maybe a few dollars because of how they classify it. I appreciate the honesty, but it also leaves me in a pinch. I'd estimate my collection is worth more than my house, as such I'd feel better knowing someone reputable is covering it in case something did happen, but like the above poster said all I find are people saying they love their agent lol. 

[darkchylde28 | 1,546]

Probably time to go sit down with an agent at a local insurance company and work it out with them.  Even if they aren't able to help you directly, they should have the experience and contacts to point you in the right direction.  Absolutely no offense or shade intended toward anybody on here, but unless they're actually working in the insurance industry, even the best anecdotal accounts provided will pale in comparison to what a professional insurance agent will be able to advise.

[a3quit4s | 4,124]

Both MD and NY homeowners insurance have told me it’s covered under my general policy but I’ve never filed a claim before so who knows. I’ve got all my stuff in Excel and we’ll documented in pictures but who knows what they would say if push came to shove. 

[goldenpp72 | 1,235]

26 minutes ago, a3quit4s said:

Both MD and NY homeowners insurance have told me it’s covered under my general policy but I’ve never filed a claim before so who knows. I’ve got all my stuff in Excel and we’ll documented in pictures but who knows what they would say if push came to shove. 

If it's like mine, they thought they covered it too, until I explained to them the cost of some items. They estimated 2.50 per game to replace because of how they value games, so it's scary to think about. 

[a3quit4s | 4,124]

39 minutes ago, goldenpp72 said:

If it's like mine, they thought they covered it too, until I explained to them the cost of some items. They estimated 2.50 per game to replace because of how they value games, so it's scary to think about. 

I straight up told them my collection is worth over $100k and they said no problem it’s covered under the “personal property” coverage that I have up to $500k on. Still have never filed a claim though so who knows what kind of hoops I’d have to jump through if say my basement flooded or something. 

[DefaultGen | 5,426]

50 minutes ago, goldenpp72 said:

If it's like mine, they thought they covered it too, until I explained to them the cost of some items. They estimated 2.50 per game to replace because of how they value games, so it's scary to think about. 

Same experience here. The insurance agent couldn’t comprehend collectible media, although my policy was since updated to explicitly deny coverage for any collectible value of an object or some such wording.

[goldenpp72 | 1,235]

36 minutes ago, a3quit4s said:

I straight up told them my collection is worth over $100k and they said no problem it’s covered under the “personal property” coverage that I have up to $500k on. Still have never filed a claim though so who knows what kind of hoops I’d have to jump through if say my basement flooded or something. 

I would definitely examine the paperwork myself in this instance, as I've had a total of 4 different normal insurance companies tell me it will be covered, only to find wording that would determine it is not going to be covered. It's usually more clear in circumstances of things like jewelry because that's a typical thing to insure, but despite games being collectable for arguably over a decade, they just aren't in the same space. No normal person understands that I can't replace Magical Chase for 10 dollars and that 2.50 doesn't help me get there, I have heard some companies of the normal nature offer separate riders for such things, but I think the onus is on us to make sure what we mean is actually what they intend to do in the event of some incident.

[a3quit4s | 4,124]

44 minutes ago, goldenpp72 said:

I would definitely examine the paperwork myself in this instance, as I've had a total of 4 different normal insurance companies tell me it will be covered, only to find wording that would determine it is not going to be covered. It's usually more clear in circumstances of things like jewelry because that's a typical thing to insure, but despite games being collectable for arguably over a decade, they just aren't in the same space. No normal person understands that I can't replace Magical Chase for 10 dollars and that 2.50 doesn't help me get there, I have heard some companies of the normal nature offer separate riders for such things, but I think the onus is on us to make sure what we mean is actually what they intend to do in the event of some incident.

My old company in MD had clauses about collectibles, but it was very specific about stamps, coins, etc. I just read over my NY policy and didn’t have any of that language. If we have a disagreement about value of items we both have the right to get our own appraisals for FMV on items. FMV would work out very well for me given the current nuttiness of prices. I really should keep track of what I pay for stuff in case prices fall but at this point I’m mostly done with my wants. 

[LeatherRebel5150 | 1,056]

3 hours ago, goldenpp72 said:

If it's like mine, they thought they covered it too, until I explained to them the cost of some items. They estimated 2.50 per game to replace because of how they value games, so it's scary to think about. 

Ive pointed this out in threads on NA and reddit before, more specifically an insurance company would probably say well its a game, the average game costs $2.00, maybe you might get lucky and they say “oh it’s a NES game, the cost of an average NES game is $30, heres tour check.” Then people would argue that no “their agent” or whatever said it’s covered, but these people could never provide any wording or evidence that explicitly states, “If I lose X game, I WILL receive X value from a claim.” Its always some vague “personal property” value or something. 

All that sounds like to me is a good way for a company to not dish the money out with clever wording. Remember they’re in the business of making money they don’t care that your Stadium Events melted. 

Your absolute best bet @goldenpp72is to find an agent and explicitly lay out what you want. For example “I want the specific value of the lost property in the case of fire, flood, tornado, natural or manmade” etc “ what can you do for me.” and see if they can come up with something for you and read it carefully possibly with attorney proof read as well before signing, if the agent can even put something forward

[goldenpp72 | 1,235]

2 minutes ago, LeatherRebel5150 said:

Ive pointed this out in threads on NA and reddit before, more specifically an insurance company would probably say well its a game, the average game costs $2.00, maybe you might get lucky and they say “oh it’s a NES game, the cost of an average NES game is $30, heres tour check.” Then people would argue that no “their agent” or whatever said it’s covered, but these people could never provide any wording or evidence that explicitly states, “If I lose X game, I WILL receive X value from a claim.” Its always some vague “personal property” value or something. 

All that sounds like to me is a good way for a company to not dish the money out with clever wording. Remember they’re in the business of making money they don’t care that your Stadium Events melted. 

Your absolute best bet @goldenpp72is to find an agent and explicitly lay out what you want. For example “I want the specific value of the lost property in the case of fire, flood, tornado, natural or manmade” etc “ what can you do for me.” and see if they can come up with something for you and read it carefully possibly with attorney proof read as well before signing, if the agent can even put something forward

Right now I'm looking into American Collectors Insurance because they (supposedly) have a means of actually having an 'agreed upon value' of each item upon insuring you, but I need more detail in terms of things like damage, partial loss, etc, as not every claim is going to be 'it evaporated in a fire', etc. They do seem promising on the outside at least, but then many agencies do.

[a3quit4s | 4,124]

4 minutes ago, goldenpp72 said:

Right now I'm looking into American Collectors Insurance because they (supposedly) have a means of actually having an 'agreed upon value' of each item upon insuring you, but I need more detail in terms of things like damage, partial loss, etc, as not every claim is going to be 'it evaporated in a fire', etc. They do seem promising on the outside at least, but then many agencies do.

Let us know what kind of quote you get for X coverage!

[phart010 | 1,708]

The difficulty with insuring these items is the burden of proving that they were stolen. With cars and real estate, it’s easy to prove their condition and status. Houses can’t be moved and their condition is easy to inspect. Cars are mostly stored outside in the public view.  They are serialized and registered. Generally, nobody can keep a car unless it is registered or if they do, it’s useless on the road. So pretty much every car is accounted for in a public database and any cars that are not are always scrutinized and reported by the police.

Games can be hidden. If you report a game or a collection stolen, how does the insurance company know that it’s not just misplaced and hidden away at a different location? This would be way too susceptible to fraudulent claims. They probably just don’t want to deal with it as there’s too much that could go wrong

[Lago | 221]

11 minutes ago, phart010 said:

The difficulty with insuring these items is the burden of proving that they were stolen. With cars and real estate, it’s easy to prove their condition and status. Houses can’t be moved and their condition is easy to inspect. Cars are mostly stored outside in the public view.  They are serialized and registered. Generally, nobody can keep a car unless it is registered or if they do, it’s useless on the road. So pretty much every car is accounted for in a public database and any cars that are not are always scrutinized and reported by the police.

Games can be hidden. If you report a game or a collection stolen, how does the insurance company know that it’s not just misplaced and hidden away at a different location? This would be way too susceptible to fraudulent claims. They probably just don’t want to deal with it as there’s too much that could go wrong

One could make the same argument for personal property that is located inside the house.

I believe insuring the games isn’t the issue.  It’s personal property so it falls under the umbrella.  It’s getting them insured at value that is appearing to be the issue.

[phart010 | 1,708]

50 minutes ago, Lago said:

One could make the same argument for personal property that is located inside the house.

I believe insuring the games isn’t the issue.  It’s personal property so it falls under the umbrella.  It’s getting them insured at value that is appearing to be the issue.

There’s a big difference between personal property that is covered under the blanket of home insurance and game collections.
 

What is the value of personal property? Maybe a few personal computers, two tv’s, clothes, purses, furniture, dishes, kitchen appliances, tools, you could probably replace it all for most people with less than $25k. Property insurance often doesn’t cover valuable stuff like jewelry. Even then, the chances that all this stuff all gets stolen at the same time is slim due to bulk sizing of items. 

As you mentioned, game collections can have great value and insurance companies may not recognize the value. This makes sense, because they should only be replacing the value that you lost not the opportunity value. If you paid $20 for a $100 game, and it’s stolen, you are only down the $20 you paid. Value has to be documented and the most typical way to do this is with a purchase invoice. 

Game collections can be tremendously valuable. Way more valuable than the standard personal property.  If you are interested in buying insurance specifically for a game collection it probably is tremendously valuable. When the value is so high, yet it is an item that is so portable, it’s a big risk for insurance companies.
 

Fine art can be insured, but each piece is unique. And you’ll only get its value when selling the unique piece on the market, which immediately gains attention of the public. Expensive video games are not unique. There are so many games worth $1000+ nowadays, yet if you were a thief you’d have no problem reselling them for their actual value since there are dozens of identical items for sale at any given time
 

[Tulpa | 3,529]

They insure other collectables, like coins and comics, which are just as easily stolen and resold. Video games are no different. There is insurance for collectables out there.

[goldenpp72 | 1,235]

1 hour ago, phart010 said:

There’s a big difference between personal property that is covered under the blanket of home insurance and game collections.
 

What is the value of personal property? Maybe a few personal computers, two tv’s, clothes, purses, furniture, dishes, kitchen appliances, tools, you could probably replace it all for most people with less than $25k. Property insurance often doesn’t cover valuable stuff like jewelry. Even then, the chances that all this stuff all gets stolen at the same time is slim due to bulk sizing of items. 

As you mentioned, game collections can have great value and insurance companies may not recognize the value. This makes sense, because they should only be replacing the value that you lost not the opportunity value. If you paid $20 for a $100 game, and it’s stolen, you are only down the $20 you paid. Value has to be documented and the most typical way to do this is with a purchase invoice. 

Game collections can be tremendously valuable. Way more valuable than the standard personal property.  If you are interested in buying insurance specifically for a game collection it probably is tremendously valuable. When the value is so high, yet it is an item that is so portable, it’s a big risk for insurance companies.
 

Fine art can be insured, but each piece is unique. And you’ll only get its value when selling the unique piece on the market, which immediately gains attention of the public. Expensive video games are not unique. There are so many games worth $1000+ nowadays, yet if you were a thief you’d have no problem reselling them for their actual value since there are dozens of identical items for sale at any given time
 

Most of us can easily prove that we paid 1000, or 10000 dollars for something if we did however, the point is even if you can, your basic normal home owners insurance will just say 'well, it depreciated because it's an electronic, so here is a small sum of money' and you're SOL.

[RH | 4,952]

I have to imagine that out there somewhere in the US, there has to a company that might even specialize strictly in insuring collectibles, or an insurance agency that also provides this feature better than the competition because whether it's books, comic books, ball cards and now video games, there are a lot of items worth not just tens of thousands of dollars but even millions, depending on the market.

Regardless, if you want to have any hope of getting most of the value of your collection back, you need the following, I'm sure.

• Reasonable evidence that you own the item (probably semi-recent photos of the items with data stamps, and/or itemized receipts from the purchase.)
• Extensive lists of your collection.
• Potentially, reasonable evidence that the collection has been destroyed.
• A reasonably provably way to determine the value of your item. Note, super-rare items may be hard to gauge, but past sales will be necessary.  You might need to provide something like a spreadsheet with each item having a link to pricecharting.com, or an HA.com listing that closed.  This isn't perfect, but if you have an item that's sold 5 times on eBay this past year for an average of $5,000, it's kind of hard to argue that the established market value isn't $5,000.
• Also, in the case of really expensive items, recorded evidence of general condition of the items.  This way, if an item is damaged but not destroyed, they can classify the difference.  This might not matter for a $1,000 item and maybe not even a $10,000 item but if a very rare copy of SMB that's valued at $100k managed to get water damaged, well, it might not be worth $100k, but maybe $20k.  I don't know if the insurance company would take the item or asses the value and give you the difference less a deductible.

Again, the key to any of this would that there'd have to be a company that'd be willing to insure collections.  I have to believe that exists, but they would also have to rely heavily on experts in the community that can fairly, and properly, assess the value of the good.  Items like cars, TVs and stereos are pretty easy, especially considering that really good insurance will give you "replacement" value, which might be mid-grade prices for all items that are lost, or in the case of a car, the full value (which they know) minus some deductible.  Collections are tricky.  I can't imagine many companies would want to insure them properly at all, however it does certainly feel like some company would want to tackle this because if they are the only company doing it, they can probably charge an arm and a leg for the coverage.  High-end collectors are likely to pay for it too.

[portabello | 99]

A “Personal Articles” plan is likely what this would fall under. My understanding is you basically can insure anything you want that you own. The catch is you have to inventory all items with serial numbers and barcode as well as a set value/replacement cost. I use State Farm and I believe they will lump things together (ie, Recorded Media for vinyl collection). The problem with all of this is you will almost always have a deductible (I think mine is $2000 to keep the monthly premium down). I consider all of this to be “catastrophic” coverage… in the event of major theft or fire/water damage. If the concern is your buddy’s friend taking a higher end game, it’s gotta be a really valuable item to justify filing a claim and making the deductible. Talk to an insurance agent directly or over the phone and get the “fine print”. I would caution anyone from doing research through google or giving away too much info… unless you want crap loads of insurance spam coming your way.

[phart010 | 1,708]

On 12/12/2022 at 2:36 PM, RH said:

I have to imagine that out there somewhere in the US, there has to a company that might even specialize strictly in insuring collectibles, or an insurance agency that also provides this feature better than the competition because whether it's books, comic books, ball cards and now video games, there are a lot of items worth not just tens of thousands of dollars but even millions, depending on the market.

Regardless, if you want to have any hope of getting most of the value of your collection back, you need the following, I'm sure.

• Reasonable evidence that you own the item (probably semi-recent photos of the items with data stamps, and/or itemized receipts from the purchase.)
• Extensive lists of your collection.
• Potentially, reasonable evidence that the collection has been destroyed.
• A reasonably provably way to determine the value of your item. Note, super-rare items may be hard to gauge, but past sales will be necessary.  You might need to provide something like a spreadsheet with each item having a link to pricecharting.com, or an HA.com listing that closed.  This isn't perfect, but if you have an item that's sold 5 times on eBay this past year for an average of $5,000, it's kind of hard to argue that the established market value isn't $5,000.
• Also, in the case of really expensive items, recorded evidence of general condition of the items.  This way, if an item is damaged but not destroyed, they can classify the difference.  This might not matter for a $1,000 item and maybe not even a $10,000 item but if a very rare copy of SMB that's valued at $100k managed to get water damaged, well, it might not be worth $100k, but maybe $20k.  I don't know if the insurance company would take the item or asses the value and give you the difference less a deductible.

Again, the key to any of this would that there'd have to be a company that'd be willing to insure collections.  I have to believe that exists, but they would also have to rely heavily on experts in the community that can fairly, and properly, assess the value of the good.  Items like cars, TVs and stereos are pretty easy, especially considering that really good insurance will give you "replacement" value, which might be mid-grade prices for all items that are lost, or in the case of a car, the full value (which they know) minus some deductible.  Collections are tricky.  I can't imagine many companies would want to insure them properly at all, however it does certainly feel like some company would want to tackle this because if they are the only company doing it, they can probably charge an arm and a leg for the coverage.  High-end collectors are likely to pay for it too.

Another issue with the high end stuff is scams like the Wata-Heritage auction scheme. They pumped up the prices of a lot of games by “creating” the sales history of a lot of games. These were a small group of individuals that were buying and selling the games amongst themselves to pump up the prices. At the end of the day, if they are just trading games back and forth for increasing amounts of money, they’re not actually spending their money. They make out big when “outsider” money comes in and pays the prices they created…. Or in this case when the insurance company makes an insurance payout for the inflated prices

Edited December 16, 2022 by phart010

[Kalista | 16]

You won't get a "video game" specific policy, but you can still insure your collection from damage, theft, etc. It's just part of homeowner's insurance. I'm pretty sure you need to be the policy holder, but this is possible and will be paid out. Someone in another server had his games and house flood damaged and he got paid out.

Could check into these guys: https://collectinsure.com/

I have no experience, but they're more tailored to collections. While they don't have video games specifically, you can specify it as "Other." Most prominent, relevant result I found.

[darkchylde28 | 1,546]

12 hours ago, Kalista said:

You won't get a "video game" specific policy, but you can still insure your collection from damage, theft, etc. It's just part of homeowner's insurance. I'm pretty sure you need to be the policy holder, but this is possible and will be paid out. Someone in another server had his games and house flood damaged and he got paid out.

Could check into these guys: https://collectinsure.com/

I have no experience, but they're more tailored to collections. While they don't have video games specifically, you can specify it as "Other." Most prominent, relevant result I found.

The problem with homeowners' policies is how they look at collectibles, and whether they actually pay anywhere near the value of those things at the time that misfortune occurs.  In most folks' experience, whenever they've tried to get something covered under such a standard policy, the company lowballs them or just flat out refuses to pay, hence the overarching question and theme of this thread.  I still say that speaking with a professional agent would be the best route to go, as they would be able to advise directly on what companies and policies do or don't work that way or, if they don't know, will do the proper research and then get back to you to let you know.

Collection specific insurance would seem to be at least one answer, but has anyone actually gotten a payout from folks like that yet?  I want to say that such specific insurance companies/options are relatively new, as I believe the first of those companies was just starting up the last time this question was broached several years ago.

[Andy_Bogomil | 815]

(*Canada)

I called around one year to about 5 or 6 places when I was renewing my insurance and inquired about this very thing. I came to the same conclusion - that they always said it would fall under 'personal items etc.' but when I brought up the value (ex. $500 for a single CIB SNES game)  they would always give some generic answer like 'replacing the game at cost when it was new' or 'how much it would cost to replace the game' but I could tell that not one single insurance agent really understood or would confirm the replacement collectible value of the game. Some of them did have special insurance for jewelry and I think one had a special section for sports memorabilia but video games would have been rolled into my homeowners insurance and likely would not have been covered anywhere near the extent they would be worth/replace. I've since sold a lot of my high end games as a result as I felt they were just a liability. I don't see the point of putting your high end stuff in a fire proof safe or deposit box at the bank... completely defeats the purpose of owning it imo unless you're waiting to cash out in the distant future.