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Post by captbob on Feb 3, 2016 19:35:32 GMT -5
Does anyone here have their rock collection insured? Interested in hearing details of how that went if so.
I talked to my insurance folks at USAA briefly about adding a rider on my home insurance to cover my rocks. After the initial curiosity (disbelief?) from the person I was talking to, I was told that an appraiser would have to view the collection to put a value on it.
*snort*
Just who the heck are they going to send over for that job?
I understand that rocks (technically) don't burn were there a fire, but many high value specimens could/would be ruined by going through a house fire. And, it would be pretty hard for a thief (home burglary) to run off with them.
But, when the rocks (plus saws, tumblers, grinders, et al) out value the house itself by more than double, it seems like they should be covered.
Is it just stupid to even consider insuring rocks?
Thoughts?
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Post by orrum on Feb 3, 2016 19:58:52 GMT -5
My equipment and rocks r insured for $25000 thru Farm Bureau as a house insurance rider. My agent came out and said it looked too low because I should be looking at replacement cost and not what I could get stuff used etc on Ebay. So he uped it to $45000. That's about $119;per year.
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Fossilman
Cave Dweller
Member since January 2009
Posts: 20,688
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Post by Fossilman on Feb 3, 2016 21:42:00 GMT -5
Progressive Insurance will do that too-thinking of insuring my fossils..........My cars and trk are insured through USAA...
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Post by 150FromFundy on Feb 3, 2016 21:44:57 GMT -5
If the value of your collection is minimal, it may be covered under "home contents" if the value of your collection does not push you above that limit.
If you value your collection at $10,000, you simply by a $10,000 "rider" on your home insurance and pay a little extra.
As orrum suggests, think about REPALCEMENT value when you appraise the value. We tend to undervalue our collections because someone gifted us some fine specimens, we traded some specimens, we got a great deal on something, or we self-collected something amazing. Just because it came to us easy doesn't mean it will be easy to replace.
Darryl.
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Post by captbob on Feb 4, 2016 17:23:53 GMT -5
Thanks for the replies.
I guarantee that my rocks aren't covered in my household contents. Not even close.
Guess I'll have to talk to the folks at the ins. co. again. I was just kinda curious who they had that was qualified to assess such.
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Post by Drummond Island Rocks on Feb 4, 2016 20:05:45 GMT -5
Thanks for the replies. I guarantee that my rocks aren't covered in my household contents. Not even close. Guess I'll have to talk to the folks at the ins. co. again. I was just kinda curious who they had that was qualified to assess such. Pretty sure you are going to be much more qualified to put a price tag on your collection and equioment then any insurance agent. If your just getting a rider then your number is all that really matters. If you value it at $50,000 get that much as a rider for "rocks, minerals and lapidary equipment". Are you looking for something more specific then just a rider? Chuck
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Post by captbob on Feb 4, 2016 23:57:57 GMT -5
Chuck, I don't know what my options would be other than a rider. Will have to discuss with insurance folks.
Unfortunately, I'm thinking more in the 300k range. Figure insuring that would be prohibitive.
May opt to go more like a third that just to cover the pricier specimens in display cases which wouldn't fair as well in a home disaster. Will investigate. Might just continue to roll the dice, insurance cost could probably be spent buying more rocks which would be much more fun - until the day I regret that decision.
Not really sure why I'm more concerned now after all these years. Just a feeling.
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Post by orrum on Feb 5, 2016 5:07:09 GMT -5
Yah buy more rocks!!!!!
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Post by radio on Feb 5, 2016 9:06:47 GMT -5
Most of us likely push, or exceed the limits of "contents" so a rider makes sense if there are thousands of dollars in rocks and equipment like most of us have. As was mentioned regarding replacement value, all of us have a stash of old stock material that is worth a heckuva lot more now than when we bought/hounded it! Does this meant if we experience a loss, we can collect on expenses to make collecting trips to hound replacements?
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Post by captbob on Feb 5, 2016 9:36:46 GMT -5
Does this meant if we experience a loss, we can collect on expenses to make collecting trips to hound replacements? Not sure that would fly with the insurance company, but I REALLY like the way you think!
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