Extra insurance for games.

THEDJ

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Just wanted to Know if anybody has added extra insurance on the home owner insurance.

I am not a big time collector like some, But i do keep around 10 games in my little arcade room.

If so, who sets the value of the games, if ever a loss.


thanks
guys
 
hopefully they go off ebay values. that way you could replace each one and still have enough money left over to buy an edot and a star wars cockpit.
 
Just wanted to Know if anybody has added extra insurance on the home owner insurance.

I am not a big time collector like some, But i do keep around 10 games in my little arcade room.

If so, who sets the value of the games, if ever a loss.


thanks
guys


i should...


back when was renting i had renters insurance... then the flood came!!

so they basically took pictures to verify what was all water damaged. THey told me to shop for replacement games. SO i went to ebay and found most at the obsene buy it now prices.. works for me....

they added it up, and cut me a check!! I even got to keep everything!!

I ended up with a little over 8 grand over that deal. So the ordeal ws a bitch, but in the end it was worth it. THe kicker it it all wrent to debts so i really didnt get to buy anymore games with the money.
 
Anybody else gonna chime in on this.


I know a few of my games are more hard to find/worth a little bit more.

yeah, If i ever had a claim, I would still keep my games.
 
I think my "valuables" limit or whatever its called on my homeowners policy is pretty high ($500k rnage I believe) because of my games and other high price electronics (big screen TVs, DJ equipment, etc). So I'm pretty sure my homeowners insurance would cover anything. Think I'll look it over again this weekend just be certain though.
 
Just got of the phone with my aganet and he assured my games are covered! That's a load off. The only thing is that if I needed to make a claim, since arcade games are such an obscure item, that the burden of proof of what the value is would rest upon me since they can't just go to a store and find out how much a brand new T-Mek would cost.
 
Just got of the phone with my aganet and he assured my games are covered!

I was told the same thing by State Farm BUT after reviewing the limits, flood coverage, claim process, value of games, etc I decided to have Collectibles Insurance insure my games.

So far I did have one claim that I had to do with water damage (broken pipe above game in the basement) and it was easy. I had to put a value on the game, email some pictures and in the end I was issued a check for replacement cost. I was able to keep the damaged game (a pinball machine) and no one ever came out to look at it. My insurance rates did not go up after the claim. There was no deductible.
 
Just got of the phone with my aganet and he assured my games are covered! That's a load off. The only thing is that if I needed to make a claim, since arcade games are such an obscure item, that the burden of proof of what the value is would rest upon me since they can't just go to a store and find out how much a brand new T-Mek would cost.

+1. MY normal Homeowners Insurance covers mine. Just have pictures / videos for proof.
 
I just went through this. We had a house fire that took out most of the upper floor of our house. All of the games were downstairs but sustained a ton of water.

I was a bit worried but the insurance was great. They asked me for values for the games. I looked and tried to be fair as I didn't know exactly at the time how the process was going to work. They went out and did their own research and in every case I was paid top ebay dollar for the games. Since the insurance company paid me for the games technically they now owned them. It was my job to submit a bid to buy them back if I wanted to keep them. They said they had a company that specialized in restoring games that would also be putting in a bid. That company got back to the insurance and said they were not interested as all of the games were too old to bother with. So I submitted a bid if $1 and the games were mine again.

It was a nasty long process, but becasue of the fact that the games are collectables, the depreciation schedule that the insurance company uses for everything else didn't work. I ended up with a good chunk of money. Most of it went back into the expansion of the house as we rebuilt but all in all I'm fine with that.

The rest and what I will make from selling the games as I rebuild them will help me to buy the new WOZ pinball.
 
As an insurance adjuster, the short answer is that your games are covered under your homeowners insurance for personal property. You are covered most perils (fire, water, lightning, etc). If you have any specific questions I could try and answer them for you. Unless you have a ton of high end items there is no reason to have specific insurance on them.
 
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