Insurance advice needed

[jonwil]

I just took out a lease on a new apartment and will be moving in in a week or 2. Anyone here got any advice on how to insure my LEGO under contents insurance? Is it something I should list separately? How do I figure out how much its worth? (not necessarily how much I paid but how much its actually worth)

I dont want to be in a position where I have the collection under-insured (or over-insured for that matter).

Counting each individual part (including those in MOCs) or each set of instructions is out of the question as I have far too much LEGO :)

[TheLegGodt]

I have it separately listed as 'art & antiquities' (I think it was that) as part of my contents insurance and keep a list of all the sets I have. In that list I keep track anyhow of how valuable the very unique ones are. In case of a claim I need to be able to handover that list, which is why it is useful to keep in secure webmail (e.g. Apple me). They also advised to take pictures and keep them somewhere separate (e.g. Flickr). I overstated by 50% so that I still have some room to grow the collection. It's not very expensive and over-insuring does not cost that much therefore either. Better safe than sorry.

[TheLegoDr]

I've always wondered about insurance. I have all of my sets/pieces in bricklink right now to see the current value. I wonder if that would be enough?

I did wonder if just having a list of sets would be enough to get insured. It makes me picture someone claiming they owned several copies of the rare discontinued sets, much like being a normal person having a mona lisa or something crazy! Obviously, I'm honest to not do that.

[62Bricks]

You should look at your policy or talk to your agent to see if you have a replacement cost policy or an actual cash value policy - these are two common types of property insurance policies.

A replacement cost policy pays you the cost of replacing an item at the current market rates for a new item. This type of policy is usually more expensive because it will pay out what your item is worth at current market rates. Depending on your policy, you may be required to actually replace the item before the insurance company will reimburse you. This is to prevent fraud and over-insurance.

An actual cash value policy will pay you what the item is actually worth based on the normal lifespan of the item and the replacement cost. This type of policy uses a formula to determine how much your item would cost to replace new, then subtracts value based on how old your item was when you lost it. For example, if the formula said the lifespan of a plastic toy building set was 10 years and you had owned it for 5 years, and it would cost $60 to replace it new, you would be reimbursed $30 - half its lifespan times the current replacement value.