Insurance Question

[YazFenway08]

I have read through many of the previous threads on insurance. I have had a good dialogue with CIS (Collectors Insurance)

My situation is this: I am going to be moving and I need a secure place to store my stuff. I identified a brand new, climate controlled, good security storage facility that would work. I have decent volume of nice but not mind blowing items…too much for a safe/bank setup.

The issue: CIS caps their coverage for “storage facilities” at $100k, but no limit at my dwelling …even though I can almost guarantee that the items would be far more secure at the 3rd party facility. I really don’t want to separate everything and keep at multiple locations

Anybody else have experience with this type of situation? I really like CIS but would entertain another entity if anyone has experience with a group that might have more flexibility in the insurance threshold.

Opinions appreciated.

[philo98]

Originally Posted by YazFenway08

I have read through many of the previous threads on insurance. I have had a good dialogue with CIS (Collectors Insurance)

My situation is this: I am going to be moving and I need a secure place to store my stuff. I identified a brand new, climate controlled, good security storage facility that would work. I have decent volume of nice but not mind blowing items…too much for a safe/bank setup.

The issue: CIS caps their coverage for “storage facilities” at $100k, but no limit at my dwelling …even though I can almost guarantee that the items would be far more secure at the 3rd party facility. I really don’t want to separate everything and keep at multiple locations

Anybody else have experience with this type of situation? I really like CIS but would entertain another entity if anyone has experience with a group that might have more flexibility in the insurance threshold.

Opinions appreciated.

I have CIS and in a similar situation. I’ve told CIS I have my collection in a storage unit (had to give them the address and details on the building) plus part of my collection is in 2 safe deposit boxes at my local bank which I also informed CIS. My policy is for $100k due to the storage unit restriction but the value of my collection I had estimated at $190K. About half the value of my collection is split between the two locations. My reasoning is something isn’t going to happen at both locations simultaneously.

I do need to revisit with them on my policy soon but I have been completely transparent with them on the multiple locations which they said is fine. I’ve considered storing at my sisters house at one point but the storage facility is actually more secure plus I have a lot of it in a safe within the storage facility.

I’m not sure if safe deposit boxes at a bank would help in your situation or not.

I do plan to leave the US for a long period soon so I’m also interested if anyone else has recommendations.

[sbfinley]

Originally Posted by philo98

I do plan to leave the US for a long period soon so I’m also interested if anyone else has recommendations.

At that point why not use a service like the PSA/eBay or Fanatics vaults? As I understand it the cards are fully insured by them. While likely more expensive than insurance you can at least not worry about the items while out of the country.

[philo98]

Originally Posted by sbfinley

At that point why not use a service like the PSA/eBay or Fanatics vaults? As I understand it the cards are fully insured by them. While likely more expensive than insurance you can at least not worry about the items while out of the country.

Good suggestion. I don’t want to hijack the OPs thread, but I’ll look into that.

[Vintagedeputy]

We’re heading out for the day, but my fiancé has been in the insurance industry for 30 years and has a lot of experience with collectibles and insurance. Will reply back later on with some info.

Quick question, though, how long will things need to be in storage while you’re moving?

[Exhibitman]

You might look for jewel vaults. They are generally ultra secure and insured.

[premiercardcollectors]

If I were in that situation, I would throw all of my most valuable items into the PSA vault.


Geoff Bedine
Premier Card Collectors
Since 1977

Sent from my iPhone using Tapatalk

[YazFenway08]

In my case, I was contemplating using the climate controlled storage facility for longer term…perhaps 2-3 years. The CIS folks again have been super nice, they just have said that $100k is the limit for anything in that facility, but basically limitless in the home.

I’m just curious if anyone here has experience with other insurance entities and a similar storage question. I guess I just don’t understand the underwriting part…there is zero chance my home would ever be as “secure” as the facility…multiple keypad access doors, cameras, fire protection, etc.

I’m not lazy, I just didn’t want to divide everything up into multiple places.

[Jobu]

Do you have any family in the area that you trust? You could probably add that residence and things would continue as before.

[YazFenway08]

That’s a good idea…but no family in the area.