Collectables a learning Experiance.

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Collectables a learning Experiance.

Post by Octane on Tue Feb 24, 2009 3:52 am

Been a while since I have been here but I though I would share some valuable experience I gained recently when it comes to financially protecting your collectables.

As some of you may know I currently live in the USA but my home base of operation for both my business and home in Australia was Kinglake Vic.
So needless to say I lost just about everything due to fire. (Thankfully I still have a mum, but I lost too many fiends and people I know personally thankyou very much.) But enough about doom and gloom and on to learning....

I lost about 15K in business inventory and about 40-50K in personal collectables from 3 sites all miles away from each other. But I did have an insurance policy that specialized in collectables that would not have been covered in house and contents insurance. So Rule #1 is have a policy that protects your hard earned collectables and do not assume that it is covered in your contents insurance because most likely it is not. Sure it cost you a number of dollars a year but if you where like me and had things numbering in the 1000's of dollars you need to look into it.

If you go to the trouble of insuring your collectables you will have to provide some documentation of everything you have. Photos, lists etc yes they are a huge pain in the butt if you don't keep them current (And you need to keep them current). Memories are great but hard proof is better also makes repurchasing the stuff so much easier. Now you probably need to keep multiple copies of these spread around the place. As I learnt the hard way Rule number #2 online digital copy is a must. What are the chances of 3 locations miles apart being totally wiped out? Apparently fairly high. Heaps of detailed records are as helpful to yourself as well as the insurance company. Don't just keep them in a book or on your computer or your phone they need to be online somewhere you can access them is say you have nothing. List everything where possible. (You think I can remember all 534 Pez Dispencers I had, or all 3000+ comics hell no. Admittedly I was slack and listed $$ values for X amounts for a lot of stuff. Not thinking my computer records and list would be wiped out as well. I wished I'd been more precise in my lists of junk admittedly some of the stuff I submitted to the insurance company has been might helpful.)

Rule #3 (Which is really rule #1) your collectables aren't worth any more than human life. If pending natural disaster strikes get the hell out. They just aren't worth it. (Besides they insured you can always buy more junk....collectables...)

Cheers...

Octane

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Re: Collectables a learning Experiance.

Post by Dabigfella on Tue Feb 24, 2009 4:29 am

Wow, mate you have had it rough, i hope for you there is a silver lining (or gold) and very glad to hear you still have your mum around, all the best mate and i hope all goes smoothly getting things back on track.....

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Re: Collectables a learning Experiance.

Post by NiteOwl on Tue Feb 24, 2009 5:16 am

Hey Stuart, all I can do is send well wishes to you and your family. Pretty much only one way to go from here though.

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Re: Collectables a learning Experiance.

Post by TheMyth on Tue Feb 24, 2009 6:01 am

Sorry to hear about those you knew that you lost, a very sad time indeed. (probably made even worse that you are not actually here)

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Re: Collectables a learning Experiance.

Post by BoloMusashi on Tue Feb 24, 2009 6:26 am

Man that's terrible news Stu. My deepest condolences mate.

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Re: Collectables a learning Experiance.

Post by TheSweetestThing on Tue Feb 24, 2009 8:58 am

I'm stunned and shocked, my heart goes out to you Stuart and I hope that life only deals you positive cards from now on.
And remember that we're all here for you if you need anything at all.

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Re: Collectables a learning Experiance.

Post by The Dr Of Style on Tue Feb 24, 2009 3:10 pm

Hope you are doing ok....it can be wierd when you are isolated from drama's that are happening to friends & family.....it's times like this that we are reminded to live each day to the fullest.........I'm sure I'm under-insured for my contents....not that I have that much stuff in my house but trying to work out a value ofr everything is quite hard..... and the amount of times I've left the iron on then gone to the shots I've lost count

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