Insurance for our Trains?

[Anonymous]

As expensive as our hobby is, has anyone ever thought of insuring our trains in the case if something was to occur? Sometimes the unatural things like fires or floods and if somehow our collection was affected by such it would be really hard to replace them, let alone the cost. Has anyone ever had those concerns?

Chris

[Anonymous]

TCA has insurance for their members and so does another outfit called Collectables Insurance that insures anything you come up with. Homeowners insurance is questionable, they tell you one thing then the story changes after you file a claim. Some claim the TCA dues are worth it because of the insurance they offer. I know one thing, trains nowadays bring half of you paid for and thats if your're lucky. Don't expect to find a goldmine on Ebay or SVC. These insurance companies probably will lowball you when you ask for a quote.. They will tell you a 3rd Rail brass loco is worth $200 when you paid $1,400 for it. Just be careful and ask a lot of questions. The main thing is, don't store them in a basement, attic, or garage. Mine are safe and sound under the beds and in closets on the main floor of our house. Moisture and extreme heat are the biggest enemies of trains. If you live on a coast or in Tornado Alley, just pray for the best.

[otftch]

I have mine insured with Collectibles insurance agency.Great policy made for just collctors.Don't rely on your homeowners policy.Check them out.
Collectibles Insurance Agency,p.o.Box 1200,Westminster,Md,21158-0299.Thier phone is 888-837-9537.
Ed

[Anonymous]

Ask your Home owners insurance agent. Allstate covers it and they suggest you have pictures not of just the trains but the whole house ( furniture,etc.).

[winrose46]

I had a basement flood (upstairs toilet broke while we were on vacation) and USAA paid me $550 to repair based upon the estimate I got, $1000 to dismantle the layout and $2000 to rebuild. When I asked the agent about insuring the items separately via a personal articles floater like my camera stuff he said the house hold policy would cover it and I did not need a separate train policy.

[c50truck]

Trains are like any collectable. I have a restored Model AA 1-1/2 ton Ford truck. It is insured separately through an antique auto insurance company. DO NOT expect your homeowners insurance to cover your investment in your collectable trains. You must seek out insurance from a company who understands your collection or one who allows riders for your specific needs. Talk to your agent, and don't accept generic answers.

[laz 57]

I think I am going to inquire about this?
laz57

[Anonymous]

I looked at this a while back, it seemed you needed a concrete list of your trains and or an agreed value. Getting a local appraisal was not going to be cheap, although now I think the process is simpler. I have know people thta simply vidio taped their trains and made their own list.

Oh and where insurance is involved, you will likely get screwed if you ever have a claim. I definitely would NOT hope the home owners ins would cover any train catastophe though! No chance unless you just had a few thousand in trains. When many of us add up what our trains are worth, you quickly see we are not much different than fellows that keep classic cars or hotrods in their garages. And some of us do both..............