Back in the early 1970's I went into the insurance business and sold homeowners as well as other lines, until I changed careers to become a veterans representative.
The companies grouped train collections in with all other household contents. So I attempted to find coverage for my then collection. At the time Model Railroader Magazine had an advertiser who sold collectors insurance. So I purchased a $15,000 blanket policy, also had my collection inventoried and appraised by a Toy Train Dealer in Columbus Ohio.
When a friend had a loss by fire and could not collect near the value he paid for, I dropped my policy as it appeared I was tossing my money away. Since that time my homeowners rider is my only protection.
All good info.
To close the loop, I checked into this some more and the need for separate insurance on trains arises from the fact that many homeowner policies limit or exclude coverage for collectibles. Now, you could have an argument with the insurance company about whether trains that are regularly run are collectible, but the prudent thing to do is to have a rider or standalone policy. Moreover, even if they are covered without such a rider, if you have a good deal of trains, obviously everyone here knows how expensive it is to replace them and that replacement cost would "eat into" the amount you have available to replace other contents of the house. So, for a few hundred dollars a year, why take the chance seems to be the rationale.
For me, I will probably go with the TCA coverage. Liberty Mutual is a reputable outfit, and I think it is going to be a major PITA to find someone who can appraise my collection to State Farm's satisfaction. Basically, I think State Farm just doesn't want this type of business.
Thanks all for the examples and information provided. Very helpful and appreciated.
KRM DMUinCT KRM In talking with my State Farm Agent they are indeed covered under your regular house ins. The problem is if you are at a point where say you have 15K then that is 15K you will not get to replace other things. So at some point it pays to get a rider or addenda. Here is part of the answer I got from him. State Farm "Looks like around .75/100 and they would need full description with the pieces you would want to consider – would not be able to do “blanket” coverage for those listed and those not" Here are the prices through the INS offered from the TCA Inventoried coverage is is $100.00 for $16,666 of coverage. Both with a $250.00 deductible. That is blanket stated value $ x.0075 = cost or Inventoried value $x.0060 = cost Hope this helps. I am insured by the TCA program. The Insurance policy is issued by a a division of the "Liberty Mutual Insurance Company", Boston through an agent (TCA member) in Pittsburg PA. You can have a "Blanket Coverage" or an "Inventory Coverage", TCA can conferm the value of inventory items. I have a "Blanket Coverage" and send in photos of my collection when I renew each year. Don, Thanks I am looking in that direction too if my INS guy can't come up with blanket coverage and the same price.
DMUinCT KRM In talking with my State Farm Agent they are indeed covered under your regular house ins. The problem is if you are at a point where say you have 15K then that is 15K you will not get to replace other things. So at some point it pays to get a rider or addenda. Here is part of the answer I got from him. State Farm "Looks like around .75/100 and they would need full description with the pieces you would want to consider – would not be able to do “blanket” coverage for those listed and those not" Here are the prices through the INS offered from the TCA Inventoried coverage is is $100.00 for $16,666 of coverage. Both with a $250.00 deductible. That is blanket stated value $ x.0075 = cost or Inventoried value $x.0060 = cost Hope this helps. I am insured by the TCA program. The Insurance policy is issued by a a division of the "Liberty Mutual Insurance Company", Boston through an agent (TCA member) in Pittsburg PA. You can have a "Blanket Coverage" or an "Inventory Coverage", TCA can conferm the value of inventory items. I have a "Blanket Coverage" and send in photos of my collection when I renew each year.
KRM In talking with my State Farm Agent they are indeed covered under your regular house ins. The problem is if you are at a point where say you have 15K then that is 15K you will not get to replace other things. So at some point it pays to get a rider or addenda. Here is part of the answer I got from him. State Farm "Looks like around .75/100 and they would need full description with the pieces you would want to consider – would not be able to do “blanket” coverage for those listed and those not" Here are the prices through the INS offered from the TCA Inventoried coverage is is $100.00 for $16,666 of coverage. Both with a $250.00 deductible. That is blanket stated value $ x.0075 = cost or Inventoried value $x.0060 = cost Hope this helps.
In talking with my State Farm Agent they are indeed covered under your regular house ins. The problem is if you are at a point where say you have 15K then that is 15K you will not get to replace other things. So at some point it pays to get a rider or addenda. Here is part of the answer I got from him.
State Farm "Looks like around .75/100 and they would need full description with the pieces you would want to consider – would not be able to do “blanket” coverage for those listed and those not"
Here are the prices through the INS offered from the TCA
Inventoried coverage is is $100.00 for $16,666 of coverage. Both with a $250.00 deductible.
That is blanket stated value $ x.0075 = cost or Inventoried value $x.0060 = cost
Hope this helps.
I am insured by the TCA program. The Insurance policy is issued by a a division of the "Liberty Mutual Insurance Company", Boston through an agent (TCA member) in Pittsburg PA. You can have a "Blanket Coverage" or an "Inventory Coverage", TCA can conferm the value of inventory items. I have a "Blanket Coverage" and send in photos of my collection when I renew each year.
Don, Thanks I am looking in that direction too if my INS guy can't come up with blanket coverage and the same price.
In my case: I have a $27,000 Blanket Coverage Policy, $250 deductible, $15,000 coverage when in transet to and from shows, and it costs me $211 a year. The policy is by Peerless Insurance, a Liberty Mutual Group company, in Keene N.H. and issued by J.A. Bash & Company, agent, in Pittsburg PA.
Don U. TCA 73-5735
Joined 1-21-2011 TCA 13-68614
Kev, From The North Bluff Above Marseilles IL.
Good morning all,
This is a good topic. I am glad it was brought up. May have to check on mine. Most of the O-27 stuff I have is not much, and the standard gauge items are bottom of the line, but when you start adding every thing up, it starts to get to be real money if you had to replace it.
Keep on training,
Mike C. from Indiana
What happens if your insurance agent is mistaken about your trains being covered, and you have to make a claim?Once again, i suggest reading your policy terms very carefully yourself.
Not insurance, but my son just blew a fuse in a specialty piece of test equipment. When he purchased the meter, he asked whether it needed specialty fuses, and was told it did not. Well, the fuses are indeed specialty ones, costing six dollars each, and up. And you aren't going to find them at Advance Auto or Lowes, which is probably a bigger issue.
Thanks for the USAA info. Like I said, it was in the 90s when I asked ... things never stay the same!
Bob Keller
Bob about a month ago I asked my usaa agent and they said if it can be considered a collectible they don't cover it.
Life's hard, even harder if your stupid John Wayne
http://rtssite.shutterfly.com/
My Farm Bureau agent is telling me to do an inventory with my stated amount, plus track and switches and materials to build. Take photos of the Box and he will add to Home Owners like he did my firearms.
God bless TCA 05-58541 Benefactor Member of the NRA, Member of the American Legion, Retired Boss Hog of Roseyville , KC&D Qualified
RAVL . When did you speak with your agent? Last week and I sent the link to this so he could see I am not the only one looking for Blanket / Stated Value coverage. He sent me an e-mail last night that he will be talking to the district manager about it. I hope they figure something out. I will let you know what I find out as I find out.
. When did you speak with your agent?
Last week and I sent the link to this so he could see I am not the only one looking for Blanket / Stated Value coverage. He sent me an e-mail last night that he will be talking to the district manager about it. I hope they figure something out. I will let you know what I find out as I find out.
Thanks. I was hoping to do "stated value" with State Farm but the agent said they need an appraisal. Not sure why -- if I am willing to pay the price of the coverage based on stated value why they wouldn't accept that stated value. When did you speak with your agent? Many thanks.
I think you are right.
Several years ago (late 1990s) I contacted USAA about collection insurance, and they suggested I document document document and then just increase the coverage amount to cover the collection. They didn't recommend it for, say, coins, stamps, or fine art; but other collectibles (in the reps opinion) would be adequately covered through the normal home owner property insurance, without a major increase in the policy price.
Thank you. The other thing is that, after reading my homeowner's policy and the nineteen riders and addenda, it occurs to me that my trains, which are mostly running and not collectible / display (no pristine, never opened, original box pre-war 700E sets), might in fact be covered under the coverage for the house's contents -- in other words, no different than furniture, toys, etc. That being said, I have heard many times anecdotally, that the coverage would be limited. I'd like to try to get to the bottom of this with definitive answers. I'll report back with what I find, as it could be useful to others in a similar position.
I suggest you read the terms on the policy mentioned above very carefully. If you are an operator, looking to insure relatively current production stuff, then the terms are probably OK. IMHO, they aren't good for a collector. I also did not see anywhere on the site that gave the actual rates. That is a red flag for me.
I believe that almost identical policies are available through the TCA and NMRA. One policy will even cover layouts.
http://www.nmra.org/national/insurance/model_collection_insurance.html
RAVL,
I am in the same boat. State Farm is not willing to compete with the INS you can get from the place that the TCA will send you. I to just want to do a blanket value ins policy. State farm also wants more to cover trains than Guns or golf clube from what I can tell?????????
Let me know how this works out for you. After having State farm since 1976 I am looking around for something else for all of my INS needs.
Thank you. I have heard of that firm but I was not thrilled with the fact that it took a great deal of digging for me to determine the name of the actual insurer -- the website link is really to the selling agent. For those of you looking at the same issue, the name of the actual insurer with that agency is Global Indeminity PLC. AM Best rating on the firm is decent; some of its close affiliates less so. My concern, besides having a potentially shady firm go belly up is that the firm may be less than reputable paying covered claims.
http://www.collectinsure.com/ there in hunt valley, MD
I have been reviewing our family's homeowner insurance, and I am thinking that I am at the point where we should add a rider to the policy for the trains, much the way we have for the jewelry. State Farm will write the policy, but they want an appraisal. I know of other firms that will insure based on agreed upon value, but thus far the companies in that business seem to be of a lower financial rating than State Farm.
If anyone could refer a reputable agreed-value insurer for toy trains or an appraiser (we live in the Washington DC metro area), the leads would be appreciated. Many thanks.
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