Going up in flames

[Anonymous]

It's definitely worth adding cover for your trains. However, the one puzzling thing is this - how do you "cost" the hours you have put in making the models? Surely this has a bearing on the amount of cover you will want to have?

[Anonymous]

I am an insurance agent and I would recommend that you add what is called a "floater" to your homeowners insurance to cover your hobby equipment. You might also check into the NMRA insurance program. See which one costs you the least and go with it.

Ed Briley
Independence, MO

[sparkingbolt]

This isn't a hypothetical question with me. It happened. My homeowners insurance covered the loss, but I didn't lose a layout. I did lose about 40 cars, mostly Athearn,a few old Locos. and a number of structures, that were in storage in a shed that burned. The better RR equipment was in the house. Note that the shed was also a small workshop, with a number of power tools, and some metal working equipment. (use as such led to the fire)

Along the same line as this subject though, i had about 120 1/25 scale model kits out there too, and some were considdered collectable. I went to a well known expert who gave me a fair replacement estimate, (not what you see in some of these catalogs that gouge) on these. I did have a well detailed list of these.

Although the insurance co (Farmers) didn't challenge my claim, they could have. Two adjusters came out to see the damage, one regular guy and his regional supervisor. I think they were suspicious at first by the very nature of the claim. These adjusters, and especially the regional guys can tell a mile away when someone is trying to cash in on a loss unfairly, and when someone isn't. I wasn't. The city fire inspector, and these guys too are highly trained, could have told if the fire was deliberately set or an accident too. Although it was a stupid accident, (that's all I'm telling you) it was an accident. It was awesome to see the forensic technique used to determine the cause of the fire, and believe me he found it. I already suspected, and told him the probable cause, but that notwithstanding, he nailed it beyond any shadow of doubt.

It still would have been better if I'd doccumented and photographed everything. I didn't have to pay extra for this coverage, but it is a good idea to check with your insurance company. and doccument your equipment as completely as possable.In fact, I need to do this myself now. Dan

[Anonymous]

I too have a fully computeried inventory of all my model railroad items. I plan on placing a copy of it on a website so that should I be beset by calamity I have a copy out of harms way.

[Hawks05]

i've taken a few pictures of some of my stuff. mainly just to put in a album for memories. i have all the receipts from everything i've bought. i also have a notebook with the price i paid for abosolutly everything i've bought for my railroad stuff. this includes tools, books, couplers, etc... my dad told me to do this but i had already started he told me i was a great thinker and well on my way to being safe about my purchases.

hopefully i never have to worry about this. my friend who is moving is going to take tons of pictures and video of his layout. again for memories and for insurance purposes.

[dharmon]

QUOTE: Originally posted by PistolPete

One thing I was told was to take pictures or vidio of all your household stuff including trains and keep in a separate location like a safety deposit box.

Yes! yes! yes! yes! Do this...keep a copy in a safety deposit box or at you parents house or somewhere else.......things like your trains, firearms, jewelry and tools...tools are often overlooked, but think about how much it would cost to replace them...

Also, most policies have a cap on items like jewelry, computers, collectables, etc...You may need to get a special rider for items that exceed the value of this cap.

[PistolPete]

One thing I was told was to take pictures or vidio of all your household stuff including trains and keep in a separate location like a safety deposit box.

[Anonymous]

NMRA members are offered insurance for entire layouts. I don't have my layout insured, but have a raised level on contents on my homeowners policy. I am handicapped, so I need the extra coverage. If I didn't have that, I would have a separate policy because I have 48 engines and close to 500 cars. This I have accumulated over the past 35 years. I could not put a value on these as they are a part of my life.

[Anonymous]

Talk to your insurance agent about what needs to done to put an insurance value on them. I think they would be covered under possesions but w/o a professional valuation or proof of what you paid for them it may be far less.

I started rambling about things I'm not an expert in....talk to your insurance agent.

DT

[Trainnut484]

I've been wanting to get my HO collection insured in case of loss by fire or something else. How many of you have your model train collection insured and do you think the cost, premiums, and deductions are justified? I've heard that if you go through the same insurance company that you have with your car/apartment rental, the insurance for your collection would be a little cheaper.

Thanks for your input [:)].

Take care,

Russell