Train insurance and security

[jonadel]

I'm almost to the point where I am considering adding a rider to our insurance policy for the trains I've purchased and the accessories. Have any of you done this yet? My collection consists mostly of Railking loco's and a few Premier (lower end) diesel/electric engines. I have lots of accessories and of course two Z4000's. What about you folks that have built up your collections? I'm interested in hearing your thought's.

One more question: do you have or are you considering security systems for your home?

Jon

[Anonymous]

i have ADT at my home in NE Philadelphia and am considering getting insurance. the rates should be lower because of the security alarm.

Im just getting into 1" scale rideable coal fired live steam (4 3/4" gauge) and am more worried about coverage for this Engine than the "toys"

Guess i might as well contact the company advertising insurance in CTT and see if the live steamer can be covered as a toy

thanks for getting me thinkin on this :) i forgot about it ;)

[eZAK]

Yes!

I have a rider on the home policy and a security system.

Everyone should have some kind of insurance on their trains.

Also make sure you take pictures and keep an inventory list.

[Blueberryhill RR]

QUOTE: Originally posted by eZAK

Yes!

I have a rider on the home policy and a security system.

Everyone should have some kind of insurance on their trains.

Also make sure you take pictures and keep an inventory list.

That's the real truth. Make sure you take pictures and date them. Keep receipts.
Or you can go with Clint Eastwood Insurance.
The Smith and Wesson , Model 29 , .44 Magnum.

[Anonymous]

Here's an excellent source for collectibles insurance:
www.collectinsure.com

[okiechoochoo]

I have a monitored alarm at home and also use Collectors Insurance Agency, which advertises in CTT. They are very reasonable in rate structure although I have not had a claim yet and hope I don't, so I really don't know how they handle that.

[Warburton]

Also, the Train Collectors Association (TCA) has a train insurance program through a company in Pittsburgh. I have that one. You can go with either a flat insured amount (i.e. $25,000 or $35,000, etc.) or list and insure each item you have. You have to belong to TCA (I think) to use their plan; check with TCA website. I've never had a claim (thankfully), but I sleep better at night knowing I have it!

[Big_Boy_4005]

Personally I think we put too much emotion and love into our trains. No burgler in his right mind would think to take them unless he was a collector himself. In all my years I have heard very few stories of theft of train collections. Face it guys, trains are not as liquid of a comodity as we would like to think. Burglers want cash, drugs, jewelery, guns and maybe some electronics. I have none of those things in my house. I have an alarm system, which my insurance company made me install, and which I have never turned on once.

The reason they made me install the system was not about burglery, it was about FIRE.

Fire does not descriminate, it will destroy anything in it's path. If there was one thing you did want to insure against, that would be it. There, I have heard horror stories.

In spite of the fact that normal home owners policies do not cover "collections" of any kind without special riders, I have never taken any out on my trains. I guess I'm just into taking risks, and have a lot more important things to worry about.

[Anonymous]

I have insurance for my trains through my insurance company, and I adjust it once a year.

For security, I have a 70-pound Australian Shepherd who takes care of things when I'm away.

I really don't worry all that much about losing my trains through theft, a natural disaster, or some such. I have too darn many of the things anyhow (various scales), and a loss would afford me the opportunity to start over in a far more logical manner by sticking with one or two scales. They are only "objects" and of relatively little importance in the grand scheme of things.

[jonadel]

I'm not overly concerned about theft as I am fire or water damage. Floods will never be a problem (we live on top of the hill) but a frozen water pipe while we would be gone or a fire would spell the end. We do need to increase the coverage on the contents of the house anyway so I'm going to call our local agent and see what he has to say.

Jon

[okiechoochoo]

I wasn't think so much about burgulars as I was other forms of damage such as fire, hurricanes etc

[Anonymous]

Hello All: I have to agree, fire &water damage are more of a concern, We have a blanket thet covers all of our contents at today's market value. But wemust provide proof of ownership on our trains,collectables, jewellry. We have a list & video in our safe deposit box. You have to keep it updated every year & submit it to the Insurance co. Regards Steve

[Anonymous]

IMHO , it depends on where ya live as to what your priorities are.... where i live, crackheads steal screen doors off houses to sell as scrap metal (not my neighborhood, but my town) (if you can think of it, they can steal it)
im more worried about the live steamer being stolen then the Toys..
i have to fire it out in front of my home where everyone including bus riders going by can see what i have an am doing.... but its not an indoor sport

theft is my biggest concern, followed by fire... flooding isnt an issue.
If I lived on the banks of the Mississippi river, it might be different.

[Anonymous]

The real bottom line is that if you have a considerable investment in your toy trains, you should have insurance for the items. If you're a member of the TCA or NMRA, you can get reasonable rates through the plans they offer (with independent insurers). If your own household or renters insurance policy covers such losses, you need to keep it up-to-date and you need to check with your insurer to make certain that your policy does, indeed, cover such losses. NEVER simply assume that it does!

Doesn't matter what kind of loss most worries you--natural disaster or theft. You need to protect your investment if it's a large one. But do keep in mind that almost no policy covers man-made destruction, including terrorist attacks, war, civil uprisings, and the like. You're on your own in those cases!

[daan]

I also only have a firealarm installed and a big fireextinguisher. My insurance covers up to $10000 on collections, and that is more then enough for my stuff.
I also am more concerned about fire risks then burglary, in the first place my trainroom is almost invisible (in the top of the house with no fixed ladder and the entrance is build with a lid in the ceiling, so you have to know that the trains are there) and in the second place it is worthless to non-collectors and in my country selling is impossible since almost no-one else uses these trains.
The only trains I'm concerned off are the one's downstairs, a small collection of old Bing and Jep machines. (but that is covered by insurance)

[cnw1995]

Allan speaks with true wisdom. I guess when I really get down to it - there's mostly sent sentimental value in my trains. In fact, I'm not quite sure at all what everything's worth in terms of dollars. Lots of 027 track. Maybe the pre-war trains and accessories are worth something... I always thought my homeowners policy covered them but now I think not.

[Anonymous]

I saw some good suggestions here, and I think I will check with my ins co for some extra coverage, for fire. We are in the height of fire season here, with them burning east, west , and south of us.
For theft I count on the 18 pound Dauschund, 2 -100 pound German Shepards, slick mountain roads, and a Mother in Law that can shoot the eyes out of a chipmunk at 300 yds with any rifle I have. Truth is the Dauschund is the only worry a burglar would have, as he has bit more people that the Mother in Law has shot...Tim