Chip insurance? (2 Viewers)

[AfterTheFact]

So with the recent thread about stolen chips it got me thinking do people have insurance for their collectibles?

I know you can get it for coins and other collectibles but what about Chips? Does anybody hear have any experience getting this type of insurance? Cost?

 

[Lars]

I asked once and my the agent laughed and didn't seem to understand. I was supposed to get a phone call from someone else in the office but never did. It is something that I think about. I have taken pictures of everything and saved them on my cloud.

 

[Norman]

Deductible would be the killer with this type of insurance!

 

[bergs]

You can add it to a rider pretty easily. They treat it the same as collectible stamps or coins.

 

[Jambine]

Most homeowners insurance would cover contents to some extent.

 

[abby99]

Most homeowners insurance would cover contents to some extent.

According to my insurance agent, my chips are covered as contents. They would be covered if stolen or damaged in a fire, but because they aren't scheduled, they are not covered in the case of mysterious disappearance. I do have replacement-cost coverage, which would make for an interesting claim if somebody broke in and took them. "Your chips are worth how much???"

 

[doakwolf]

My house contents covers them but for any "collectible items" worth more than $1000 ($700USD) I have to declare them as special items. I never got around to it but my most valuable set these days is a 400pc Terribles so there's little point for me to worry.

If I had some expensive sets I'd be calling the insurance company and ensuring they're covered. As for away from home coverage... Only the China clays get to leave my house!

I do have replacement-cost coverage, which would make for an interesting claim if somebody broke in and took them. "Your chips are worth how much???"

Haha yes it would take some convincing!

 

[Jambine]

It's a good idea to take pics every year. I just do a quick walk-through video. You would be surprised how much valuable stuff you collect and then forget about.

 

[btbmason]

According to my insurance agent, my chips are covered as contents. They would be covered if stolen or damaged in a fire, but because they aren't scheduled, they are not covered in the case of mysterious disappearance. I do have replacement-cost coverage.

Exactly this for me. Just make sure to keep photos and any receipt/proof of purchase. Even if they replace at current cost, you still need to prove they were there and how you got them. Your idea of replacement costs may also differ from the findings of your insurance company, especially for a market like poker chips where they are generally traded/sold within communities like this/eBay and not through retail outlets.

Also I'm finding out that when it comes to live casino chips you're kind of screwed if they don't resurface. Have photos and document when/how you got them.

 

[BGinGA]

One of my three insurance policies:

 

[DrStrange]

My insurance agent has played in my house once or twice and seen all the chips. We talked about how my home owners policy would cover the chips as part of the contents. I have replacement cost insurance, though there might be issues getting paid on the value of things deemed "irreplaceable". (eg., how do we value several thousand Bahamia or Outpost chips which haven't been seen in that quantity for years? Or even worse - how do you value custom chips from a defunct maker?)

My deductible is huge, so there isn't any effective coverage for someone grabbing a couple of bird cages and running out the door.

Bottom line - - - talk to your insurance agent and find out. Scheduled insurance is not a bargain. You are paying a hefty fee imbedded in the premium for self-dealing fraud, often as much as half the premium. That is a huge -EV unless you are plausibly inclined to defraud the insurance company.

DrStrange

 

[RainmanTrail]

I have a special rider on my insurance policy for my entire collection. For my CPC chips, replacement value is pretty straight forward, as you can provide receipts and those items are replaceable. For sets like my Wynn chips, Nevada Lodge, Pick Hobson, etc., it's a little bit more tricky. Basically, you'll need to make a case for what they're worth if ever stolen or lost in a fire, and your best chance is to have a rider on your policy, take lots of pictures, and keep logs of your transactions. Otherwise, you're probably capped at around $1000-$2000 in total reimbursement if you don't have it.

Another option is to go through a "collectibles insurance" company, but those policies are rather pricy.

Also, buy yourself a really fucking heavy gunsafe.