Do you Insure Your Chip Collection? (1 Viewer)

[Moxie Mike]

I'm considering adding an insurance rider to my personal policy to cover replacement cost of my chip collection against loss or theft.

Is this something that anyone here does or has considered? If so would you care to share your experiences?

A couple specific questions: Would I need to have the chips appraised to determine value? Would I need to keep a consistent log of my transactions and maintain their current market value?

(If this has already been discussed before, please point me in the right direction. I tried the search function, but the word 'insurance' shows up in too many unrelated discussions to be effective.)

Requisite pron:

 

[Josh Kifer]

I've considered the same thing but never taken the time to figure it out. Following

 

[upNdown]

It has been discussed here before. I can't really remember specifics though. I bet if you search insurance rider (without using quotes) you'll get better results.

 

[allforcharity]

I probably should. Or I should move everything into a fireproof safe like @Jeevansluck .

 

[CraigT78]

I have USAA insurance and have riders for several different things - camera equipment, jewelry, and other collections. I've never needed an appraisal, just made sure to take pictures of everything.

 

[dmoney]

My wife asked me about this. Following.

 

[Highli99]

Yes and my insurance agent plays in my home game.

 

[Lil Tuna]

Yes. I have an extra rider on my renters insurance for them. Once I get into my new home, I will have a rider for them on my homeowners insurance.

 

[Moxie Mike]

Yes and my insurance agent plays in my home game.

Yes. I have an extra rider on my renters insurance for them. Once I get into my new home, I will have a rider for them on my homeowners insurance.

So how exactly does it work? Assuming you're like me where your collection fluctuates both in volume and value, do you keep a running tab to maintain an accurate inventory?

 

[TheB00T]

My agent is working on this currently. I'll post when I have more info.

 

[CrazyEddie]

If this has already been discussed before, please point me in the right direction.

This looks like the best post on the subject. The whole thread is useful: https://www.pokerchipforum.com/threads/insuring-your-chips-vs-disaster.10971/#post-162584

If you have a sizable value of chips the rider is worth it as your HO insurance will probably provide it dirt cheap. The info in this thread is pretty much spot on. Your HO policy will pick them up as contents. If you have a full loss to a house for a peril such as fire then no valuation is needed as the insurance company will just cut you a policy limits check. You just better hope your policy limit is adequate to cover clothes, furniture, etc, AND chips.

In a partial loss the insurance company will want to assess the value of your chips. Mine are all CPC or GOCC so I can just show the invoices from ordering them for both value and as proof of purchase. If you have casino sets then obviously valuation becomes trickier. I would definitely suggest some kind of appraisal. There was a question of who could perform such an appraisal. Ultimately I would say as long as the appraiser is a credible source and you get something that looks official I seriously doubt you would get pushback from the insurance company. Of course, with chips such as TRKs you are subject to wild swings or large increases in value so that's something to keep in mind.

A rider just gives you extra peace of mind if you have a sizable worth of chips. It gives you a guaranteed amount in the event of a loss without having to worry about dickering on valuation. It also expands your coverage to causes such as unexplained disappearance and insures them if you take them out of the house. Like I said if you have a sizable $ of chips I frankly think it is a no brainer. You get expanded coverage and the cost will probably be minimal. Call your HO policy holder and they will walk you through the details.

Check your policy to see whether or not your chips would be covered by one of the policy's limits or exclusions. For example, very commonly jewelry is limited to $1,000 of coverage. Poker chips may or may not fall within a limited or excluded category; they might be "collectibles", for example. If they aren't limited or excluded, then they'll be treated just like the rest of your personal property such as clothing and furniture. Even so, you might want to get a separate rider for the reasons @Mr Tree points out.

You don't have to keep the insurance company up-to-date on how much your chips are worth when the market goes up or down or when you acquire new chips or sell some of your inventory. Just make sure that you've purchased enough coverage to cover whatever losses you want to be reimbursed for; you'll be paid the lesser of your actual losses and your coverage maximum. You'll need to be able to show them what your losses were. You'll give them a list of what you've lost and how much it's worth, plus some sort of evidence showing that you actually owned what you are claiming.

This article was good: https://www.economical.com/en/blog/...-2019/what-is-proof-of-ownership-in-insurance

What is proof of ownership?​

In the home insurance world, “proof of ownership” is any document that provides details about an item that was lost or damaged, which now needs to be replaced.

If you make a home insurance claim, your insurer will likely ask you to provide proof of ownership for the lost or damaged items that need to be replaced. Here’s how to make sure you’re prepared.

What counts as proof of ownership when you’re making a claim?​

Every insurer has its own requirements, but generally speaking, any of the following documents could be used as proof of ownership in a home or tenant insurance claim:

1. The original receipt or an electronic copy (if you can’t find the original, try requesting a new copy from the retailer)
2. The email receipt for an online purchase
3. A photo of the item
4. Bank or credit card statement
5. A certificate, evaluation, or appraisal
6. A record of the item’s serial number
7. A warranty or guarantee document
8. An operating manual or packaging

How can you show proof of ownership for a gift?​

It’s pretty likely that some of your most prized possessions were gifts — which means you probably don’t have their receipts. If you need to prove ownership of a gifted item, try asking the gift giver for the receipt, or see if you can find the original owner’s manual, packaging, or a photo of the item.

What happens if you can’t show proof of ownership for an item when you make a claim?​

Generally speaking, you’ll always be required to provide a list of your damaged belongings when you make a claim, even if you don’t have proof of ownership for every item. If you don’t have proof of ownership for an item, your insurer will usually pay your claim based on the average replacement cost for a similar product. If your insurer pays you the replacement cost of an item, the dollar amount you receive will be equal to the cost you’d need to replace that item with a new, similar product of like kind and quality.

In this case, if the item you had was of higher quality (and higher than average price), you might not be able to replace it with the exact same model when you receive your payout. Providing proof of ownership can make a big difference in the amount of money you receive after you make a claim.

We understand that it can be difficult to keep records of everything you own, especially if you’ve been living in the same place for a while. If you don’t have proof of ownership for an item that needs to be replaced, talk to your claims representative to see what they can do to help.

 

[Chawks45]

I have USAA insurance and have riders for several different things - camera equipment, jewelry, and other collections. I've never needed an appraisal, just made sure to take pictures of everything.

I also covered my chip collection through USAA and it was painless.

USAA for the win.

 

[Lil Tuna]

So how exactly does it work? Assuming you're like me where your collection fluctuates both in volume and value, do you keep a running tab to maintain an accurate inventory?

The post above by @CrazyEddie is very accurate. I simply pay an extra amount for a set dollar amount of coverage. The number I came up with is really just an estimate based on what I believe the valuation of my collection is and what I can prove that it is if I had to do so.
I did submit pictures of my collection to my insurance agent and explained some of the market valuations of the sets currently.

 

[Moxie Mike]

This looks like the best post on the subject. The whole thread is useful: https://www.pokerchipforum.com/threads/insuring-your-chips-vs-disaster.10971/#post-162584

This is what I was hoping to learn. Thanks.

 

[JustDave]

I probably should. Or I should move everything into a fireproof safe like @Jeevansluck .

Fire proof and actually fire proof can be really different things. Imagine like 'it won't catch at fire at any point but may be like putting your chips in a 400 degree oven for several hours'.

I saw a bunch of important documents being taken out of a fireproof safe that had been in an office fire and they hadn't actually burned but they were brown and basically completely worthless.

 

[Jeevansluck]

Fire proof and actually fire proof can be really different things. Imagine like 'it won't catch at fire at any point but may be like putting your chips in a 400 degree oven for several hours'.

I saw a bunch of important documents being taken out of a fireproof safe that had been in an office fire and they hadn't actually burned but they were brown and basically completely worthless.

It's based on the heat of the fire itself and time exposed to that fire. It's also got some waterproofing. The feature's true purpose is to give the contents a chance for fire dept to put out the blaze. It's better than chips on a shelf.

To each their own. Im very happy with my choice. Maybe it's the fact I've been completely robbed, influenced my choice to buy a safe..

That's the main reason I bought it. To make sure they are hard to steal.

 

[miraclepoop]

This looks like the best post on the subject. The whole thread is useful: https://www.pokerchipforum.com/threads/insuring-your-chips-vs-disaster.10971/#post-162584



Check your policy to see whether or not your chips would be covered by one of the policy's limits or exclusions. For example, very commonly jewelry is limited to $1,000 of coverage. Poker chips may or may not fall within a limited or excluded category; they might be "collectibles", for example. If they aren't limited or excluded, then they'll be treated just like the rest of your personal property such as clothing and furniture. Even so, you might want to get a separate rider for the reasons @Mr Tree points out.

You don't have to keep the insurance company up-to-date on how much your chips are worth when the market goes up or down or when you acquire new chips or sell some of your inventory. Just make sure that you've purchased enough coverage to cover whatever losses you want to be reimbursed for; you'll be paid the lesser of your actual losses and your coverage maximum. You'll need to be able to show them what your losses were. You'll give them a list of what you've lost and how much it's worth, plus some sort of evidence showing that you actually owned what you are claiming.

This article was good: https://www.economical.com/en/blog/...-2019/what-is-proof-of-ownership-in-insurance

Awesome advice mate.

 

[JustDave]

It's based on the heat of the fire itself and time exposed to that fire. It's also got some waterproofing. The feature's true purpose is to give the contents a chance for fire dept to put out the blaze. It's better than chips on a shelf.

To each their own. Im very happy with my choice. Maybe it's the fact I've been completely robbed, influenced my choice to buy a safe..

That's the main reason I bought it. To make sure they are hard to steal.

not disagreeing that a safe is a bad idea, just that all fire proof safes are not created equal

 

[Big Jilm]

I should have, when I had like $75k in chips. Thankfully, I am cured of the disease and don't have to worry about that anymore. I would advise that all of you with $20K + in chips to do exactly that. smart move

 

[Josh Kifer]

Sent a email today to my agent. Prob a good idea.

 

[Josh Kifer]

Reached out to my agent and he got back to me. He stated I'd need my collection appraised to insure it.

We need a chip appraisal service, stat!

 

[CrazyEddie]

tree-fiddy

 

[CrazyEddie]

sorry, forgot to make it official

 

[BarrieJ3]

Wow, searching for this and man for all the other things that are talked about on here, VERY sparse information.

Any updates on folks that have done this?

https://www.pokerchipforum.com/threads/insuring-your-chips-vs-disaster.10971/#post-162584
and then a lot of shipping/post office stuff is what I could find.

I'm going to broach this subject with wife because and try and get this off the to do list. I'm worried her rings may not be insured either, and we need to get this done. I don't own much compared to most and my set aren't a huge value, but the Paris set alone is about $7k in live chips. With not much that is valuable in the house, and as someone who generally doesn't have nice things to worry about, I'd feel way more ease of mind knowing that there'd be a check in the mail if we happened to walk in one day to me looking for chips like Will.

 

[PlaidDragon]

One SHOULD mention his/her chip collection to their home ins company. Subsequently, my own informed me in a recent conversation that it's just as simple as insuring your coverage extends far enough to cover your total personal property and assets beyond the homestead (including cars, collectables, and other valuables).