Protect your chips! (1 Viewer)

[Chbyfngr]

Some of us spend quite a large chunk of change on our beautiful chips and sets that we collect. Over time your collection may become large and it COULD become more valuable as well. I am an insurance agent when I'm not collecting chips and want to remind everyone that you can protect your collections. I highly recommend reaching out to your insurance professional to discuss your options. Personally I know that if someone broke into my house and stole my sets it would be devisatating. These policies will protect against theft, mysterious disappearance, fire, damages from transporting and many other perils. These policies/endorsements are very inexpensive and you can elect a $0 deductible in most cases. You can ask for endorsements on your homeowners policy or for a personal articles policy. It will work similarly to insuring Jewelry like a wedding ring. I am only licensed in Colorado but can help answer question if needed.

 

[Payback]

Funny I just had this conversation with my insurance guy earlier this week. My neighbor (two doors down in my townhome unit) had a fire two years ago and it popped up in my facebook feed and reminded me to have my yearly conversation with my insurance guy about everything and poker chips was one of the topics that we discussed. He told me not to get a personal rider on the policy, but rather just leave everything under the homeowners policy. The jewelry rider he didn't feel was appropriate in this circumstance. We also discussed even if someone breaks in it is unlikely they will take the chips as most people don't know their worth. He seemed to think if they were going to have to be replaced that fire would be the worst case scenario. The one thing I am doing is taking pictures of everything and sending them to him to keep in my file in case anything happens he has picture evidence. As a result of the conversation I upped the personal property portion of my homeowners insurance to account for the increase value of some of my things and all of the new chips (~6k chips) that are arriving in the next few weeks.

 

[DJ Mack]

I've thought about this some too as my collection has gone from zero to almost 5,000 chips in the span of a year. Figuring out the value and how much to insure is kind of tough. So I've got $4k in custom CPC chips but what's their value on the open market? Probably far less than that. The Horseshoes are in a bit of flux at the moment. On the plus side if some heroin addict does steal my Horseshoes it'd be pretty easy to snag them. Just look for the idiot showing up at the JACK with a few racks of old chips. The gaming guys I've encountered are top notch and they'd definitely put a BOLO out on something like that.

 

[MegaTon44]

Some of us spend quite a large chunk of change on our beautiful chips and sets that we collect

Money? Pish posh. I earn my chips through sexual favors.

Seriously though, I spend way too much money on chips to not protect my investment. Thanks for mentioning!

 

[DrStrange]

Please take the replacement cost rider too . . . .

 

[Chbyfngr]

Funny I just had this conversation with my insurance guy earlier this week. My neighbor (two doors down in my townhome unit) had a fire two years ago and it popped up in my facebook feed and reminded me to have my yearly conversation with my insurance guy about everything and poker chips was one of the topics that we discussed. He told me not to get a personal rider on the policy, but rather just leave everything under the homeowners policy. The jewelry rider he didn't feel was appropriate in this circumstance. We also discussed even if someone breaks in it is unlikely they will take the chips as most people don't know their worth. He seemed to think if they were going to have to be replaced that fire would be the worst case scenario. The one thing I am doing is taking pictures of everything and sending them to him to keep in my file in case anything happens he has picture evidence. As a result of the conversation I upped the personal property portion of my homeowners insurance to account for the increase value of some of my things and all of the new chips (~6k chips) that are arriving in the next few weeks.

Something to think about is that most homeowners policies have limits on high value items such as collectibles, art work, gold and silver, firearms and collectibles. Also if you try to claim them on your homeowners policy you will be subject to your homeowners deductible which would be much higher. Additionally, you would have a claim counting against you increasing your annual premium. Insuring them individually is much more efficient.

 

[Payback]

Something to think about is that most homeowners policies have limits on high value items such as collectibles, art work, gold and silver, firearms and collectibles. Also if you try to claim them on your homeowners policy you will be subject to your homeowners deductible which would be much higher. Additionally, you would have a claim counting against you increasing your annual premium. Insuring them individually is much more efficient.

As I said the only thing I'm really worried about, especially in a townhome, is fire and if I'm replacing chips because of that I'm going to assume the other damage to the home will be significant and having a claim at that point won't matter to me.

 

[JFCJ]

My insurance company doesn't schedule casino chips... Any recommendations on an insurer that may?

 

[links_slayer]

and it will almost certainly become more valuable as well. .

you seem fairly confident in this statement. i'd be cautious. as i mentioned in a previous thread, buying chips as an investment is generally loltastic life advice.

 

[DJ Mack]

All the more reason to post your pr0n to PCF so you've got something else to go by if you have to file a claim.

 

[Chbyfngr]

My insurance company doesn't schedule casino chips... Any recommendations on an insurer that may?

Call Other companies and ask for a personal articles policy. If you have an issue PM me and give me the agents name and I can help them with it.

 

[Chbyfngr]

you seem fairly confident in this statement. i'd be cautious. as i mentioned in a previous thread, buying chips as an investment is generally loltastic life advice.

Depends on when and how you buy them.

 

[courage]

Depends on when and how you buy them. I can't think of a single chip that sells now at the same price it was offered in a pre-sale from THC. Horseshoes are already selling at a 50% premium over initial offering.

It might surprise you to learn that others may not pay top dollar for someone else's custom set.

 

[links_slayer]

Depends on when and how you buy them

which was the point of my reply to your statement that chips "will almost certainly become more valuable" over time.

 

[Puggy]

I have managed to add and specify my chips into my home insurance. But as of now, I have to lower the insured € amount,
since I've sold 80% of them chipes away. Dis was a good reminder.

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Or then. I have to add up back to 10 000 chips

 

[Kain8]

Funny enough, I am an insurance broker up here in Canada! As for the companies I deal with, the main thing to do would be to keep your receipts for any chip purchases you make as proof of value. That goes a long way in terms of getting full replacement for any belongings where the value can't be determined easily through the web and such.

 

[Chbyfngr]

which was the point of my reply to your statement that chips "will almost certainly become more valuable" over time.

If someone overpaid, that doesn't mean the value isn't increasing. It could mean that you have a negative ROI or your profits are thinner than someone that didn't over pay, unless you're mis-handling them, over playing them in a game or fire selling because you need the money they usually retain value. They are a finite item for each casino, they can't be remade or replaced if they are stolen or lost in a fire.

 

[Chbyfngr]

It might surprise you to learn that others may not pay top dollar for someone else's custom set.

Never purchased a custom set so I'm not sure what you're referring to. Anyway, just trying to help the chip community out with some info they may not have thought about. To those responding in a critical fashion, do whatever you want. I insure my chips, I love my collection and I know that if I had the value of my chips in cash sitting in my house, I would be nervous that something would happen to it.

 

[Max D]

Good thought, I am in the process of getting quotes for my home and car insurance and their a few valuable things I want to add, Ill add the chips there too.

 

[atomiktoaster]

It might surprise you to learn that others may not pay top dollar for someone else's custom set.

For customs, you'd insure for replacement value anyway, I think.

 

[slisk250]

Hi Chubby,

My biggest concern would be losing everything in a fire since my home is up near Aspen Park off 285. I was about 24 hours from an evacuation a couple years ago. For that reason, I haul all of my chips back and forth from Phoenix where they are stored while I'm in Saudi. I would be interested in talking with you about this next summer when I'm in town. I'll probably forget so send me a PM next June.

 

[Chbyfngr]

Hi Chubby,

My biggest concern would be losing everything in a fire since my home is up near Aspen Park off 285. I was about 24 hours from an evacuation a couple years ago. For that reason, I haul all of my chips back and forth from Phoenix where they are stored while I'm in Saudi. I would be interested in talking with you about this next summer when I'm in town. I'll probably forget so send me a PM next June.

Ok

 

[72o]

For customs, you'd insure for replacement value anyway, I think.

I would assume that customs are easier to insure? At least there is a receipt for purchase amount whereas most/all other chip transactions (outside of vendors) don't have any way of officially tracking purchase amount?

 

[abby99]

I would assume that customs are easier to insure? At least there is a receipt for purchase amount whereas most/all other chip transactions (outside of vendors) don't have any way of officially tracking purchase amount?

If I needed to, I would be able to document nearly every purchase ranging from single chips and sample sets to racks and sets. However, it wouldn't be easy. I'd have to comb through my PayPal transactions, credit card transactions, old classified ads and sale threads, PMs/conversations, and emails.

This reminds me that the major thing that I don't like about XenForo is that we can't download conversations. (@Tommy: Is that still the case?)

 

[courage]

Funny enough, I am an insurance broker up here in Canada! As for the companies I deal with, the main thing to do would be to keep your receipts for any chip purchases you make as proof of value. That goes a long way in terms of getting full replacement for any belongings where the value can't be determined easily through the web and such.

And for customs where cost of replacement is now twice or more what I paid? Insure for replacement value?

To those responding in a critical fashion, do whatever you want.

I wasn't being critical but you appeared to not understand the spectrum of chip values while broadly claiming they all appreciate in value.

 

[Tommy]

No official feature yet. You can do Control P, save as PDF. (Or whatever program you use.) I have Adobe Acrobat Pro so I use PDFs.

 

[courage]

If I needed to, I would be able to document nearly every purchase ranging from single chips and sample sets to racks and sets. However, it wouldn't be easy. I'd have to comb through my PayPal transactions, credit card transactions, old classified ads and sale threads, PMs/conversations, and emails.

This reminds me that the major thing that I don't like about XenForo is that we can't download conversations. (@Tommy: Is that still the case?)

Same here. And how does one place a replacement value on custom BCC sets?

 

[72o]

If I needed to, I would be able to document nearly every purchase ranging from single chips and sample sets to racks and sets. However, it wouldn't be easy. I'd have to comb through my PayPal transactions, credit card transactions, old classified ads and sale threads, PMs/conversations, and emails.

This reminds me that the major thing that I don't like about XenForo is that we can't download conversations. (@Tommy: Is that still the case?)

So how does that work then? All my Paypal chip transactions are Friends and Family and don't involve any kind of description whatsoever as to the actual purchase. Does a PM cover it? Should we follow up these purchases with a chip receipt email between buyer and seller? Just curious is all.

 

[Chbyfngr]

You can never have too much documentation.

 

[abby99]

So how does that work then? All my Paypal chip transactions are Friends and Family and don't involve any kind of description whatsoever as to the actual purchase. Does a PM cover it? Should we follow up these purchases with a chip receipt email between buyer and seller? Just curious is all.

Most of my PP are F&F as well, but I can tie most of the amounts and recipients to emails, PMs, or classifieds. With replacement cost insurance, what we'd be interested in for the most part is replacement value, not cost, although those records would provide proof of purchase.