Blu-ray Insurance Coverage

[RustinCohle]

Everyone that has homeowners or rental coverage, how did you determine how much your collection is worth? Movie by movie or just $20 x number of movies. Some movies I’ve only paid $5 for but some I’ve paid $30 for.

I’m not sure the best way to determine how much coverage I need.

[HD Goofnut]

Originally Posted by RustinCohle

Everyone that has homeowners or rental coverage, how did you determine how much your collection is worth? Movie by movie or just $20 x number of movies. Some movies I’ve only paid $5 for but some I’ve paid $30 for.

I’m not sure the best way to determine how much coverage I need.

The quickest way to is to take about $15-20 a piece average. You could figure out exactly how much each one is worth, but that would take a while at least with my collection.

[TXMoviebuff77]

Average them in increments of $5 & if you did any online orders, you can use them as well. Amazon goes back at least 5 years

[ol_Dut]

I averaged $20 a piece. Also, take pictures of them to prove ownership.

[filmo70]

I have a spreadsheet with every blu-ray I've ever purchased and the average (with tax) is $13.13.

[Ruined]

Originally Posted by RustinCohle

Everyone that has homeowners or rental coverage, how did you determine how much your collection is worth? Movie by movie or just $20 x number of movies. Some movies I’ve only paid $5 for but some I’ve paid $30 for.

I’m not sure the best way to determine how much coverage I need.

In my experience for most items the insurance company calculates the value by the cost of replacement at the time of loss (i.e. buying the titles off amazon). I am not sure how they calculate value for out of print items.

[RustinCohle]

Originally Posted by Ruined

In my experience for most items the insurance company calculates the value by the cost of replacement at the time of loss (i.e. buying the titles off amazon). I am not sure how they calculate value for out of print items.

I asked my rep that same question, and they said they would value it for an equal replacement. So even if you spent $100 on some OOP Arrow Collection, but you can get the basic version on Amazon for $10, it would be valued at $10.

[slimdude]

Instead of calculating my movie collection, I just request enough insurance to cover all of my household items because, it will be very difficult for me trying to estimate the value of each and every Blu-ray movie that I have in my collection, especially when you have hundreds and thousands of blu-rays and DVDs including my new 4K collection. Some cost more than others, based on whether if it's a single movie, a boxset, TV series, etc, and some titles may be OOP, and worth a lot more. It all depends on what you think your movie collection, and other personal items and valuables are worth. Everything depreciates in value, so you're not going to be reimbursed for the full amount at the time of loss, when the item(s) were purchased brand new. It's best to have too much coverage, than not enough, in case you'll buy more things for the house, or an apartment.

[TXMoviebuff77]

Well look at this way, if you have 1000 movies & the average spent is $15, there is no way The insurance company would value the collection at $15,000. It would cover everything lost in the house, not just certain items. Let’s be real here no insurance company is gonna give a damn about a movie collection, no matter how much was spent on it.

[Ruined]

Originally Posted by RustinCohle

I asked my rep that same question, and they said they would value it for an equal replacement. So even if you spent $100 on some OOP Arrow Collection, but you can get the basic version on Amazon for $10, it would be valued at $10.

Yup that makes sense.

[Ruined]

Originally Posted by TXMoviebuff77

Well look at this way, if you have 1000 movies & the average spent is $15, there is no way The insurance company would value the collection at $15,000. It would cover everything lost in the house, not just certain items. Let’s be real here no insurance company is gonna give a damn about a movie collection, no matter how much was spent on it.

If lets say your $15000 collection burned to the ground, they actually would pay the $15000 to replace it assuming you had proper evidence if thats how much it cost to replace the movies (not necessarily the editions) lost.

However, insurance company considers a loss an unplayable disc. So if for instance your basement flooded and all the movie packaging was destroyed but discs still played, youd probably get $0 from insurance company.

[TXMoviebuff77]

Originally Posted by Ruined

If lets say your $15000 collection burned to the ground, they actually would pay the $15000 to replace it assuming you had proper evidence if thats how much it cost to replace the movies (not necessarily the editions) lost.

However, insurance company considers a loss an unplayable disc. So if for instance your basement flooded and all the movie packaging was destroyed but discs still played, youd probably get $0 from insurance company.

Exactly there’s a difference depending on the cause between a flood & a fire. Like these slipcovers & steelbooks y’all like to collect, ya wouldn’t get a dime back. Not trying to sound heartless really but facts are facts. I’m an avid collector myself but to me the actual house is more important than movies. The way people are nowadays it could be seen as insurance fraud unless you have the proof.

[Ruined]

Originally Posted by TXMoviebuff77

Exactly there’s a difference depending on the cause between a flood & a fire. Like these slipcovers & steelbooks y’all like to collect, ya wouldn’t get a dime back. Not trying to sound heartless really but facts are facts. I’m an avid collector myself but to me the actual house is more important than movies. The way people are nowadays it could be seen as insurance fraud unless you have the proof.

Yup while the fancy packaging might have value on eBay, when it comes to the insurance company it has zero value. The disc itself is all the insurance company is insuring, and even then they only will replace with the cheapest edition of that movie that is available. And if the blu ray is OOP you will probably be getting a DVD replacement.

So that being known $8-$10/movie is probably more than enough insurance

[slimdude]

Originally Posted by TXMoviebuff77

Exactly there’s a difference depending on the cause between a flood & a fire. Like these slipcovers & steelbooks y’all like to collect, ya wouldn’t get a dime back. Not trying to sound heartless really but facts are facts. I’m an avid collector myself but to me the actual house is more important than movies. The way people are nowadays it could be seen as insurance fraud unless you have the proof.

Mostly theft, and fire. Most insurance companies do not include flood coverage on a standard homeowner or rental insurance policy. Flood insurance will have to purchased separately through the NFIP (National Flood Insurance Program)under a individual policy, if a person live in a high risk flooding residential area.

[Ruined]

Originally Posted by slimdude

Mostly theft, and fire. Most insurance companies do not include flood coverage on a standard homeowner or rental insurance policy. Flood insurance will have to purchased separately through the NFIP (National Flood Insurance Program)under a individual policy, if a person live in a high risk flooding residential area.

Another example, lets say there is a fire near your movie collection of expensive collectors editions. Your movies themselves do not catch fire but all of them are exposed to smoke for a long period and they all smell terribly bad with damaged slipcovers and cover art.

Insurance would not count that as a loss because in most cases the discs would still be playable (unless they are melted from the heat, etc) and hence you wouldn't be reimbursed even though the value of these movies has been greatly reduced due to the damaged packaging that you must now discard.

[rdodolak]

Color me silly, then what is the purpose of replacement value? That's like saying that if your car got all beat up from a hail storm that the insurance company wouldn't cover it since it's still driveable (the function of a vehicle).

[shinobipopcorn]

Originally Posted by rdodolak

Color me silly, then what is the purpose of replacement value? That's like saying that if your car got all beat up from a hail storm that the insurance company wouldn't cover it since it's still driveable (the function of a vehicle).

I actually did get a hail chip in my windshield and the guy sent by the insurance company didn't fix it because "it wasn't deep enough to fix".

[thecalm_7]

This topic keeps coming up. I keep saying it, so forgive me if it sounds redundant.
Family and irreplaceable items are priority. Our collections may be worth a small fortune but your vast majority of companies no matter what they tell you are not going to cover squat in our minds. With most companies just calling out a value, you will be disappointed. Ive lost cars like that and they aren't coming back and the parts/labor nada.

If you have a collection, be it Cars, Guns, Movies, Jewelry, Tula Baby carriers, G.I. Joes, Comics, etc. GET COLLECTORS INSURANCE. DO NOT, just go with your home owners/renters insurance.

https://collectinsure.com/
http://www.grundy.com/
https://www.hagerty.com/
The above companies are 2 that I have used.

Grundy sends an appraiser. I like that, they have annual/bi annual/quarterly inspections. I use them for cars/car parts.

I had a national company cover my car, i had 60k invested and another 50k into parts. Car was destroyed. I was covered for 130k$ value as we signed an agreement for that value due to the nature of the car. In the end, I lost in court and was given less than enough to cover the cost of a lesser model. The insurance Co basically said I didnt have records of every single thing. There is always a catch in there.

If you truly find yourself needing a full coverage insurance, go with a collectors insurance, deal with the inspections, receipt collections (if necessary), keep a paper trail. You will pay a bit for it however, its not terrible when you truly value your belongings.

[rdodolak]

Originally Posted by thecalm_7

I had a national company cover my car, i had 60k invested and another 50k into parts. Car was destroyed. I was covered for 130k$ value as we signed an agreement for that value due to the nature of the car. In the end, I lost in court and was given less than enough to cover the cost of a lesser model. The insurance Co basically said I didnt have records of every single thing. There is always a catch in there.

If you truly find yourself needing a full coverage insurance, go with a collectors insurance, deal with the inspections, receipt collections (if necessary), keep a paper trail. You will pay a bit for it however, its not terrible when you truly value your belongings.

Just curious if you changed insurance companies after that incident?

[slimdude]

Originally Posted by Ruined

Another example, lets say there is a fire near your movie collection of expensive collectors editions. Your movies themselves do not catch fire but all of them are exposed to smoke for a long period and they all smell terribly bad with damaged slipcovers and cover art.

Insurance would not count that as a loss because in most cases the discs would still be playable (unless they are melted from the heat, etc) and hence you wouldn't be reimbursed even though the value of these movies has been greatly reduced due to the damaged packaging that you must now discard.

This is considered as smoke damage. Insurance companies will not compensate for items that suffered minor smoke damage, after the insurance adjustor inspects the damages, and decide that the item can be cleaned and salvaged, and the disc(s) inside the cases are still in good condition.