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Insurance on your HO layout/collection.

2K views 11 replies 9 participants last post by  mjrfd99 
#1 ·
Do you have it?
Any experience or thoughts appreciated. We have just moved and are setting up insurance coverage on the new home and outbuildings - one of which is a mobile home that will house my layout. Trying to come up with a dollar amount but the question of real value vs value to me is out there.....
 
#3 ·
Each insurance company is going to be different. My personal property coverage (excluding cars) is 50% of the value of the house, and my insurance company isn't going to separately insure a couple of thousand dollars worth of hobby materials (especially when most of it is in things like lumber, track, scenery materials, etc.) that are hard to value individually.

If I had a locomotive or something that was especially valuable ($1000+), I could take out a separate rider, but I don't have anything that rates that kind of coverage. Riders tend to be expensive. I have only two riders: my wife's engagement ring and my 1st Edition, autographed (to my Grandfather) copy of JFK's Profiles in Courage.
 
#4 ·
Some of the model train associations have broad coverage at a reasonable price. Take a look at what the Train Collectors Association offers. If a relatively small value, your homeowners will likely cover to some extent but the valuation question remains.

TCA coverage handles the valuation better. Take a look.
 
#5 ·
My collection of trains couldn't be replaced for any amount of money. A lot of the things we run are very common items but there's nothing you can go to the store and pick up anymore.
The better, more cost-effective idea might be to keep any trains of real value in a safe deposit box.
 
#7 ·
Thanks for the responses!

TimeWarp: I share your situation, in that probably 99.9% of all I have - be it locomotives, rolling stock, buildings, etc. is no available or produced. Most are uniqely built and/or detailed. At the same time, I have nothing that would warrant storage in a safety deposit box or anything of the sort - some things priceless to me but on the open market probably not so much lol.

Hobo: I do have photos of everything, as I cataloged everything before boxing for our recent move.

Bill Webb - I paid a visit to the TCA website, but other than seeing that they offered a couple different types of insurance, I could not see a way of getting any specific info unless I joined the TCA. Having zero interest in tinplate, the $50 membership fee is too much.

Looking over the inventory of everything I have, I'm guessing a value of around $15,000.
 
#9 ·
This Thread has got me to thinking that I need to start photographing my trains and cataloging them in case something were to happen.
I've been thinning my collection out for about 5 years now, but lately I've been more aggressive about it. Three totes full of new in the box Freight cars that you're never going to run doesn't make any sense.
So the little bit that were keeping needs to be marked and identified not only for replacement but for the future when I'm not around so my son will know what he has.
Thanks for bringing this up, Jerry!
 
#10 ·
I took all the photos so I would know what all was in what box during and after the move - which they have been invaluable for - but they have become just as invaluable for reference purposes. It was a bit of a project but I am so glad I did it. Now whenever I get another locomotive or car...or update a current one...I take some photos do document it.
Sometimes it's fun to go through them and enjoy looking at what I have :)
Next project I have in mind is to go through my written inventory and assign a basic value to everything, with the idea in mind that someday somebody who probably doesn't know much about the collection may need to sell it :(
 
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