Dang Insurance Company

[JYNKEYS]

Came home yesterday to a partially flooded room where my cards are stored. 30,000 cards destroyed. Need to replace carpet and rip out some of the drywall. Will insurance cover any of it??? No because the water originated from outside. Minimum book value of cards lost, 6500.00. Cost to repair room 5000.00. Total loss, 11500.00. Someone please explain why do I pay insurance on my house again?

 

[Kirbyfan34]

Came home yesterday to a partially flooded room where my cards are stored. 30,000 cards destroyed. Need to replace carpet and rip out some of the drywall. Will insurance cover any of it??? No because the water originated from outside. Minimum book value of cards lost, 6500.00. Cost to repair room 5000.00. Total loss, 11500.00. Someone please explain why do I pay insurance on my house again?

I had asked when we got our renters insurance and they said for collections we needed a "Personal Articles Rider" or something to that effect, where they would need a cataloged record of what you have in your collection and the value of it, and also where the value originated, i.e. Beckett or wherever. Hope that helps answer the question. Sorry about the loss.

 

[JYNKEYS]

unfortunately It doesn't matter. The insurance company won't cover the cards or the house repairs because the water originated from outside and then spilled into the downstairs. Even though it was a busted sprinkler they call it an "act of mother nature" and unless you have flood insurance they won't cover anything. thanks for the info though.

 

[TheDogHollerer]

My wife is an insurance agent (State Farm) and I just called her and presented the scenario to her.... and even though I do have my collection specifically insured, it would not be covered under the same circumstances. Very disappointing to learn, and sorry to hear about your damages.....

 

[JYNKEYS]

Thanx Michael. I just hope people will take this into consideration when buying insurance

 

[quambomb]

Ouch. I've considered getting a small waterproof/fireproof for my better cards...I should go get one ASAP after reading this. I'm sorry for your loss, but hopefully the bench community keeps you collecting & trading.

 

[GotMelky]

I used to be an insurance salesman - it's a tough break. If you store stuff in your basement and there is a possibility, it may be worth looking into flood insurance. I presented the broken sprinkler/water from outside scenario to a few folks I advised and the cost of the insurance was worthwhile to protect the man caves or items stored in the basement. I live on top of a hill with no basement now, so it's not something I need - but I did have it at my old casa.

 

[anglinomics]

I used to have insurance on my cards. It was part of my home policy, but it cost about $50 a year extra. I actually had a fire damage claim where I got $250 for some damaged cards. I dropped the insurance, because I didn't get smoke damage for the whole collection. At $50 a year and the fact the I aminly survived the fire, I didn't think it was worth it.

For my policy at that time, the insurance company had not list of my cards and there maximum coverage was $5,000. That was about 15 years ago. I suppose some things have changed.

 

[scc76]

Sorry to hear about your loss.

 

[fatrat]

Sorry to read about your misfortune!!

 

[David K.]

Sorry for your loss..I keep my more expensive cards in my filing drawers! Best regards, David

 

[plopowitz]

Sorry about the bad news...

Pete

 

[metsman1986]

Sorry to hear about that..............

 

[mattfieser]

sucks man

 

[RyanL24]

Ouch, that does suck! You didn't go into much detail about the cards that were damaged... Were they nice cards? Your PC so to speak? Or was it 6 5K boxes full of commons and base cards? Just because... well, $6500 BV isn't really that much in real life money, I mean if you work it out per card you're saying the BV per card was 21 cents, which would make the actual value around, I dunno, 2 cents. Because 21 cent cards are hard to sell!

I'm about to give away about that many cards... I don't want them. On the other hand, if 100 of my Rickeys got wet, it would be more costly and painful than if the 30K cards got wet.

Someone please explain why do I pay insurance on my house again?

Let me explain, I think I can help you to feel better. You have it in case something really really bad happens. This situation is looking grim now, but it's not that bad. Your house didn't burn down, or you could have had a tree fall on it and cause $30K worth of damage or more. That's why you have insurance. Your insurance is (presumably) affordable because you don't have the flood coverage. Does your insurance have a deductible? Most do, and most of them are $5K. So even if they did cover the damage on the house, you would be on the hook for the $5K. And they'll never cover the cards, you have to get a special policy or a rider for that. Those are not cheap! If you had all those extra bells and whistles, you probably would have paid $11,500 extra in premiums over the years. So you break even.

I say congratulations my friend, you were wise. You saved all that money over the years and used it for what you wanted! Sadly though, it is time to pay a portion of it back. And of course... I still don't know what kind of cards were lost, or how long you've been paying for the insurance. So please don't take offense to my positive attitude.

 

[bongo870]

sorry for your loss man. That really stinks! At least everyone in your family is safe and sound and that is good. You have to look at it like this. now you can start off anew.

 

[Clemson2012]

sorry for your loss man. hope it was none of your PC cards.