Hi, Gautham!

I don't know what you are collecting, but maybe you just used the wrong words.

My insurance covers my MRR collection.
I have M*, Roco, and some others. These are mass-produced toys. I only had to make sure the total insurance sum also covers those toys.
When I asked about a MRR collection, they asked for more details. Later they gave me their OK. Other insurance companies list contemporary MRR stuff as examples of included items (provided they are in your home).

A different story are M* 00 models from the 1930s or the platinum crocodile.

Situation could be different on your side of the big pond, but maybe it's worth asking other insurance companies about their homeowners policy if Ameriprise still don't want it.

This is indeed an interesting question.

As far as I know, my insurance company covers the loss, if I can document the ownership and value of the models. In this case, proper documentation is a picture and what the value of the model is, if I have to go out and buy it today. A friend of mine got his collection stolen, and he got it covered. Although tears cannot be valued... [:(]

Kind regards
Søren

Generally, homeowners insurance in the US does not cover high value items nor collections such as model trains. There is model train insurance available through the NMRA.

Hi: Do you know if there are any companies that cover model trains and musical instruments?--MM

There is more than one way to insure a collection in the U.S. - The first thing to do is check the homeowner policy you currently have. Each insurer may handle it a bit differently. You also need to determine what your specific objective is. Are you looking to insure for only a major or total loss, or a loss to individual items. Most homeowner policies insure contents for named perils (Fire, Theft, etc.). In order for there to be coverage, the loss needs to be caused by a peril that is named (Breakage (oops I dropped it) is usually not named). Assuming the cause of the loss is a covered peril, there may also be a specific cap on certain kinds of items within contents (there is almost always a cap on cash, jewelry so you would need to check is a specific cap applies to collectibles etc.). If you pass these hurdles, typically a deductible applies for each incident. Depending on the deductible elected, it may be higher than the value of any one engine or car (or even several). Some homeowner policies cover contents on an "All Risk" basis (everything is covered unless it is specifically excluded (opposite of first version)) In this case, you need to be careful with the breakage of fragile articles exclusion or limitation, and again a deductible will apply.

Once there is coverage in either version, you need to know whether replacement cost coverage for contents applies to contents, or whether it is actual cash value (ACV). If it is replacement cost (the better of the two), you also need to realize that replacement cost is subjective and negotiable with the claim adjuster who is likely to know very little about modell trains. Documentation of condition is key here (photos). You also need to make sure that the value of the collection when combined with the value of all your other household contents does not exceed your total contents limit on the policy ie: total loss in house fire.

Alternatively you can purchase either an endorsement (rider) to the homeowner policy for valuable items, or some companies offer a separate policy. In this instance you would want something that offers a pre-agreed value where the only options for the carrier are to repair an item if it is damaged and repairable, or pay the pre-agreed amount. Some companies may require an appraisal or receipt to do this depending on the value of the items. The benefits of this are that typically breakage is included, there is usually not a deductible, and the values are pre-agreed so you know what you will get. Usually the responsibility of keeping insured values up to date is on the customer, but some companies have options for inflation or market fluctuation. You can also usually do a combination of scheduling certain items of higher value and doing a blanket on many items of lower value.

As with any insurance you want to be careful about how you structure the coverage and what kind of claims you plan to put in. Frequency of small claims can have the same result as a large claim or worse.

You may also want to check other companies. The advantage of companies that deal direct with consumers is that usually their price is somewhat less, but the downside is that you are speaking with someone that represents the interest of the insurance company. They may give you what you ask for, but the trick is knowing what to ask for. An alternative is to go through a broker or agent that represents several insurance companies. Typically they can shop the coverage for you a bit, and sometimes more importantly they can give you sound advice.