Looking to pick some brains here…

We are in the process of moving houses, and when dealing with insurance I thought it might be a good idea to specify the value of my Marklin collection. I gave the insurance company an estimated value of $40,000. We did not have it specifically insured previously.The proposed added coverage was about $1600 per year, (which seems outrageously expensive), and would basically double our yearly premium. As it stands, I would be leaning towards not covering it additionally, and relying on regular household contents insurance.
How do others in the Marklin universe protect their ‘babies’?
Best regards, Dave


(Topic moved from "I want to sell" to "General MRR" / kweekalot)

Edited by moderator 30 August 2024 22:13:14(UTC)  | Reason: Not specified

My insurer confirmed the trains are covered within our general "personal articles" section of the policy, and said if that isn't enough to just add extra coverage on that line. Not expensive at all (actually, no additional cost as we don't have much of major value other than the trains and my tools haha)

The one requirement of note was having to identify any train item worth more than $1000USD on a spreadsheet, and even better if documented with images.

Edited by user 28 August 2024 23:41:00(UTC)  | Reason: Not specified

I remember this talking about insurance, as it was in belgium - when I still lived there.

One had to insure the property (house and contents) for the "new value", not the current value - including write offs and what not.
As an example:
Suppose the total (new value) comes to 500,000 (whatever the currency)
You insured for only 400,000. Then the insurance company took it as you insured (in this case) for 1/5th of the value yourself. so any claim (any claim) would be only reimbursed for 4/5th of the cost, leaving 1/5 for yourself.

I don't know how wide spread this policy actually is used.