Post by sagewoman on Dec 20, 2007 19:03:15 GMT -5
I'm not sure if anyone else has thought of this, so I figured I should post. I think the advice is usefull for collectors, even if you are just starting out. We can post a number of subtopics on collections.
My post is about insurance and the value of your collection.
As you are collecting, you may not know that you are also growing the value of your belongings (otherwise known as assets) and they may or may not be covered under your house or tenants insurance. It makes good sense to keep a list of what you own (with pictures as well saved somewhere).
I've been keeping track of my collection using an excell spreadsheet - so I know what I have and also to put a value on the collection for house insurance purposes. The value is based on what you would have to pay to replace it all if you lost it in a fire or were robbed. So the collection can have quite a high value, even if you cannot sell them for that amount (it's just how insurance works). For example, I have the first edition of the smile time puppet and paid $50 for it. But if I had to replace it now, it would cost about $300.
Since the collection would cost more than $5,000 to replace it (it doesn't take long to add up) - and no, I haven't paid that much - but if our house burned down, I would want to replace all my belongings including my Buffy/Angel collection. You can imagine how much it would cost to go out and buy your entire collection within a one or two week period - not like waiting for good deals to come through.
The main point is that if you live at home, you should tell your parents how much the collection is worth and see how much extra it would cost to add them to the house/tenant insurance. This is no different than someone who collects antiques. A collection is a collection.
And, perhaps your parents will be impressed that you have a passion for something that increases in value the older it gets.
My post is about insurance and the value of your collection.
As you are collecting, you may not know that you are also growing the value of your belongings (otherwise known as assets) and they may or may not be covered under your house or tenants insurance. It makes good sense to keep a list of what you own (with pictures as well saved somewhere).
I've been keeping track of my collection using an excell spreadsheet - so I know what I have and also to put a value on the collection for house insurance purposes. The value is based on what you would have to pay to replace it all if you lost it in a fire or were robbed. So the collection can have quite a high value, even if you cannot sell them for that amount (it's just how insurance works). For example, I have the first edition of the smile time puppet and paid $50 for it. But if I had to replace it now, it would cost about $300.
Since the collection would cost more than $5,000 to replace it (it doesn't take long to add up) - and no, I haven't paid that much - but if our house burned down, I would want to replace all my belongings including my Buffy/Angel collection. You can imagine how much it would cost to go out and buy your entire collection within a one or two week period - not like waiting for good deals to come through.
The main point is that if you live at home, you should tell your parents how much the collection is worth and see how much extra it would cost to add them to the house/tenant insurance. This is no different than someone who collects antiques. A collection is a collection.
And, perhaps your parents will be impressed that you have a passion for something that increases in value the older it gets.
