I don't know if any of you guys have considered this or have already done so, but how do you insure a die cast/action figure/collectable collection? I'm good friends with my insurance agent and she came over the other night and we discussed it. She asked if I had receipts and my point was certain trucks that I paid 29.99 for 8 years ago are worth $50-75 now. So the question came up, who appraises stuff like this or how can you address fair market value or replacement value. My point being some items (i.e. an MID FDNY Squad 1) are nearly impossible to replace.

It's an odd thing. It's not like insuring a single painting or diamond ring.

You guys have any insight?

I looked into it several years ago. My agent said that he would write a "rider" on to my homeowner's policy for a specified maximum amount. In the event of a loss, I would have to provide a detailed accounting of my collection, including reciepts if available, photographs, and detailed descriptions. I could elect to insure it for the "full replacement cost" up to the maximum in the policy.

Some Insurance companies have what is called a "fine arts" policy. This will cover your collectibles. Not all companies require an appraisal. You can use the code 3 guide as a general reference and to apply value to your models. You will have to pay the premium based on the value. This type of policy eliminates the need for itemizing and updating appraisals. The higher the value the higher the premium. As the value of your models increases, you can update your policy at renewal.

My insurance policy covers 85% of my home's value for "personal belongings." Even though my collection is valued at several thousand dollars, it would easily fit into the personal belongings provision of my policy.

Location: Des Moines, IA

You can also purchase what is called an "inland marine policy" to cover the collection. Most insurance companies will want a complete inventory with value of each item. Can't remember what I paid last time, but it was less than $100 for collection (and I had about 250 trucks at the time).

Location: Fayetteville, GA