Household insurance for dolls?

FWIW, I bought a separate jewelry & collectibles rider on my homeowner's policy, because the standard policy didn't provide the coverage I wanted. There was no trouble with setting the terms of the policy just because the collectible items were new; the insurance agent didn't even ask for details, just a broad description of the types of items being covered.

The only time I've had to submit a claim on that policy (for a stolen piece of jewelry, not a doll), all I had to do was show the current asking price of a closely-similar piece. I didn't have to itemize, document an original price, or provide detailed provenance for the stolen piece (which would have been impossible, because it was a family heirloom) -- just find something as close to identical as I could, and document its selling price. As I understood my insurance agent, the process would be the same for a doll. Granted, this current-value assessment does put us at the mercy of the current market, but that's just the way collectibles are. I figure getting *some* compensation for the loss, even if it's less than I originally paid for a doll, is better than getting none.

You may want to check with your insurance company about the availability of a rider and/or the existing coverage for collectibles in your renter's policy, @idrisfynn.

 

Hi everyone!

I was wondering, since this is such a pricey hobby... did any of you insure their dolls? Like specifically? I'm not sure what kind of insurance that would be. Or whether it's standard in your home insurance (but taking them to meets, are they still insured)? I'd love to hear your answers!

 

Dolls count as household items and in my country most ppl including us have a home insurance that covers your home and all your household items. I have dropped a doll once so that it got pretty bad damages to it, and the home insurance company count it as my ordinary household item as if it were a phone or a TV, no matter whether I actually dropped it at home (and even if I did not, they wouldn't know really), and they paid me to get a totally new one. We were a bit unsure about whether they will count it as a household item as we called them and explained what had happened, but they said there is no problem. They were fine with a couple of screenshots showing the price the company sells the doll for. They just compensated the whole value of the doll as separate replacement parts were not available for sale anywhere. The upper limit of total cumulative damages they compensate for can be chosen freely, but I think we have it currently so low it wouldn't really cover all my dolls if anything would happen to every single one of them simultaneously, like a fire. And even if it did cover all my dolls, it wouldn't then pay anything for other stuff destroyed in said fire, like our TV or kitchen machines. I have always thought that a fire etc is too unlikely, but now we have considered lifting the amount as we had one close call when my shirt sleeve accidentally turned the stove buttons without me noticing. Luckily my man noticed that a plastic spoon someone had left on the stove was melting and smoking. Especially now lifting the amount would be reasonable as we know for sure that they will compensate for my doll collection too and we don't have to get any special insurances for them. They also compensate for the true value at the damage moment, not the price I paid when the doll came to me. So if I damaged a discontinued rare doll, they would pay according to the 2nd hand market price. (yes I asked them a ton of scenario questions while I was at it lol).

I have heard there are huge differences between insurance companies here regarding how willing they are to pay and how much evidence they require (and in such a rare item as dolls it might be hard to prove your word about the 2nd hand market value especially when DoA and our local groups are closed forums and the insurance folks cannot access the MP to see for themselves). Nevertheless our company was very nice, they trusted the (correct) info I gave them, did not require me to provide any info that would have been impossible to get, and even told me my dolls are pretty. They even understood the recast problem when I told them that if they start googling, these dolls are sold way cheaper on some sites than the official, but they are recasts without real value and mine is genuine with company receipts.

In our insurance there is a limit of 100 euros that when a damage occurs, we will be responsible of the total sum with 100 euros and the insurance company will compensate for the rest. But that is the case with all insurances available that I know of, that you will always be responsible for a certain sum yourself.

 

great question! I need to contact my insurance company and get my dolls covered under a home owners policy. Also, I need to photograph all of my dolls and get print outs of the dolls and their prices and keep them in a fire-proof lock box. If anything happened, it would be a huge loss.

 

(Formerly licensed in NC for property/casualty/life no longer in insurance industry) Dolls and hobby items are tough. Mostly in the US you only want to use your Homeowners/ Renters if something huge happens, and collection items/art pieces really mess with it without current appraisals. An added on Personal Articles Policy could insure your individual dolls even away from your home, but again they may need appraisals. It’s weird, but if you’re in the US and reaching out to your agent, ask about a PAP.

 

I'm in the Netherlands, Europe, not the US. I will also ask my insurance agent about it. :O

 

I am surely going to put insurance on all my dolls and gps trackers if they have it on them in cause of anything.

 

My renters insurance does not cover collectibles like dolls. I would need a special insurance for that which I really need to investigate. I spoke with the AAA folks awhile back because they sell insurance but it doesn't cover collectibles either. I don't know any doll folks who have insurance although we all talk about getting it. We surely need to follow though with that.

 

Mild resurrection as I was thinking about this earlier.

If you purchase a doll second hand, obviously you keep the receipts of that transaction but do you count the value as what you paid or what it would cost to get the doll again.

Secondary question relating to that. Dolls which are no longer available on the open market. Does that alter the value in terms of what I should mention to my insurance.

 

@Crissaegrim
Hi!
Keep your receipts AND photos/memory stick in a fireproof safe or pouch at home or in a bank's safe deposit box. Without proof, your insurance probably won't pay you anything for your BJDs. With proof, your insurance would likely reimburse what you paid for BJDs, not replacement cost unless you specifically have replacement cost insurance. You'll still have to pay your deductible, either way. My insurance doesn't offer replacement cost on home insurance policies anymore.

For those with a lot invested in BJDs, a rider to your home or renter's insurance would be necessary. Without a rider, my insurance limits what it pays out for certain categories like computers, electronic devices, etc.
Making an inventory of ALL your stuff with photos would help you tremendously in case of a big loss. One relatively painless method: take a long, slow video with your phone of your place, inside and out. Open all the drawers, cabinets and closets for the video. Save the video on a memory stick, label, date and store it safely. Retake the video every year or so.

Many of us take high deductibles to save on yearly insurance, which means only a big loss would become an insurance claim.
Here's hoping no one has to go through that!

 

Honestly, collector's insurance would probably be better than renter's insurance in this case. Collector's insurance would pay you the current market value of your doll, whereas renter's insurance would only pay you what you paid.

 

@Audrina Mystique Great point! Be sure to read the policy before buying it, as terms will vary.

Here's what Investopedia dot com writes:
"There are two primary ways to insure a collection. The less expensive way is to add an inventory schedule rider to your homeowner’s policy. Even though they may have a lower annual premium, these riders may not give you enough coverage. That’s when a separate and specialized collectible policy makes sense that schedules each asset.
Look for policies that give your collection full market value, not cash value or replacement value. Expect these policies to cost in the neighborhood of 1% to 2% of that insured value. For example, a $100,000 baseball card collection could cost roughly $2,000 per year in premium payments to insure."

In that article, Investopedia also lists the 7 best insurance companies for collector's insurance.

My home/car insurance doesn't offer collector's insurance, so I'd need a separate policy with a different company.
Hopefully, collectors who need insurance will research their options before buying a policy. I also hope they'll never have to make a claim!

 

@Crissaegrim Hey there! I both work for an Insurance company and have my dolls insured with the company I work for. It’s always good to keep receipts and record of purchase, just in case, but you’ll want to insure your dolls based on replacement value (replacement cost is the insurance term). So if you buy a doll at a sweet steal second hand for $450 but to replace the doll if something happened would cost you $800, you would want to ensure for the $800.

Talk to your Insurance agent, make sure you let them know this is a collection, these are artist dolls, and what you want including in that coverage (dolls, outfits, accessories). Also make sure you tell them you do not want them covered under you general personal property/content coverage. Trust me, most insurance companies will not cover these dolls under personal property. They need a separate coverage/endorsement.

And, of course, don’t be embarrassed to talk to your Rep about this. Mine are covered under a Fine Arts endorsement, I gave them a list of the dolls (company and descriptions) and their insured values. I update that list whenever I buy or sell any. Super easy, I’ve never had any problems.

 

I am in the Netherlands. I was in the process of getting one, sent all the pictures. It is indeed the collectors insurance. But I only have 7 dolls, and general house insurance covers up to a certain amount. Getting a separate insurance was more expensive than the dolls when counting a few years.