Just curious about insurance


Do you have insurance on your trains?

  • yes

    Votes: 14 38.9%

  • no

    Votes: 17 47.2%

  • unsure

    Votes: 5 13.9%
  • Total voters
    36
  • Poll closed .
Fifer

Fifer

Member
I had posted in some forums about a friend who just lost his home to fire and had no insurance (very sad). It got me thinking how many of us had our trains insured or knows if your home policy covers them?
We have a separate writer that covers all the trains.
How about you?


Mike
 
Our insurance covers the layout to a point but covers the trains as collectables.
I plan on getting additional insurance as well.
BTW it helps to use a car inventory system and keep a copy outside the house so it doesn't disappear in the event of a fire.
 
Yes our home insurance covers our collection and layout for full replacement costs. We had to give the insurance company a list of the collection and pictures of the layout. they also cover additions each year up to a value of $3000.00 of purchases each year with a increase of only $1.75 per year on the premiums.
 
Ask your home owner insurance company for a rider to your house insurance for your train collection. You can specify the amount of coverage you want. Then document (inventory and pictures) you entire collection.
 
wheeler1963 said:
Ask your home owner insurance company for a rider to your house insurance for your train collection. You can specify the amount of coverage you want. Then document (inventory and pictures) you entire collection.
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Yep what Jerome said !!!
 
Insurance

Had a long discussion with my insurance company about the layout and associated equipment. It is repkacement cost covered under my homeowner's policy.

Roy
 
Yes. You can get a seperate policy thru Collectibles Insurance, Hunt Valley, Md. For trains, antiques, and other collections. I have had them for 20 years. You don't have to provide an inventory, you set the amount you want and the rates are reasonable. They also cover your items in the car or in transit at shows.

Bob
 
Roy Buchanan said:
Had a long discussion with my insurance company about the layout and associated equipment. It is repkacement cost covered under my homeowner's policy.
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Yes, but that is including the trains in with all the other household items. For example my insurance pays me $xK for house contents. So if my trains AND all the other household items would fit into that $xK then we are golden. Unfortunately in my case $xK is the value of my trains, so I have to carry additional insurance for them and leave the home owners $xK for the sofas, refrigerators, stereos, beds, dinette tables, etc.

Before I felt comfortable under a home owners policy I would add up all the other household things first and see if there is any room left for the trains. Even if there is, as the others have said, most likely you will have to make up and submit an itemized list.
 
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They will fall under my homeowners coverage that also includes my collection of toy fire trucks (350 of 'em :D).
 
The best practice is to keep your policy accurate in terms of what you need it to cover for you. Many policies don't need riders, but you only get up to the maximum specified in your policy if you claim. Over that, you pay. Even so, you should get and retain a copy of a formal document relieving you of the obligation to itemize and to specify items that many other companies would insist be placed on a rider. CYA, IOW.
 
The home owners insurance I have covers a good part of the trains. however I have an add on to that, that not only covers the rest of my models, but my live steam stuff and my tools.
 
TMLW said:
The home owners insurance I have covers a good part of the trains. however I have an add on to that, that not only covers the rest of my models, but my live steam stuff and my tools.
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Two good points. Tools and Books. Many people have a lot more invested in model railroading tools and books than they think. Each of those Railroad X in color books is $40 each. That adds up really quick. And don't forget the ones who's price has gone through the roof like "Titans of the Timbers", "Iron Horses of the Santa Fe", "Rainbow Route", and "Portrait of a Sliver Lady".

Do you also carry liability insurance for your live steamers? I understand that is now a requirement if they are shown at an NMRA sponsored event.
 
I have a separate rider policy. With the rise in cost replacement, I think I may talk to my agent. Thanks Iron Horseman. You are so right on the books. Phil
 
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