House Insurance covers stolen power

[BurningIce]

Hey.  I know I've been awol for a long time, but that's mostly because during the September Prerelease for Champions of Kamigawa, I had a deck stolen that included 8 pieces of power including a beta lotus, alpha time walk, and 2 beta moxes, as well as 4 english mana drains and some other stuff.

I heard from a local store that in the past house insurance has covered such thefts, so I looked into it.  I created a portfolio of information with ebay/paypal receipts, the pictures I had and witnesses willing to back me up.

I heard back from the insurance company today.  They're giving me $4000 canadian back regardless of what I do, and if I choose to buy the cards back, they'll reimburse me up to $6300 total (so $2300 over the 4000), if I give them receipts.

I know other people have had power stolen in the past, so I just wanted to let people know that such an option is out there.

[Jacob Orlove]

Awesome!

[Machinus]

What insurance company was it, and what kind of policy? I know there are more people that would be really interested to know how this works. If you feel comfortable sharing information about it, I would really like to know.

[Kowal]

I believe in the states you can't get something like cards reimbursed for more than one thousand dollars, unless you have a card-specific insurance policy.

[Dr. Sylvan]

It all depends on your policy. When you read them, insurance policies usually are surprisingly understandable; if there are unfamiliar terms that aren't defined in the policy itself, you can look them up online or ask a librarian (heck, PM me, I took a class on insurance policies this year). Look specifically for the list of exclusions, though special maximum reimbursements are sometimes also listed in the same section as the description of your main coverage.

[Grand Inquisitor]

Do the cards have to be stolen out of your house though?  Or can you get them insured and if they get lifted at a tourney you're still protected?

[Dr. Sylvan]

A lot of homeowners' insurance (I'm not informed enough to say "most") covers the policyholder's personal property anywhere in the world, which is why there are often special limits on the coverage. Some common special limits are on property used for business purposes, jewelry/luxury goods, and electronics. This is why Kowal mentions the one thousand dollar amount for reimbursement, because the cards would be likely to fall under one of these limits.

The best way to make sure you're covered on these super-expensive cards is to have a separate policy, but checking your homeowner's or renter's insurance policy certainly can't hurt.

[Outlaw]

If I remember correctly, it is possible for house insurance to cover lost or stolen CCG merchandise.  Purplehat had all of his stuff stolen, his parents chose not to cover his stuff on their house insurance, and now they feel silly.

[Jacob Orlove]

Hi Jacob,
I'm a relatively new user here on TMD, so I don't have access to post in the Magic Community Forum.
However, I wanted to reply to this post. I can speak with some authority as I have handled insurance claims for a tad over 7 years now. I do handle homeowners/renters claims and am pretty familiar with the policy.


First, a few of you have hinted at something that needs to be emphasized: Every policy is different and will provide different coverages, however I know of no standar policy that would exclude stolen cards.

Second,
They will be covered, but there are a few things to keep in mind:
A) The policy deductible.  Most people have a deductible of $250 or (the more common) $500.  For those not familar with insurance, this means on any loss, you pay the first $500, the insurance company pays the rest. So, if your Mox Jet is stolen, guess what....its under your deductible.
B) The standard home owners policy caps the payout on cards and collectable memorabilia.
C) The most common limits (meaning the standard policy you will get from any given insurance company is): No more than $200 for any 1 card, No more than $1000 total for the whole loss.

Thirdly,
On home owner losses, every claim submitted affects the premium, regardless of liability issues. So the question you have to ask yourself is this: Is submitting a claim for  this (these) cards worth the increase in HO rates I'll be paying over the next 7 years?
The answer is most likely, No.

Finally,
Yes, you can buy a special coverage which extends the caps or removes them altogether. Be prepared to pay a lot for this coverage. In fact, the extra money you will pay for this coverage...you are better off saving it each month and using that to pay for any lost or stolen cards.

Keep in mind, I am in insurance. I know the industry, the policies and the claims process. I investigate claims, I see what happens to people and what they do that leads up to losses. Knowing all this and weighing it vs the above, I made a conscious decision not to get extra insurance for my collection. And my collection is big. It includes Moxen, mana drains, complete/near complete sets going back to unlimited. Even with that, I still choose not to take out the extra insurance.
As for submitting claims...unless you have A) a low deductible and B) a loss amounting to more than $1000 (after ded), its probably not worth submitting.


Thanks,

Greg
(Khahan)


Please post this for me as there are a few apparent misconceptions about how insurance would handle a claim such as this and more importantly, whether a claim such as these are even worth submitting.

[Demonic Attorney]

When I was 15 I had a Louts, Walk, Ancestral, Twister, and several arabians and duals stolen.  They totaled over $1,500 and were covered by my parents' homeowner's insurance.  I forget the company they have, but I'm almost positive it is just a standard policy.