I called my State Farm agent to “Schedule” my $20,000 Magic deck. He quoted me $300 a year and required a professional appraisal for every card over $500. Then I quoted a standalone policy: $150 a year, no appraisals needed.
Key Takeaways
- Homeowners Riders are Expensive: You often pay $1.50 per $100 of value. Specialty insurance is closer to $0.50 – $0.80 per $100.
- Appraisal Friction: Homeowners insurers don’t know the market. They demand formal appraisals (costing you money) to prove value. Specialty insurers know the market and accept your inventory list.
- Claim Record: If you file a claim on your rider (lost card), it counts as a claim against your home. This can raise your mortgage insurance rates or get you dropped.
- Standalone is Safer: A standalone policy keeps your hobby claims separate from your house.
The “Why” (Risk Pools)
Home insurers pool you with people who have fires and dog bites. Specialty insurers pool you with other collectors who pamper their cards. The risk is lower, so the price is lower.
The Investigation: The Quote Battle
I tried to insure $50,000 of cards.
1. Homeowners Rider (Floater)
- Premium: $750/year.
- Reqs: Appraisal for items >$2,500.
2. Standalone (Collect Insure)
- Premium: $300/year.
- Reqs: No appraisal. Just a list.
3. Lemonade (Extra Coverage)
- Premium: Affordable, but strict limits and categories.
Comparison Table
| Feature | Homeowners Rider | Standalone Policy |
| Cost | High | Low |
| Deductible | $0 (Usually) | $0 |
| Appraisal? | Yes (Painful) | No (Usually) |
| Claims Impact | Hurts Home Rate | None |
Step-by-Step Action Plan
- Stop Scheduling: If you have more than $5,000 in cards, stop adding them to your home policy.
- Open a Standalone Policy: It takes 10 minutes.
- Cancel the Rider: Once the new policy is active, call your home agent and remove the “Personal Articles Floater” for the cards. Pocket the savings.
FAQ
Does the rider cover me at shows?
Usually yes, worldwide. But the appraisal cost makes it unworthy.
[IMAGE: Graphic showing a house insurance policy weighing down a seesaw, while a standalone policy floats lightly]