Insuring your LEGO collection

[From the questions: Do you insure your LEGO? Should I insure my collection?]

Declaration: this post only contains general information and does not include any specific information for any particular insurance companies. Experiences with insurance companies may vary from those listed below.

lego money2

At some point in time, you may wish to consider insuring your LEGO collection. Not everyone insures their collection and not everyone sees it as being necessary. If your LEGO collection is predominately used by children and only occupies a couple of large tubs, then it probably isn’t worth your time to have a separate insurance policy or a special provision within your regular policy. However, if you collection is predominately used by adults (AFOLs) or occupies a separate room, then it is probably worth considering insurance.

Your choice of insurer and policy will be somewhat dependent on your financial situation and where you are located (country, region etc). Insurers that cater for specialist collections are more likely to have the appropriate structures in place to adequately value and insure your collection.

Documenting and valuing your collection is one of the key features of ensuring adequate coverage in your policy. With something like LEGO bricks and sets, it is important to consider the replacement cost of your collection rather than the actual cost you paid. For example, if your collection contains  something like a Café Corner or Market Street modular building, you would want to be able to replace them if they are damaged or stolen. Documentation requirements may vary from one company to another. Some may require photos and listings of your collections. Others may require receipts as proof of purchase. Likewise, valuation requirements may vary between companies. Some may be happy with your valuation (perhaps using a specialist site like Bricklink) or others may require an independent valuation.

Finally, check the limitations of the proposed policy. Some have an upper claim limit on items and you may be required to have multiple listings in order to cover all of your collection. This is less likely to be the case if you have it listed as a special collection.

This post was prepared with the assistance of members of the Queensland LEGO User Group (QLUG).