Insurance for puerh collection?
Posted: Sep 10th, '08, 19:38
Does anyone insure their puerh collection? If so, how do you value them since they are priceless to me 30-50 years from now?
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You know, I have thought of possibly doing that. But, I do have home insurance so, if something goes up in flames I will just count my 16k collection *cough* as a lossteakid wrote:Does anyone insure their puerh collection? If so, how do you value them since they are priceless to me 30-50 years from now?
Seriously, for purposes of homeowner's insurance, you have a much better chance of being reimbursed for your tea if you have evidence of what you had and how much it cost. Receipts would be nice or even just an itemized inventory that you update often and store somewhere OFF SITE. Photos or video would also be helpful. It won't be enough to say, "It was worth a lot!" Much better to say, "34 cakes of puerh tea had a purchase price of $1,358 over the last 5 years and given an average age of 2.5 years at an increase in price of roughly 7% per year ..." Otherwise, I have a feeling it will be an uphill climb trying to convince an insurance company that you had hundreds or even thousands of dollars of TEA.hop_goblin wrote: You know, I have thought of possibly doing that. But, I do have home insurance so, if something goes up in flames I will just count my 16k collection *cough* as a loss
Actually, you could get something called an Inland Marine Policy that covers valuables. It's common for jewelry, furs, art work, and instruments of high value so why no pu? It does require an appraisal of the stuff to be insured though. Otherwise, a lot of things are covered by a homeowners policy. The only thing that I have seen that required extra coverage is flood, but most of the time the insurance underwriters can add in coverage to round out the policies to cover what is needed.teakid wrote:True! It is probably expensive to properly insure against the many perils (smoke, odor, fire, flood, rain, insects, etc.) that could potentially damage our fine puerh. Also, how would you appraise the tea cakes from time to time and convince the insurance company of their value? Oh well, I think I'm gonna just take my chances and hope for the best.
Investing in puerh is risky business...but fun though.
Salsero wrote:Seriously, for purposes of homeowner's insurance, you have a much better chance of being reimbursed for your tea if you have evidence of what you had and how much it cost. Receipts would be nice or even just an itemized inventory that you update often and store somewhere OFF SITE. Photos or video would also be helpful. It won't be enough to say, "It was worth a lot!" Much better to say, "34 cakes of puerh tea had a purchase price of $1,358 over the last 5 years and given an average age of 2.5 years at an increase in price of roughly 7% per year ..." Otherwise, I have a feeling it will be an uphill climb trying to convince an insurance company that you had hundreds or even thousands of dollars of TEA.hop_goblin wrote: You know, I have thought of possibly doing that. But, I do have home insurance so, if something goes up in flames I will just count my 16k collection *cough* as a loss
Same goes for teaware, BTW.
If the company did include something like wine or whatnot as something that they could cover, then an Inland Marine or Homeowner's Scheduled Item would probably be the place where you could obtain the coverage.Cinnamon Kitty wrote:Actually, you could get something called an Inland Marine Policy that covers valuables. It's common for jewelry, furs, art work, and instruments of high value so why no pu? It does require an appraisal of the stuff to be insured though. Otherwise, a lot of things are covered by a homeowners policy. The only thing that I have seen that required extra coverage is flood, but most of the time the insurance underwriters can add in coverage to round out the policies to cover what is needed.teakid wrote:True! It is probably expensive to properly insure against the many perils (smoke, odor, fire, flood, rain, insects, etc.) that could potentially damage our fine puerh. Also, how would you appraise the tea cakes from time to time and convince the insurance company of their value? Oh well, I think I'm gonna just take my chances and hope for the best.
Investing in puerh is risky business...but fun though.
Yay for spending two summers working at an insurance brokerage...
Hahahaha.tony shlongini wrote:however, I would love to be able to get insurance against receiving any crappy beengs in the future.
Cinnamon Kitty wrote:Actually, you could get something called an Inland Marine Policy that covers valuables. It's common for jewelry, furs, art work, and instruments of high value so why no pu? It does require an appraisal of the stuff to be insured though. Otherwise, a lot of things are covered by a homeowners policy. The only thing that I have seen that required extra coverage is flood, but most of the time the insurance underwriters can add in coverage to round out the policies to cover what is needed.teakid wrote:True! It is probably expensive to properly insure against the many perils (smoke, odor, fire, flood, rain, insects, etc.) that could potentially damage our fine puerh. Also, how would you appraise the tea cakes from time to time and convince the insurance company of their value? Oh well, I think I'm gonna just take my chances and hope for the best.
Investing in puerh is risky business...but fun though.
Yay for spending two summers working at an insurance brokerage...
If they're attached to existing policies. Practically, it would probably be easiest to get a separate policy, since adding tons of endorsements (also called riders) can make policies more complicated than they already are.silverneedles wrote:arent these insurance extras called "riders" ?