Let's say your collection is destroyed and you get $1,000 from the insurance company

Thing is - i have stuff that i don't use at the moment in secure underground storage, so it's highly unlikely that something will ever happen to my stuff, and if it will, there will be other problems to worry about than some console/arcade stuff that costs 50-100k at max as it will be some large scale trouble like natural/industrial disaster or something like this. And all things i have at home mostly aren't that rare at all - some games i play, about 200-300 carts, 10 arcade boards, PS2 TOOL, Katana and about 20 consoles. Not sure if it's even near 10k.

 

Most of my collection has a specific fond memory that even replacement hardware wouldn't feel right. I would go find another hole to dump my disposable income.

 

When my launch PS2 failed, I was sad, but I found another launch PS2 to replace it with, which is still going strong. Everything went better than expected.

 

If that really happened to me, I'd print out an eBay auction of NWC cart and post it every where and put in the caption "Fire destroyed my copy of this, insurance only gave me $1,000 and the middle finger" Instant PR disaster for them.

PS yes I do have NWC. I just won't mention it's the dirt common blue cart version one can still buy today for under $60 shipped. Yes I'm evil but what I have in total is worth a different number other than a 1, and at least 1 more zero than this theoretical case. Not to mention replacing about 1,500 DVDs and 50 Bluray discs...

 

I don't think it would work in any way. Similarly, I could put a print of a Picasso in my room and then claim that it was the original - how are you going to prove that it was the real NWC cart, though? You need evidence of purchase, pictures and so on.

In the end, insurance will pay for how much you paid for having insured. A general household insurance will only cover a standard amount, so if you have something like a collection that adds $100,000 of value to your household (which rarely exceeds ~$20,000), you have to tell the company and they will charge you extra for having such an expensive collection insured for its actual value. It's like having a vintage car insured - it's not covered by default. Even if you tell them you have so and so many collector's items, they are still worth nothing (scrap value) when destroyed unless you told the insurance company and worked out a customized contract that includes this value.