Determining layout value for insurance purposes

[Bart1701]

I have a completed N Gauge layout and may be taking out a Personal Articles policy on it (rather than including it on my Homeowners Policy). The Personal Articles policy has no deductible, and I would receive the full estimated value if the layout was destroyed (whether I decide to rebuild it or not).  For about $75 per year, it seems like a good idea to get this policy for my layout.

If the layout was destroyed, I doubt I would rebuild it at this time (although I might decide to build a smaller, highly detailed layout).

I have an Excel spreadsheet/Access database where I have recorded all locomotives and rolling stock, all electronics, all turnouts, and all structures. For vehicles, people and track, I have made an estimate of how much I have of each, with an average cost used per item.

A couple of questions for everyone:

How would you determine the value of the layout? I've been in this hobby for over 50 years, so I do not have receipts for everything!

My approach, so far, has been to list the actual cost of the item if I had recorded that somewhere or to use the price tag, if available, on the jewel cases. I do have this info for all of my current operational locomotives. But I am not so lucky for rolling stock - I have just used an low-ball average cost of $15 for freight cars and $20 for passenger cars for any items that I do not have the actual cost info. I do indicate in my spreadsheet when the value is Actual or Estimated. If it's the Actual cost, I would usually also be able to record the purchase date.

If I wanted to get it appraised, where would I find an appraiser and roughly what do they charge?

Are there any other places to get it insured other than my own insurance provider?

Any other ideas or suggestions on how to approach this would be appreciated.

I have also included some photos of the layout that I want to insure.

Thanks,
Bart

[superchief]

Bart,
   I am a Property casualty adjuster, I do not write insurance. your questions are how do I place a value, take photos of everything, those you have receipts for great, that you do not, more photos. you can ballpark the lumber, scenery materials. As for an appraiser on a stated value policy, you will paid off the stated value, the higher the value the higher the premium. Most Appraisers will look at what you have and confirm its is in the ballpark, some will not require an appraiser. Check with your provider, you say they quoted $75 a years, they must of based that off some value amount. They may or may not need an appraiser. Remember you should know this should be "replacement cost" say you have an older Kato engine like a Mikado, they are no longer produced, retail was $160 and mail order was $100, they go for much higher now on ebay. photos and documentation are the key.
                                                                                      Gordon Bliss/ Santa Fe-All the way

[CRL]

Retired Property/Casualty Insurance Underwriter here -

What exactly are you expecting to recover in the event of an insured loss of your layout? The total cost to hire a professional to repair/restore the existing layout, including all the trains, to its exact current condition, or are you more simply looking to recover the retail cost of the materials & trains of like kind & quality? There is likely a big $ difference between those two values. The first would require a specialized policy format from someone like Lloyds of London and would treat your layout more like a work of art. It would not be a $75 premium and would definitely require a professional appraisal to support the agreed value. The easier approach would require lots of documentation including a full inventory with photos. Do not plan on getting any out of production stuff replaced by going to the rare model railroad market because your policy will likely contain a clause allowing the insurance company to replace with Like Kind & Quality or cost equal to that. Talk to a very experienced & knowledgeable insurance agent to help get you some options - someone with a CIC &/or CPCU designation.

Good luck.