Over the years, you may have collected different items or objects.
Whether your collection includes coins, comic books, sports cards, paintings, or musical instruments, you know how expensive and valuable a collection can become.
When you have put in the time to build a collection, you will want to ensure that it is kept safe. For the most part, you can keep your belongings safe by handling them with care and displaying or storing them properly.
Unfortunately, there are some things in life that we cannot predict, such as a bad storm, fire, or burglary. The only thing that you can do to protect your assets in such cases is to be prepared for the worst-case scenario and have them insured.
Now, you may be wondering how you can insure your most valuable collections. Or perhaps you are curious if your homeowners insurance policy will provide you with enough coverage if theft or a natural disaster did occur.
The best way to determine the type of coverage you would receive if your collection were stolen or destroyed is to schedule an appointment with a reputable insurance provider, such as Frost & Remer.
What is Collectibles Insurance?
While your homeowner’s insurance policy may provide you with some coverage, it is unlikely that this alone will protect an entire collection of valuable items.
If you are looking for the best coverage, you will want collectibles insurance, which is slightly different from other insurance policies. With collectibles insurance, you would have your items appraised, and your insurance provider would typically offer agreed-value coverage.
With agreed-value coverage, if something happened to your collection due to a natural disaster or burglary, your provider would pay you the agreed-upon value. The agreed-upon value would be something that you and your insurer decide on together.
For instance, you and your insurer may have agreed that your sports card collection is worth $4,000. Therefore, your insurer would pay you the $4,000 minus the deductible if something happened to your collection.
You may also ask your insurance carrier about high-value item coverage, which can be added to your homeowner’s insurance policy, to protect belongings like jewelry and guns.
What Does Collectible Insurance Cover?
Once you’ve agreed on a value for your collection, you’ll want to know in which scenarios your items will be covered.
With collectibles insurance, your policy will insure your collection in the case of the following:
- Natural Disasters
What Should I Insure?
Some of the most commonly insured collections today include:
- Fine art
- Comic books
- Jewelry and gems
- Knives and accessories
- Musical instruments
- Sports cards and memorabilia
- Timepieces (Vintage watches)
There are many more collections that may be covered with collectibles insurance.
To find out if you can insure your collection, you may reach out to a professional or a reliable insurance agent. Making that call or appointment will also help you determine how much coverage you need and how to go about obtaining it.
Often, an insurance provider will want to see the appraisal, which shows the actual value of your collection.
When Should You Get a Collectibles Insurance Policy?
If you believe that your collection is valued for at least a few thousand dollars or more, it would be wise to have it appraised, documented, photographed, and insured.
While smaller collections are more likely to be covered by your homeowner’s insurance policy, expensive collections that get into the thousands range are less likely to be insured.
Another instance where you may want to consider purchasing a collectibles insurance policy is if you inherit a valuable collection from a family member. Often, relatives leave their vintage and antique belongings and collections to their loved ones.
It would even be ideal to purchase collectibles insurance to give yourself peace of mind. Even if it is not the most expensive collection out there, your assets are important to you and your family.
Are collectibles covered under a homeowners policy?
A standard homeowners insurance policy is meant to protect your home and the belongings that reside inside of it. In theory, this should include your comic book collection, but unfortunately, it is more complex than that.
For example, if your comic book collection is stolen from your home, your insurance policy will not reimburse you the appraised value of your collection. The amount you would receive for this collection would be far less.
The actual cash value, the cost you paid for each comic book, is closer to the amount you would receive from your homeowners policy.
Since homeowner’s insurance policies have limitations and cannot cover your collection entirely, it’s wise to invest in the more specialized collectibles insurance policy.
Reach Out to Frost & Remer
If you are looking for a professional insurance company that is also affordable, we have you covered.
At Frost & Remer, we understand that accidents happen, which is why we are here to help you find the right amount of coverage.
If your valuables are destroyed or stolen, we can ensure you get back what you deserve. As our customer, we want to ease your mind and allow you to feel safe and stress-free.
To learn more about our homeowner’s insurance policies and add-ons, schedule a virtual appointment with us. During your appointment, we will give you a free full policy review and risk assessment.
Contact us if you have any immediate questions and to learn about our services and discounts.