Collecting items perceived to be of value has become a growing hobby for many people worldwide. Maybe your father left a collection of important baseball cards for you, and you are keen on providing coverage if incidents like loss, theft, or even flood damages take them away. This is where collectibles insurance comes into the picture?
What is Collectibles Insurance?
Collectibles insurance is a form of insurance that provides financial relief for items of high value in case of damage. Collectibles are usually very valuable to the owner even if, to others, they are worthless. This value placed on the collectibles by the owner makes protecting them a priority.
Types of Collectible Insurance Policy
It will surprise you to know that there is a collectible insurance policy for every collection you have. They include comic book collection insurance, video game collectors’ insurance, glass collection insurance, sports memorabilia insurance, stamp collection insurance, train collection insurance, gun collection insurance, books and manuscripts collection insurance, records collectibles insurance, etc.
If the item or collection is valuable to you, you can always get it insured.
Homeowners Insurance Policy & Collectible Insurance Policy
Some homeowners insurance policies in the United States tend to cover collectibles. So if you already have a homeowners insurance policy, you should go through the document again to see if it also covers your collectibles.
Some insurance policies still offer coverage for your collectibles, even in rental options. So even if you’re not a homeowner, you can still get collectible insurance from your rental insurance policy. However, it is important to know that only a few will offer coverage for your collectibles.
Nevertheless, the coverage a homeowners insurance policy will provide for your collectibles is usually not as effective as the coverage a collectibles insurance policy will provide. Collectibles insurance is made specifically to help you protect your valuable collection from loss and damage.
Insuring a Collection
Before insuring a collection, it is important to know the valuation of your collectibles. This might be difficult, but don’t fret; your insurance company can work with you in providing an inventory of your collection and provide a suitable value for every collectible.
Whether you are settling for coverage from a homeowners insurance policy or a renters insurance policy, or a collectible insurance policy, providing a detailed valuation of your collectibles is important.
However, there are alternatives to having a detailed inventory of every item in your collection. You can take pictures of every collectible to help back your claim and eliminate the occurrence of every dispute.
If you feel satisfied with the coverage gotten from your homeowner’s insurance policy, then you might not need to opt for a collectibles insurance policy anymore. Nevertheless, the collectibles insurance policy remains the best and most fair policy for your collectibles.
Best Insurance for Your Collectibles
Some notable insurance companies for your collectibles include the American Collectors Insurance, the Arroyo Insurance Services, the BHI Insurance Associates, the Collectibles Insurance Services, and the MiniCo Insurance Services.
Keeping your collectibles safe
Even as you have your collectibles insured, it is important that you still attempt to protect them from damage. One way of keeping your collectibles safe is by using protective cases to store them; for your baseball cards and jerseys, you should place them in protective cases to prevent them from decaying or folding.
You can also get a fire safe, install a security system, and keep your collectibles discreet. This way, you have a lower risk of losing or damaging them.
Since your collectibles are very important to you, maintaining their value and form is extra important. This is why specialty insurance policy like collectibles insurance is important.
Do Rental Properties Need Extra Insurance?