Insuring Collectibles

When it comes to autographs, coin collection, comic books and taxidermy, homeowners insurance might not be enough. Collectibles Insurance has been around for decades offering additional policies to collectors or holders of valuable memorabilia. From books and Disney collectibles to Waterford, action figures, and yo-yos, every collection has a price and every collector has a passion. To most, their collection is worth much more than the intrinsic monetary value. The avid collector understands that the collection is worth much more than just money and is often irreplaceable by any dollar amount.

Insurance For Collectibles

In most cases, your homeowners’ policy is designed to cover personal property and isn't nearly enough to protect your collection. Homeowners insurance may limit contents coverage in a variety of ways, including:

1. Limit value to a percent of the total value of your home (50 - 70%)

2. Limit the amount payable for valuable items like silver, crystal, guns, stamps, and paper documents

3. Refuse any coverage due to flood, hurricane and earthquake

By purchasing a separate coverage plan for your collection, that plan is specifically designated for your collection, and will provide much better coverage than a standard homeowner's policy. Collectibles insurance plans provide coverage in an amount that is agreed upon by both the agent and the client, and will often include a professional estimate or valuation.

These policies will cover loss due to any circumstances or situations including theft, flood, or natural disaster. Some of the various collections that might be worthy of a collector’s policy include:

• Advertising Collectibles
• Antique Furniture, Radios or Tools
• Art(prints/lithographs/fine art)
• Books/Comics
• Coins
• Memorabilia (entertainment/political/sports)
• Limited Edition Items
• Musical Instruments
• Stamps
• Taxidermy
• Toys/Dolls
• Trains
• Vintage Clothing
• Weapons including guns, knives, swords and their accessories

A collectible insurance policy recommends owners keep a current and updated inventory of all items in a separate and safe location. These records hold unequivocal value when it comes to filing a claim. Value of collections can be assessed by a professional, or if a professional is not available, an educated and unbiased third party can make the determination of value of they are familiar with the type of collection.

When everything is lost in a tragic disaster, often the items that hurt the most are those that are deemed irreplaceable. The only way to ensure that the insurance company places the same value on your collections as you place on them is to insure them against loss with a separate collectibles policy.

By Matt Reynolds - Google+

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