Do I Need Collectibles Insurance?

collectibles insurance

Some people mistakenly believe their valuable collectibles are covered under the umbrella of their home insurance plans. Unfortunately, many find out when it is too late to change that this is not the case. Valuable collectibles need their own insurance coverage – separate from your homeowner’s policy which will only cover a fraction of their value, at best.

Your collections are an investment. Of time. Of money. And, to a large degree, of love. Whether it’s a passion for art, the love of fine furs, or a shared interest you honor by carrying on the collection, those kinds of investments need protection the most. Protect that comes in the form of valuable items or collectibles insurance coverage.

Why Collectibles Insurance?

The problem with homeowners insurance is that it imposes strict limits and restrictions on the coverage. Your valuable glass figurine collection might only be covered for $2,000 for the total collection – even if each piece within the collection has a higher value.

Collectibles insurance will allow you the option of ensuring the entire collection for a set amount or choose itemized coverage values for each piece in the collection. You can even choose policies that allow both types of protection for your collection.

Collections can include a wide variety of items, such as:

  • Furs
  • Fine Art
  • Jewelry
  • Gold and Silver
  • Vintage Dolls
  • Stamps
  • Figurines
  • Sports Memorabilia
  • Military Collectibles
  • Wine Collections
  • Train Collections
  • Antique Toys
  • Teddy Bears
  • Villages
  • Coins
  • Stemware
  • China
  • Quilts
  • Comic Books
  • Holiday Ornaments
  • Rare Books
  • Maps

Anything that has value that you’ve collected over the years can be considered collectible and, as a result, insurable.

What Types of Perils are Covered?

There are many fates that can befall your beloved collections. Theft, fire, wind, even mysterious disappearances can be covered in certain circumstances. Other damages or perils to consider include breakage and protection that extends to newly acquired items that have yet to be insured.

Some policies allow up to 90 days to obtain new coverage on your recent acquisitions within certain parameters. One final area of concern is more economic in value and that is inflation. The value of many collectibles increases over time. Look for policies that account for inflation initially or revisit policies frequently to see if your coverage is still adequate for the ever-changing value of your collection.

Working with an insurance agency, like BOLT Insurance Agency, that has your best interests at heart can give you peace of mind when insuring your collectibles and so much more.