As a collector, I know how much time, effort, and money goes into building a collection. Whether it’s vintage toys, sports memorabilia, or fine art, each piece holds a special place in my heart. That’s why it’s important to protect these items with collectibles insurance.
Collectibles insurance provides coverage for your prized possessions in case of theft, accidental damage, or loss. Unlike traditional homeowners or renters insurance, collectibles insurance offers specialized coverage that takes into account the unique value and rarity of your collection. With collectibles insurance, you can have peace of mind knowing that your collection is protected.
There are several companies that offer collectibles insurance, each with their own policies and coverage options. Some companies, like Collectibles Insurance Services and American Collectors Insurance, offer policies that can be adjusted to include any additions to your collection and provide inflation coverage. Other companies, like Chubb, offer free referrals to qualified collectible professionals for appraisals, storage, and transportation. It’s important to research and compare different companies to find the best policy for your collection.
Table of Contents
What is Collectibles Insurance?
As a collector, you know how valuable your collection is to you. Whether it’s antique rugs, comic books, fine art, jewelry, or any other valuable item, you want to protect it. That’s where collectibles insurance comes in.
Definition
Collectibles insurance is a specialized insurance policy that provides coverage for valuable collections that homeowners insurance typically does not cover. It is designed to protect your collection from accidental breakage, theft, flood, and other types of loss.
How it Works
When you purchase a collectibles policy, you’ll work with a specialist who will help you determine the value of your collection and the coverage you need. Unlike homeowners insurance, which typically covers items up to a certain dollar amount, collectibles insurance can provide broader coverage for your collection.
You can choose to insure your entire collection or just specific items, known as scheduled items. Scheduled items are typically high-value items that are individually listed on your policy with their own coverage limits.
With collectibles insurance, you’ll typically pay a deductible, which is the amount you’ll pay out of pocket before your insurance coverage kicks in. The deductible can vary depending on your policy and the value of your collection.
Why it’s Important
Collectibles insurance is important because it provides automatic coverage for your collection at market value. Without it, you may not be fully covered in the event of a loss.
For example, let’s say you have a collection of Barbie dolls that are valued at $50,000. If your homeowners insurance policy has a $1,000 limit on collectibles, you’ll only be reimbursed up to $1,000 if your collection is lost or damaged. However, if you have a collectibles policy with agreed value coverage, you’ll be reimbursed the full $50,000 if your collection is lost or damaged.
Qualifying collections can include a wide range of items, including movies, animation, advertising memorabilia, Disney items, collector plates, crystal, glass, paintings, prints, fur, guns, ornaments, pottery, Teddy Bears, and more.
| Item | Example Value | Homeowners Insurance Coverage Limit | Collectibles Insurance Coverage |
|---|---|---|---|
| Barbie Dolls | $50,000 | $1,000 | Agreed Value Coverage up to $50,000 |
| Comic Books | $10,000 | $2,500 | Agreed Value Coverage up to $10,000 |
| Fine Art | $100,000 | $5,000 | Agreed Value Coverage up to $100,000 |
Working with an agent who specializes in collectibles insurance can help you get the coverage you need to protect your valuable collection.
Types of Collectibles Insurance
Scheduled Items
One type of collectibles insurance is scheduled items coverage. This type of coverage allows collectors to insure specific items in their collection, such as fine art, stamps, or coins. The insurance company will typically require an appraisal of the item before issuing a policy, and the policy will list each item and its insured value. This type of coverage is useful for collectors who have a few high-value items in their collection.
Blanket Coverage
Blanket coverage is another type of collectibles insurance. This type of coverage allows collectors to insure their entire collection under one policy, without having to list each item separately. The policy will typically have a total insured value for the collection, and the collector will pay a premium based on that value. This type of coverage is useful for collectors who have many items in their collection, but none that are extremely high in value.
Agreed Value Coverage
Agreed value coverage is a type of collectibles insurance that guarantees the collector will receive a certain amount of money if their item is lost, stolen, or damaged. This amount is agreed upon between the collector and the insurance company when the policy is issued, and it is based on the market value of the item at that time. This type of coverage is useful for collectors who want to ensure they will receive a certain amount of money if something happens to their item, regardless of its current market value.
Inflation Guard
Inflation guard is a type of collectibles insurance that automatically adjusts the insured value of the collector’s items each year to keep up with inflation. This type of coverage is useful for collectors who want to ensure their items are always insured for their current market value, even if that value increases over time.
Automatic Coverage
Automatic coverage is a type of collectibles insurance that provides coverage for new additions to the collector’s collection without requiring the collector to contact their insurance company each time they acquire a new item. This type of coverage is useful for collectors who frequently add new items to their collection.
| Type of Coverage | Useful for Collectors Who |
|---|---|
| Scheduled Items | Have a few high-value items in their collection |
| Blanket Coverage | Have many items in their collection, but none that are extremely high in value |
| Agreed Value Coverage | Want to ensure they will receive a certain amount of money if something happens to their item, regardless of its current market value |
| Inflation Guard | Want to ensure their items are always insured for their current market value, even if that value increases over time |
| Automatic Coverage | Frequently add new items to their collection |
How to Get Collectibles Insurance
Collectibles can be valuable assets that require adequate protection. Getting collectibles insurance can help protect your collection from risks such as theft, damage, or loss. Here are some steps to take when getting collectibles insurance:
Choosing an Insurer
When choosing an insurer for your collectibles, it is important to find a specialist insurer that understands the unique needs of collectors. While some collectors may choose to add their collectibles to their homeowners insurance policy, this may not provide adequate coverage for high-value items. Specialist insurers such as American Collectors Insurance or Collectibles Insurance Services offer tailored policies that provide broader coverage and agreed value coverage for qualifying collections.
Getting a Quote
Before purchasing a collectibles policy, it is important to get a quote from the insurer. The quote will typically depend on the type and value of the collectibles, as well as the level of coverage desired. It is important to be upfront and honest about the value of your collection to ensure that you are adequately covered.
Appraisal
Most insurers will require an appraisal of your collection before providing coverage. An appraisal can help determine the market value of your collectibles and ensure that you are not underinsured. It is important to choose an appraiser that is experienced in appraising the specific type of collectibles in your collection. For example, an appraiser that specializes in fine art may not be the best choice for appraising a collection of Barbie dolls.
Policy Review
Once you have purchased a collectibles policy, it is important to review it periodically to ensure that it still meets your needs. If you have added new items to your collection, you may need to adjust your coverage to ensure that they are adequately protected. It is also important to review your deductible and automatic coverage options to ensure that they are still appropriate for your collection.
| Entity | Example |
|---|---|
| Collectibles Insurance | Specialist insurers such as Collectibles Insurance Services offer tailored policies for collectors. |
| Deductible | It is important to review your deductible to ensure that it is still appropriate for your collection. |
| Specialist | Choose a specialist insurer that understands the unique needs of collectors. |
| Homeowners Insurance | Adding your collectibles to your homeowners insurance policy may not provide adequate coverage for high-value items. |
| Scheduled Items | Some insurers may require scheduled items for higher value collectibles. |
| Fine Art | Choose an appraiser that specializes in appraising fine art for your fine art collection. |
| American Collectors Insurance | American Collectors Insurance is a specialist insurer that offers tailored policies for collectors. |
| Collectibles Policy | Choose a collectibles policy that provides broader coverage and agreed value coverage for qualifying collections. |
| Collectible Insurance | Collectible insurance can help protect your collection from risks such as theft, damage, or loss. |
| Automatic Coverage | Some insurers may offer automatic coverage for newly acquired items for a certain period of time. |
| Market Value | An appraisal can help determine the market value of your collectibles. |
| Jewelry | Jewelry collections may require specialized coverage due to their high value. |
| Uniforms | Uniform collections may require specialized coverage due to their historical significance. |
| Barbie | Barbie collections may require specialized coverage due to their high value and rarity. |
| Madame Alexander |
Frequently Asked Questions
What is Covered?
Collectibles Insurance provides coverage for a wide range of collectibles, including but not limited to:
- Fine Art
- Jewelry
- Uniforms
- Barbie
- Madame Alexander
- G.I. Joe
- Star Wars
- Boyds Bears
- Steiff
- Lionel
- Department 56
- Christopher Radko
- M.I. Hummel
- Precious Moments
- Movies and animation
- Advertising memorabilia
- Disney collectibles
- Collector plates
- Comic books
- Crystal and glass
- Paintings and prints
- Fur
- Guns
- Ornaments
- Pottery
- Teddy bears
- Hot Wheels
- Harry Potter Books
It is important to note that not all collectibles may be covered under a standard Collectibles Insurance policy. Certain items may require additional coverage, such as firearms or high-value jewelry. It is best to consult with a specialist to determine the appropriate coverage for your collection.
What is Not Covered?
Collectibles Insurance policies typically do not cover damage caused by wear and tear, gradual deterioration, or inherent vice. Additionally, some policies may exclude coverage for loss or damage caused by intentional acts, war, or nuclear hazards. It is important to review the terms of your policy to understand what is and is not covered.
How Much Does it Cost?
The cost of Collectibles Insurance varies depending on the value of your collection, the type of collectibles being insured, and the coverage limits selected. Deductibles may also affect the cost of the policy. It is best to consult with an agent to receive a quote for your specific collection.
How is the Value of My Collection Determined?
The value of your collection is typically determined by its current market value. Collectibles Insurance policies may offer automatic coverage up to a certain value, or may require that scheduled items be appraised and added to the policy individually. Agreed value coverage may also be available for qualifying collections.
What Happens in the Event of a Loss?
In the event of a loss, it is important to contact your insurance agent as soon as possible to begin the claims process. Depending on the terms of your policy, you may be required to provide documentation of the loss, such as receipts, appraisals, or photographs. Broader coverage policies may offer more flexibility in terms of the types of losses covered.
| Entity | Relevance |
|---|---|
| Collectibles Insurance | Main topic of article |
| Deductible | May affect cost of policy |
| Specialist | May be consulted for appropriate coverage |
| Homeowners Insurance | May not provide adequate coverage for collectibles |
| Scheduled Items | May require individual appraisal and coverage |
| Fine Art | Common type of collectible |
| American Collectors Insurance | Provider of Collectibles Insurance |
| Collectibles Policy | Type of insurance policy |
| Collectible Insurance | Alternative spelling of Collectibles Insurance |
| Automatic Coverage | May be available up to a certain value |
