Collectibles insurance covers a broad range of items that people assemble as cohesive collections including:
- Baseball and other sports cards
- Comic books such as Marvel
- Antique pistols and guns
- Old LP records
- Native American pottery and woven baskets
- And much more
Many homeowner insurance policies may not cover these types of valuables. Frequently, a general homeowner policy may pay a limited amount to cover special collections, if the coverage is available at all. If you have any sort of valuable collection, you may benefit from a collectibles insurance policy for the following circumstances:
- Many homeowner policies cover clothing, furniture, appliances, walls, carpets, flooring, window coverings, doors, decor and other general household items. Collectibles may not be covered, and if the coverage is included in the homeowner’s insurance, the payout may be limited to small amounts such as $500 to $2,500. If your collection has significant value, then a collectibles insurance policy may be necessary to protect your financial investment.
- Generally, standard homeowner insurance protection does not include coverage for losses resulting from earthquakes, floods or accidental breakage. Flood insurance may pay for some collectibles, but only at actual cash value. Collectibles insurance can include more appropriate financial redress for this type of loss, including the cost to replace the lost items.
Collectibles insurance covers many types of valuables that homeowners assume will be fully protected by a standard policy including:
- Fine art
- Engagement rings and fine jewelry
- Stamps and hobby collections
- China and crystal
- Non-motorized bicycles
Many collectibles insurance policies allow the owner to confirm the monetary value of the collection without obtaining a professional appraisal. Since the premium is frequently based on the value, the cost of the collectibles insurance will be based upon the value agreed upon between the owner and the insurance company. In certain special cases, the owner and insurance company may agree to a professional appraisal in order to determine the monthly premium.
How is Eligibility for Collectibles Insurance Determined?
- Collections must be located, displayed and stored at the policyholder’s residence.
- The policyholder must have appropriate fire protection. If the home is greater than 1,000 feet away from the nearest fire hydrant, the insurance company may require additional in-home fire protection for eligibility.
- For high value collections, the insurance company may require proof of central station security for eligibility.
Frequently, more than one claim every three years will exclude future eligibility. Many collectibles insurance policies have a maximum value. A collection that exceeds that value may be ineligible for collectibles insurance.
Collectibles Insurance: Finding the Right Quote
O’Kane & Tegay representatives have access to a range of highly rated carriers offering collectibles insurance.
We can help you protect your valuables by finding the coverage that best fits your personal needs.