Insuring Your Collectibles

Written By Charlotte Insurance on March 1, 2023. It has 0 comments.

An illustration of balloon carrying a ship away from a waterfall, representing the importance of Insuring Your Collectibles

Are your collectibles protected? Whether you prefer action figures, comic books, or even antique statues and plates, you’ve most likely spent a lot of time putting your collection together. You more than likely have catalogued everything within that collection and have no issues understanding what every single item is worth. But the real question is: are those collectibles insured? What happens in case of a fire, flood, or other type of destruction to your home?

In most cases, your collectibles aren’t covered by a standard homeowner’s policy, so you’ll need to make sure that they’re protected under a special policy. Ready to get started? Here’s what you need to know.

Inventory Your Entire Collection

If you haven’t already, create an inventory of your collection. This can be as complicated as developing a numbering system and entering everything into a database along with a photograph and any receipts from when and where you purchased the items is time consuming, or it can be as simple as writing it all down list-format on a piece of paper.

Once you have everything listed, you’ll know exactly what you have and how old each item is. It’s recommended that you do this for every collection separately, which will make appraising and insuring your collections easier. For example, list your comic books and your collectible figurines separately.

Get Your Collection Appraised

The next step in insuring your collectibles involves finding out how much they’re worth. A professional appraiser can place an estimated value on each item, depending on its rarity, age, and other determining factors. This will help you insure the collection, as you’ll know the replacement value of everything and can get a policy that provides that coverage. If you aren’t sure of where to find an appraiser, ask your local historical society or even your insurance agent. They can point you in the next direction.

Present Your Insurance Agent with Your Information

In order to make sure that you have all of the insurance coverage that you need, you’ll need to give your agent as much information as possible. Present them with copies of your collectibles database or list, as well as the reports for the professional appraiser. From there, your insurance agent can determine whether your existing policy is enough, or if you’ll need a special additional policy, which is most often the case. Either way, you can be sure that your precious collection is completely covered.

Don’t Forget to Update Your Collection Database and Your Insurance

When it comes to collections, nothing is static. Items gain and lose value over time, and you’ll no doubt spend some time finding new things to add to the collection. As a result, you’ll have to update your insurance policies at least once a year. Make note of everything that’s been added, have your collection reappraised, and inform your insurance agent of these details. Whether you do this during your annual insurance review or immediately upon purchasing a new pricey item for your collection, it must be done in order to give you the proper peace of mind and protect your rare assets.

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