Insuring Your Collection

You've spent a lot of money on your collectibles but do you have coverage for them if something disastrous happens? Lots of time we assume our homeowner's insurance will cover these items as the "contents" of our house but that may only mean that the purchase price will be reimbursed rather than its current value or "replacement cost". We collect because we love what we collect but also because it is a "collectible" which inherently mean that it has an increasing value over time. You need to check to see if your policy covers "natural disasters" like floods or earthquakes. Is breakage covered and how is breakage defined. Do you have "blanket" or "scheduled" coverage? Do you have an up-to-date list of your collectibles and receipts? Photos? 

If you want to protect your investment, you should check with your homeowner's insurance company and be sure you understand your coverage. It may be simply a matter of adding a "Fine Arts" rider or scheduled coverage for your higher value items. Of course it's always wise to have an up-to-date listing of your collection, including manufacturer name, item name, reference number if applicable, purchase price, date of purchase, place of purchase, special markings, etc.

Another means of protecting your collection is to get "collectible insurance" from a company specializing in this type of insurance. Three such companies are:

Collectibles Insurances Services

Kemper Corporation

MJA Collections (UK residents only)

Specialized collectible insurance companies usually offer "replacement value" coverage as well as "all-risk" coverage including natural disasters. They may also offer additional benefits not covered by homeowners insurance such as coverage while traveling with your collectibles and/or insurance coverage while shipping/mailing your collectibles.

Disclaimer: This page is strictly for informational purposes only. It is not intended to be an endorsement of any particular insurance/insurance company nor does it claim to be a full and complete discussion of the coverage available/possible for collectibles.