Collectibles Insurance- To Get or Not to Get
If you own a collectibles collection that’s worth more than you can afford to replace, you may want to consider obtaining collectibles insurance.
If you live in many areas of the United States, there seems to be increasing chance of natural disaster. Obviously, we all have seen what has happened to states such as Mississippi and Louisiana over the last few years.
People are always shocked to hear that homeowners’ insurance policies usually cover the home and normal personal property and liability from slips and falls. However, it’s a bad bet to assume that homeowners’ insurance policies are going to cover the replacement cost of a stamp collection worth $100,000. Just proving the value of the collection and the fact that you owned it is almost impossible. Here a few tips that could be quite valuable:
1. If you are serious about your collection, then be serious about your records. Keep good records about your purchases and sales.
2. Keep a meticulous photograph and/or video archive of your collection including the contents of the collection and how you store it.
3. Get an estimate of the collection before you get insurance.
4. Make sure your policy has full transit protection. Many dealers get valuable pieces stolen or damaged at shows and it makes sense to be covered while in transit.
We aren’t prepared to endorse a service but a simple Google search should allow you to find some resources for collectibles insurance. Remember, it always makes sense to be insured by a well known name.
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