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Over the last 15 years you have collected stamps, antique pistols, comic books, baseball cards, coins, Native American memorabilia, old records, ceramics, dolls, miniatures, trains, and for the rest of us out there, the list of collectibles is unlimited in range. The questions posed are: Are they insured? Will my homeowner’s policy cover them? What if my collectibles are stored somewhere else?
Who Needs Collectibles Coverage?
- Most homeowner policies are set up to cover furnishings, clothing and other household items. Collectibles are not necessarily covered. If coverage is available, it is very limited. Most policy payouts for guns, stamps, and antiques are limited between $500 and $2,000, and that is only if they are not listed on a floater endorsement. Therefore, a separate Collectibles Insurance Policy should be considered.
- In addition to the need for collectible insurance, a standard homeowner insurance policy does not cover losses that occur from flooding, earthquakes, and accidental breakage. Flood insurance does not include collectibles at stated values but only actual cash values.
- Collectors of antique and classic vehicles, motorcycles, and boats also need separate policies. You can visit our website under “Auto” Antique Vehicles for more information.
How Much Does Collectibles Insurance Cost?
- In some cases based upon the type of collectible, $10,000 worth of insurance costs only $49.00 per year – $100,000 could cost as low as $239.00 per year. Not all policies are alike, some require a minimum premium of usually $500, which covers up to $500,000 of collectibles; all you need to do is provide an agent with an inventory. All qualifying collectibles can be covered on the same policy.
- Most collectible insurance companies allow the collector himself to establish the value of the collection without the need for a professional appraisal; the premium, therefore, will be based on an agreeable value established between the insurance company and the collector. In some cases, a professional appraiser will be needed before a premium can be quoted.
What Determines Collectibles Coverage Eligibility?
- Collections must be stored/displayed at collector’s residence.
- Residents must have acceptable fire protection; if resident is located more than 1000 feet from a fire hydrant, please obtain fire protection class as well as the proximity of the nearest year round water source.
- For collections worth $50,000 or more, send proof of central station security.
- Residents with more than one loss (non-weather related) within the past three years are ineligible for coverage.
- Maximum value per collection is $100,000.
- For any risk that falls outside of these guidelines, please contact us for possible submission on a non-bound basis.
The company reserves the right to request an inventory or appraisal of any collection, if necessary.