Collectibles Insurance Explained
With all of the extra time spent at home during 2020/2021, many have started collections or expanded their existing collections, of valuable items. These can include fine art, jewelry, classic cars, sports memorabilia, or even a rare Pokemon card (a rare card was purchased for $184,000 by the rapper Logic in 2020!).
Standard home insurance policies include personal property coverage up to a certain percentage, but most companies have limits on specific types of property.
How can you ensure your valuable items are protected?
1. Scheduled property coverage. This is an add-on to your policy to allow you to increase the coverage for a specific item.
2. Stand-Alone collectible insurance. A separate policy that provides more broad coverage than scheduled property riders. This can include coverage for items damaged/lost in transit, which is important with all of the online purchases we make these days. Another example of broader coverage is that some stand-alone policies will pay for a loss caused by a flood while the scheduled property coverage will not.
Unsure which route to go? Start by creating a thorough list of your collection, with purchase receipts, any official documentation provided, and taking photos/videos.
What is the cost?
For both types of coverage, it will largely depend on the type of collectibles. Scheduled property coverage is an additional to your homeowners policy premium. $20,000 of coverage for a comic book collection (with a $500 deductible) would be an estimated cost of $100. Other factors include how your collection is stored.
Collections are curated out of a love for a specific item, or for investment purposes. Either way, it is important that they are properly insured for all of life's unexpected surprises. The Moses Group has access to many different carriers to provide you with the endorsement to your homeowners policy or the separate collectibles policy you need.