Many love to collect and they collect a wide variety of items. Some, such as artwork, antiques and classic objects, are extremely valuable. Anything of great value should be insured against theft, loss or damage. Insurance for collectibles is different from auto, home or life insurance. You want to make sure your valuables are insured properly.
How to Insure Collectibles
When purchasing collector item insurance, it’s important to be specific with the insurance company about what you wish to insure. Include every detail. Noting where and how your valuables are displayed and stored is essential. The insurer must be able to assess any risks of theft or damage. Some locations may have higher risks than others.
You will also need to provide any and all documentation that came with your collectible. This includes bills of sale, proof of ownership, certificates of authenticity and photos of the items. The insurance company will need all of this information to help determine how much you should insure your valuables for and what kind of coverage you need. Repair and replacement costs must be accurately determined.
Depending upon the type of collectibles you own, they should be appraised every 3-5 years to provide the insurance company with the current value.
Owning valuable collectibles is a source of pride and an asset. As with all of your valued possessions, make sure your collection is properly insured.