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YOUR KEY TO COLLECTIBLES© INSURANCE ARTICLE

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As a collector, you've probably spent many years and many, many dollars on your collection. Yet in the blink of an eye - you could lose it all do to fire, flood, earthquake, wind, smoke damage, or some other disaster. Then you could be sadly disappointed to learn just how little your homeowners insurance pays for anything do to that kind of loss. Because, as those of in Flordia know, most insurance companies here do not cover some such events.

You should check with a collector insurance company, one that is nationally recognized, one that is a specialty insurer of limited edition collectibles. Look for one that will provide your collections with a superior, all-risk coverage and that specifically includes fire, flood, water damage, earthquake, theft - even accidental breakage! Look for a policy that will cover your collection for an Agreed Amount (based on today's collector market values) that is an affordable rate. Something in that $100.00 or less per $10,000 range.

Please take time to browse the internet or your local insurance companies for more information. We think you'll agree that coverage of this type is one a collector can't afford to miss!

Homeowners insurance is obviously very important coverage for your home and household goods. But your collectibles may require protection above and beyond what your homeowners policy can provide, if it provides at all. Some homeowners policies pay only $100 for all unscheduled "antiques, fine arts, paintings and similar article of rarity or antiquity..." Others are non-specific about collectibles, leaving it up to adjusters to settle after a loss.

1. Will the company provide specific, all-risk coverage for your collection, including accidental breakage, theft, fire, windstorm, flood, water damage and earthquake. A typical homeowners policy covers only "named perils" (those listed in the policy) and specifically excludes coverage for floods, water damage from backed-up drains or overflow, and earthquake.

2. Will the company provide AGREED VALUE coverage, a guarantee of FULL replacement value in the event of total loss. A homeowners policy, on the other hand, provides ACTUAL CASH VALUE (ACV) coverage or "replacement cost less depreciation."

3. Will the company provide AUTOMATIC COVERAGE to additions, for how long, some offer it for 30 days.

4. Will the company provide for more than one collection and be insured that by the same policy.

5. Will the company provide affordable rates. Such as $100.00 or less a full year of coverage (up to $10,000 or more). For collections exceeding $10,000 or more in value, is additional coverage available at the same rate or lower, based on $1,000 or more of value).

6. Will the company provide special anti-inflation feature such as an automatic increase in the value of any high-value item ($2,000 or more) in the collection by 2% or more per quarter, at no additional cost.

7. Will the company provide a low deductible. A deductible on any claim. (Your homeowners policy may have a higher deductible - further reducing the amount you might expect to receive for losses.)

8. These are just some of the questions you may wish to ask.