Are you relying on
to protect your collection?
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
When speaking to an agent, consider these points:
We suggest you print this section out and use it as a guide.
Try to insure all the collections in your household under just one policy.
- 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.
- 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."
- Will the company provide AUTOMATIC COVERAGE to additions, for how long, some offer it for 30 days.
- Will the company provide for more than one collection and be insured that by the same policy.
- 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).
- 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.
- 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.)
- These are just some of the questions you may wish to ask.
Here is just a partial list of the items that should be insured:|
- Teddy Bears
- Model Cars
- Collector Plates
- Animation Art
- Model Railroads
- Carousel Animals
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Insurance, do you need it? SECTION part of
YOUR KEY TO COLLECTIBLES© 1996 - 2008