Why a Customized Insurance Policy is the Best Way to Protect Your Valuable Collections

We all like to collect specific items. It’s a hobby, and once we delve deep enough into that hobby, our collection earns some value. Whether it’s coins, stamps, figurines, dolls, guns or memorabilia, we want to ensure they’re protected. Many homeowners policies don’t provide adequate coverage appropriated to the value of our collection, leaving us to find other avenues of protection.

Think about how safe your collections are. Will those stamps survive a flood? Will the dolls survive a fire? What if you walked into your basement to see your Michael Jordan autographed basketball and Lou Gehrig autographed jersey gone? Do you have coverage for that?

Don’t just think that theft is the only way to lose your collection. Though burglaries are what make it on the news, that’s far less common than any type of property damage. Typically, when you want further protection, you have two coverage options:

• Extend your homeowners insurance policy
• Purchase blanket coverage that focuses solely on your collectibles

With standard homeowner’s insurance, you’d be getting cents on the dollar compared to how much your collection’s estimated worth is. Collector’s Insurance policies make sure you have the coverage you need no matter what circumstance arises. You can be protected for these events that have occurred within the last few years:

• Indianapolis: $40,000 worth of sports memorabilia was stolen from a storage facility in March of 2013
• Burlington, Vermont: Woman charged with $7,070 in felony-level damages for destroying ex-boyfriend’s gun collection
• October 28, 2014 in Cardiff, Wales: Burglar steals more than 200 coins dating back 2,000 years

But, what kind of benefits are you presented with a customized insurance plan for your collectibles?

• No deductibles
• Coverage when damaged from severe weather conditions
• Damaged in the restoration process
• When being shipped from one destination to another
• No appraisals required

If you want more safety than that of insurance, you can take further measures to ensure your items and collections are protected. Use protective cases to keep the stamps or sports cards from fading and decaying. Cases also offer protection for coins, guns, and figurines.

Take a picture of your collection or valuable items before insuring the property. The types of damage that occur are plentiful, and even when accidents happen, it is best to be prepared with a customized insurance policy.

Don’t let years of your life collecting and adding value go up in flames without the proper coverage. It’s there for your protection. With an easy application process, and dedication to our clients, contact American Collectors Insurance and see how we can help.