Insuring Your Collectible Investment
Stamps, baseball cards and rare books are just a few items that people collect, but there are thousands of items some people never think of as collectables. In fact, you?ve probably seen people who collect hub caps, shot glasses and buttons just to name a few. Collections are as varied as the personalities of the people doing the collecting. No matter what your collection consists of, it goes without saying it?s valuable to you, and because you value it, insuring your collection is important.
Create an Inventory List
When getting insurance for anything, the first thing you need to do is take inventory. This helps you keep track of how many items you have and which ones you want to insure. Be sure to list each piece separately, too. Mark down the condition of each piece and should a single piece get damaged, you can get it replaced or fixed without making a claim on the entire collection. Assign a number to each piece in your collection, which in case of theft, you?ll be able to determine exactly which piece is missing.
Purchase Additional Coverage
Your best option to start with is to purchase insurance for your collection through your homeowner?s insurance. Don?t make the mistake of assuming your valuable collection is already covered. Too many homeowners found out too late the insurance they had wasn?t enough. Your best bet is to get an extra policy or increase the amount of your policy to cover the cost following a catastrophe.
Regularly Evaluate Your Collection?s Worth
Certain collectibles will increase in value over the years. Pieces of art, rare books, and sports memorabilia will increase as time goes on. Stay up to date with the current value of your items and adjust your insurance policies accordingly. Once in a while the lucky collector finds he has a piece of pop culture that suddenly skyrockets. For instance, the value of Elvis memorabilia and albums increased in the days following his death. Normally, this increase in value will only last a short time, but it?s best to increase your insurance while the items are popular.
Find an ?Admitted? Insurance Company
An admitted insurance company is one backed by your state?s insurance department. If the company goes bankrupt or experiences financial trouble, your policy is still in effect as the state insurance department becomes a guarantor of the policy. It?s an extra precaution that could pay off in the end.
Collectibles hold both a sentimental and monetary value for you and your family. Many collections contain valuable family heirlooms, handed down through the generations. Others collect things from childhood. When either of these types of collections are lost, stolen or destroyed, the effects are devastating to the individual or family. While an insurance policy can?t replace the sentimental value, an insurance policy can help replace a collection with replicas or begin a new collection. Either way, it?s a good idea to invest in your investments with an insurance policy. Give yourself the added peace of mind.
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