Insuring Your High Value Collectibles

If you collect fine art, antiques or sports memorabilia, you know they are often irreplaceable. That's why making sure they are properly protected is of utmost importance.

Most homeowners' policies cover collectibles only up to about $2,000. In the event of a loss, collectors often find homeowners insurance lacks coverage for risks of accidental breakage, flood, hurricane, earthquake, water damage and mysterious disappearance. In addition, claims may be paid based on depreciated value only, when often collectors expect their collection to maintain or increase in value.

Specialized coverage options

Keep your special collection protected with a specialized endorsement, rider or floater policy that covers your collection for its full value at home and if you happened to travel with it.

A collectibles policy provides better protection in the following key ways:

• Provides agreed-value coverage for the full collector value of items (including accessories such as packaging), without depreciation.

• Coverage can be extended via endorsement to apply to items while being shipped and even if the collectible item is used occasionally (such as an antique harp or china collection).

• Provides automatic increases in insurance value for scheduled items on a periodic basis.

• Can cover one or more collections. For example, the husband’s basement room full of sports memorabilia and the wife’s figurine collection are both insured with one contract.

• Coverage for a broader set of risks that includes water damage, for example.

Coverage options vary depending on the size and value of your collection. When there is a small amount worth a few thousand dollars, you can be covered simply via a rider on a homeowners insurance policy.

Blanket coverage is often the best choice for collections with many items. One example is a baseball card collection in which individual pieces may not be terribly valuable but the collection as a whole is.

Some policies, usually purchased for more expensive collections, require that each item be scheduled, appraised and documented ahead of time. Carriers also offer the ability to mix and match a blanket policy with higher-value items scheduled separately.

Not all policies are alike and depending on the value of your collectibles, you may have many insurance options. It’s critical to talk with an insurance professional and discuss the best coverage for your unique collection.

Request an Appointment with V.F. McNeil Insurance or Call (203) 481-2684 to speak with an insurance agent with any questions you may have about insurance in Connecticut, including insurance for valuable articles.