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Homeowners Insurance May Not Protect Your Collectibles
Do you have a collection of rare or valuable items? Perhaps you collect train sets, antiques, salt and pepper shakers, teacups or rare books? Even if you have just a few of these items but they are rare and uniquely valuable, you may have a need for greater coverage than what is offered by your basic homeowners insurance policy.
Homeowners insurance may not be adequate to cover collectibles in the event of theft, fire or other covered loss. Homeowners policies cover the physical structure of your house as well as your personal belongings, including clothing, furniture, electronics and so on, up to a specified limit. Homeowners policies typically have limits on certain categories of items, so without special coverage for your collectibles, your home insurance will probably not provide adequate coverage for them. What’s more, some homeowners policies limit or exclude coverage for some or all collectibles.
You need a special collectibles insurance to make sure you can be compensated properly in the event of a covered loss.
Collectibles insurance is similar to the scheduled personal property riders that are purchased when a homeowner has jewelry, antiques or other high value items that exceed the limits of the personal property coverage within the homeowners policy. In addition to providing higher coverage limits specifically for the collectibles, these policies also extend coverage to more “causes of loss” or “named perils” than the standard homeowners policy. For example, collectibles insurance might pay for accidental breakage and other mishaps that could happen to a collectible that would not be covered by the basic homeowners policy. And collectibles insurance claims are often not subject to a deductible (but you can have one if you want to lower your premiums).
Collectibles insurance premiums vary depending on the type of collection you have and how valuable it is. Before you can get a collectibles policy, you need to assess the true value of your collection. Most serious collectors know the value of their items, and appraisers can help too. The value of very rare items often needs to be determined by scouring the Internet or working with auction houses or dealers. Some insurance companies will require appraisals in order to insure your collectibles and some will not. Regardless, you should always document the value of your collection and continuously review and update your insurance coverage.
Contact Shepard Walton King today if you have a valuable collection that you need to insure. We can work with multiple insurance companies to make sure that you are getting the best policy for your unique collection. We can talk with you about security and storage for your items, to be sure that you are protecting them at home and getting the best possible rate from your insurance company.
People collect all kinds of things! Do you have a unique collection? Do you have special insurance for it? Tell us about it!