Beyond Homeowners Insurance

While some items can be added as a provision to a home insurance policy, insuring a high-value collection takes more specialized protection. Keep these three key points in mind when evaluating your current coverage or seeking a new policy.

Keep A Detailed Inventory

No one knows your collection the way you do, so keeping photos and documentation related to individual pieces will be invaluable in the case of a claim. Be sure to include current appraisals, original sales receipts, and associated paperwork in a secured location. With receipt information, you’ll want to calculate any depreciation or rise in value of that item. If you don’t have any receipts, calling an appraiser is your next best option.

Build As Much Protection As You Can

If you have invested in your collection, you should also invest in protecting it to ensure it can be enjoyed for years to come. If insuring your entire collection is not an option, consider covering your most high-value pieces or obtaining a blanket policy. While a catastrophic loss may exceed your collection’s total value, even a partial payout can help you begin to replace lost pieces. Those funds could also be used to hire a private detective to investigate a theft or begin rebuilding your collection.

Understand Your Coverage

Comprehensive coverage for collections often include specific and sometimes confusing details and terms. Consult your licensed agent or broker with any concerns and be sure to ask all the “what if . . . ” questions you can think of to be sure you fully understand what you are covered for. Brokers can guide you through the fine print to help you understand all the ins and outs of your coverage as part of your entire personal risk management portfolio.