Many people in Denver, CO, collect valuable items as a hobby. While homeowner’s insurance will protect those items to a certain extent, it won’t cover the full cost if they are lost, stolen, or damaged. If you are wondering what you can do, AFI Insurance can provide tips on fully protecting your investment.
Coverage Provided by Homeowner’s Policies
Your homeowner’s policy will provide some coverage if your collectibles are lost or stolen. However, most policies have limits regarding payouts. If your collection contains valuable items, you may only get a fraction of the item’s worth. Many collectors start small and, before they know it, have a collection worth thousands of dollars. You should document your items, note their worth, and evaluate your current homeowners’ insurance before you insure them with a separate policy. In some instances, you may be able to add a rider to your current policy to insure collectibles, but if your collection is too large or valuable, getting a separate policy is the way to go.
Types of Collectibles Insured by Special Policies
Specialized collector’s insurance can benefit individuals with extensive collections that they usually don’t get with general homeowner’s policies. Look for policies that provide full market value instead of cash value for your items if they are lost or stolen. You can also customize this type of insurance to your specific type of collection. You may want to include specific provisions for items like art that wouldn’t apply to toys.
Types of collections that can benefit from a specialized policy include:
- Fine art
- Wines
- Artifacts and historical documents
- Jewelry
- Collector cars (for display only)
- Comic books and vintage toys
- Memorabilia
- Trading cards
- Figurines
Contact the professionals at AFI Insurance, serving Denver, CO, to discover how to insure your collectibles. Schedule your free appointment today.
