Storms, fires, floods? If something happens to your home, what about your collection? Is it adequately covered by your homeowners or renters insurance?
According to Laura Bergan of American Collectors Insurance, insurance policies should be reviewed annually and if you have collections, check to see if those items are included in the coverage.
"Unfortunately, collectibles are typically not adequately covered by insurance agencies," says Bergan. "People put a lot of time and money into their hobbies, especially collections. Whether people collect trains, dolls, crystal or something a little more unique, their collections are likely worth a lot more money than they think. Regrettably, collectors often don't find out that their collections were underinsured, or not insured at all, until after the damage has occurred. Before hurricane season begins, having a conversation with your agent is definitely advisable to determine if your family's collections are properly insured."
American Collectors Insurance suggests these safeguards to help protect your treasures:
- If you don't display your collection, store it in the attic* or a dry area of your home. Water damage is harmful to almost any type of collection, so keep yours protected from floods and leaks.
- If you must store your collection int he basement, use plastic, waterproof containers. They protect collectibles against water damage better than cardboard boxes.
- Keep a list of your collection in a safe place -- such as a locked, fire-proof box -- with your insurance documents. This is true of all important documents. If you have to make a claim, everything you need to do so will be safe in one place.
Provider of collector-vehicle and collectibles insurance.
*Note: many items should not be stored in an attic or basement because of extreme temperature variations.