Insuring Your Collectibles

So you think you have a valuable stamp collection and wonder if your insurance will provide coverage if you have a flood, fire or other sort of loss?

While some basic homeowner’s policies do cover collectibles of some varieties, it is wise to make sure what your insurance coverage is before a disaster occurs.

Everyone should take a complete inventory of all of their valuables, ie…art, jewelry, stamp collections, etc. Stamp collection appraisals as well as other appraisals for important items should be obtained. Once you have your appraisals in hand, it is time to check out what your insurance coverage actually entails.

If your collectibles are not covered, consider adding an umbrella policy or specialized policy (a.k.a…floater) to your policy that will cover your additional valuables. These additional policies cover valuable items at an agreed upon dollar amount that is specified in the policy. For example, you have a stamp collection that is worth $50,000 and your insurance will not provide coverage if a loss were to occur. You can purchase inexpensive insurance that will cover a specific item(s), up to the dollar amount you want insured.

At the end of the day, it is better to be safe than sorry. If you have a fire or flood, you may never be able to replace your expensive stamp collection, but at least you will collect some cash in exchange so you can buy more stamps.

Need your stamps appraised? We can help!