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Make sure your collectibles are safe at home | Real estate insurance coverage law blog



Unfortunately, there are times in all our lives when we need to call our insurance company to help. These are often the worst times of our lives. It is a time of need where we expect the people who say they will help to help. In reality, it does not always happen. With the MLB all-star game, the Olympics, NBA Finals and much more going on in recent weeks, it made me think of all the valuables we loved as children. We've all had friends who grew up "just got this new rookie card." I remember spending time with my friends and looking at each other's sports card collections and doing business to get the perfect card, or the perfect set of cards you've worked for. As these children get older, the collections sometimes become larger, more expensive and more cherished. So, of course, I began to think about how these collections are handled in a disaster.

Many collectors spend years curating extensive art collections, rare stamps or coins, comic books, toys, sports memorabilia and more. The result of this effort can be extremely rewarding, but there is certainly some risk. A major theft, fire or flood can quickly destroy non-replaceable items. In that case, the collector may lose his valuables completely, as well as the monetary investment they have made. When it comes to insuring a collection of sports memorabilia against unforeseen tragedies or natural disasters, basic existing homeowners or tenants are probably not enough. It probably will not compensate you properly. 1

Collector object insurance can protect you financially if your collection is damaged or destroyed by a natural disaster, fire or an invasion of a home. 2

There are several important differences between collector's insurance and regular home insurance. In most cases, a homeowner or tenant policy can:

  • Limit content coverage to a percentage of your home's total value (usually 50 – 70%).
  • Limit the amount they will pay for the theft of valuables.
  • Does not cover losses due to natural disasters such as floods, hurricanes and earthquakes.
  • Based on the actual cash value (the documented purchase price) and not the item's current aggregate value .

& # 39; So typically, all the gaming equipment, tickets, programs, seats from Fenway Park, whatever, they just do not cover that, not for their collection value. They insure it for the cost of compensation, and the problem with that – for an insurance company, the cost of compensation means the cost of replacing the lost or damaged item with a similar item of the same type and new quality. So what that means is that if you have a PSA 4-rated & # 39; 52 Topps Mantle card, they owe you a brand new baseball card. They do not owe you a cloak. They owe you a baseball card. That replacement cost works well for your TV. If you have a 36-inch tube TV, you do not want it, you want a new flat screen. The replacement cost is great for your household items. But when it comes to collectibles or antique value, it falls short. Bob Brodwater, Vice President of Insurance Collectibles Services in Hunt Valley, Md., Said: A homeowner's business will require an assessment in these cases, and they will do limited. Of course, if you are talking about high value collectors, it is not even an option to add everything to a homeowners policy. & # 39; loss. Receivables are paid out based on the compensation value at the loss. This is an estimate of the value from the time specific items were first purchased or acquired and is the fundamental difference between a homeowners policy and insurance of collectibles. 4

For a personal collector with a small collection valued at $ 20,000, insurance can be purchased for as low as $ 75 per year, says Thomas Finkelmeier Jr., president of Finkelmeier Insurance Agency, LLC in Wapakoneta, Ohio. For a collection of $ 75,000, the price per year for insurance is only $ 150. Stop up to a collection of $ 500,000 and the prize goes up to $ 1,850.

Unfortunately, collectors often do not find out that their collections were underinsured or not insured at all until after the damage has occurred. 5 It is definitely advisable to have a conversation with your agent to determine if your family's collections are properly insured. 6
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1 https://www.cardboardconnection.com/how-to-insure-your-sports-card-and-memories-collection
2 https : //www.thesprucecrafts.com/best-collectibles-insurance-5116346 [19659015] 3 https: // sportscollectorsdigest .com / news / are-your-sports-collector-items-insured
4 Id .
5 https://americancollectors.com/articles/are-your-collectibles-insured /
6 ID [196659023]
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