Insuring Your Collectibles: A Guide to Valuable Personal Property Insurance

February 07, 2024

Regardless of the years spent building a collection or inheriting family treasures, you deserve peace of mind that you have the protection you need in the event of a loss. While homeowner’s or renter’s insurance offers some level of that needed protection, valuable personal property insurance ensures that the unexpected will not leave you empty-handed.

Identifying Your Valuable Collectibles

Like many things in life, collectibles are as unique as the person who collects them. While some have limited monetary worth, others often exceed the perceived value. For those collections that are emotionally priceless but have a high-dollar value, obtaining personal property insurance offers a way to safeguard both. Common valuable collectibles often include:

  • Artwork
  • Baseball cards
  • Comics
  • Jewelry 
  • Rare coins
  • Antique furniture 
  • Vintage toys 
  • Stamps
  • Musical instruments
  • Guns
  • Old books
  • Wine

While different collectibles have different values, modern times make it easier to understand what your collection is worth. A simple online search can lead you to databases or valuation sites that can offer you insight into the value of your items.

For a more precise idea, there are a host of professional appraisers who are experts in an array of subjects. Although appraisers charge a fee, they will provide you with verified documentation about your items, the process used to evaluate them, and their current value, helping you to identify how much coverage you need to protect your assets. 

Standard Homeowners Insurance Limitations

Since most people store their valuable collections at home, most may think that their standard insurance policy will provide enough coverage in the event of theft or damage. While a homeowner’s or renter’s policy does offer some protection, it is likely not as much as you think. The bulk of your policy is intended to cover damage to the property itself. Although personal items are typically included, they have a much lower limit than property damage. Each policy is different, but many have a total personal property limit that is half or less of the total coverage. As you break that down, the limit for one item could be anywhere from $500 to $2,000.

If you have obtained an appraisal of your collectibles, there is a good chance that the items are much more valuable than the limits associated with your standard policy. Expensive items that are stolen will likely leave you not only without your possessions but also without enough money to cover their worth. That is why adding valuable personal property insurance is an important consideration that you should discuss with one of our qualified agents.

Valuable Personal Property Insurance Explained

Once you have an appraisal of your collectibles, you can get a better understanding of how much add-on coverage you may need. Valuable property insurance allows you to get itemized coverage for specific items or broad coverage for your entire collection. These policies typically cover loss, damage and  theft. One of our agents can help you review your assets and determine how much coverage is needed to protect your investment. 

About Brooks, Todd & McNeil

Since 1839, the independent agents at Brooks, Todd & McNeil have been pleased to offer our community the most comprehensive policy options from a variety of providers. Our dedicated agents are ready to put their 75 years of combined experience to work on your claims. To learn more about our products and services, contact us today at (800) 448-4567.