People love to collect things: Autographed sports memorabilia. Postage stamps. Antique dolls. Perhaps you’re one of those folks. If so, are your antiques and collectibles adequately insured?
It’s easy to get busy and never get around to documenting what’s in your collection, having your items appraised and sharing that information with your insurance agent. It’s important to take time to do so, however, so your valuables are fully covered for crimes, fire, flood, breakage and natural catastrophes like hurricanes, earthquakes, tornados and wind damage. You’ll also want to make sure your items are insured in case they travel anywhere.
If your collection is valued at a few thousand dollars, it can be covered by adding a rider on your homeowner’s policy. If you have a collection of fine art worth hundreds of thousands of dollars, however, a specialized insurance policy may be best since a homeowner’s policy has exclusions and deductibles. A PDCM agent will gladly discuss coverage options (and your collection!) with you to meet your specific needs.
Once you have the appropriate coverage, it’s important to have your collection periodically appraised by a qualified professional appraiser. The American Society of Appraisers can help you locate one in your area. Having a written valuation of your collection is invaluable should you need to file a claim.
Another important point: Market values change and your insurance coverage should keep pace with the value of your collectibles. This is where your local PDCM agent can be of great help as well. Contact us today!The Value of Insuring Your Antiques by PDCM Insurance