Most insurance companies will cover up to $2,500 of arts, collectibles and antiques in your homeowner's policy. Is your stuff worth more than that? If so, have it inventoried, appraised and insured. They may limit the collection to a percentage of the total value of your home. Comic books, baseball cards, hot wheels cars, depression glass, art, aviation prints, autographs, stamps and coins, old dolls and antiques are just some of the things you'll find are not adequately insured under your homeowners policy. Our company handles appraisals of all types of collectibles and personal property throughout Florida.
A recent survey conducted by Chubb Insurance found that many people did not know the limitations of their coverage or what the coverage actually would pay if an item was lost, broken, or stolen. An appraisal is how they can determine the value of your collection. Most collectibles are items that appreciate with time. There are carriers that will pay up to 150% of your coverage amount if at the time of loss your item has appreciated over the amount you are currently insured for. Breakage coverages will cover items for breakage or damage. Most homeowners policies will not cover this type of loss. A mysterious disappearance floater will cover items that are lost or misplaced and if a single piece of a pair or set is damaged, lost or destroyed, you can have the option to surrender the remaining piece and recover the total value of the set.
People put a lot of time and money into their collections. And 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.
There are many web sites where you can obtain additional information about insuring your collectibles. One such site is http://www.collectorsresources.com/ where you will be introduced to many helpful resources. It is most likely you will choose an all risks policy which will insure your valuables against everything from fire to nuclear attack. If it is necessary for you to travel with your collection, most specialty policies will provide coverage to and from your destination.
"My insurance company tells me my claim is not covered due to a particular provision in my policy." Don't ever be the poor guy or gal saying these words. Have valuable stuff? Have it appraised.
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