If you collect memorabilia, whether it’s related to sports, old TV shows or movies, or something else, it may be worth quite a bit of money. Your homeowner’s insurance policy may not provide enough coverage for your collection, or any coverage at all. This is what you need to do to make sure that your collection will be covered in case valuable items get lost, stolen, damaged, or destroyed.
Have Your Memorabilia Appraised
Before you can get insurance coverage for the items in your collection, you need to know how much they’re worth. Hire an independent appraiser who has experience with the type of memorabilia you collect. An appraiser should provide written documentation stating how much each item is worth.
Keep those records in a safe place outside your house, such as a safe deposit box. If your collection gets destroyed in a fire, a hurricane, or some other type of event, you will want to have documentation showing its value in a different location, where it will be safe.
Take Photos of Items in Your Collection
If you have to file an insurance claim, you’ll need to be able to prove that you owned the objects in question. Take photos of all your memorabilia showing each object from different angles and focusing on key details. Keep those photos in an off-site location along with appraisal records.
Explore Your Insurance Options
Once you know approximately how much your memorabilia collection is worth, you can look for insurance. Your homeowner’s insurance policy may provide coverage, but it will probably be limited to a few thousand dollars. If you have a valuable collection and your standard homeowner’s insurance policy won’t provide the level of coverage you need, you may be able to add a rider that will cover your memorabilia.
Some insurers won’t cover memorabilia under a homeowners insurance policy at all. If your current insurer excludes your collection from coverage, you’ll have to seek a separate insurance policy. You may be able to take out a policy for your memorabilia through the same company where you get your homeowners insurance, or you may have to look for a different insurer.
Find the Right Insurance Coverage for Your Memorabilia
Insuring memorabilia can be complicated. If you’re not sure if your homeowner’s insurance gives you adequate coverage, check the terms of your policy or contact your company or agent.
If you know that your policy won’t cover your collection’s full value, Petruzelo can help you find the coverage you need. We can get you quotes from several top insurers and help you find insurance coverage for your memorabilia collection at an affordable price.
Contact us today to learn more.