If you collect memorabilia, whether it\u2019s 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.<\/p>\n\n\n\n
Before you can get insurance coverage for the items in your\ncollection, you need to know how much they\u2019re worth. Hire an independent\nappraiser who has experience with the type of memorabilia you collect. An\nappraiser should provide written documentation stating how much each item is\nworth. <\/p>\n\n\n\n
Keep those records in a safe place outside your house, such\nas a safe deposit box. If your collection gets destroyed in a fire, a\nhurricane, or some other type of event, you will want to have documentation\nshowing its value in a different location, where it will be safe.<\/p>\n\n\n\n
If you have to file an insurance claim, you\u2019ll need to be\nable to prove that you owned the objects in question. Take photos of all your\nmemorabilia showing each object from different angles and focusing on key\ndetails. Keep those photos in an off-site location along with appraisal\nrecords. <\/p>\n\n\n\n
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\u2019t provide the level of coverage you need, you may be able to add a rider that will cover your memorabilia. <\/p>\n\n\n\n
Some insurers won\u2019t cover memorabilia under a homeowners\ninsurance policy at all. If your current insurer excludes your collection from\ncoverage, you\u2019ll have to seek a separate insurance policy. You may be able to\ntake out a policy for your memorabilia through the same company where you get\nyour homeowners insurance, or you may have to look for a different insurer.<\/p>\n\n\n\n
Insuring memorabilia can be complicated. If you\u2019re not sure if your homeowner’s insurance<\/a> gives you adequate coverage, check the terms of your policy or contact your company or agent. <\/p>\n\n\n\n If you know that your policy won\u2019t cover your collection\u2019s\nfull value, Petruzelo can help you find the coverage you need. We can get you\nquotes from several top insurers and help you find insurance coverage for your\nmemorabilia collection at an affordable price. <\/p>\n\n\n\n