Maybe it’s your grandmother’s thimble collection that was handed down to you, or perhaps you love the challenge of tracking down that rare card or record. No matter how it started, your collection is a major investment of time, money, and dedication. It’s worth a lot financially, but to you, it’s priceless and irreplaceable.
However, if your collection isn’t insured, it is at risk from loss, damage, or theft – something Muller Insurance knows all too well. Here, we break down how collection owners in New Jersey and across the United States can benefit from collection insurance.
Types of Insurable Collections
Whether or not insurance can protect your collection depends partly on the kinds of things you collect. Jewelry and fine art might be the first things that come to mind, but collection insurance can protect far more than that. Common valuables to have insured include:
- Rare, aged wines
- Antique furniture
- Rare coins and stamps
- Vintage fashion items
- Sports memorabilia
- Vinyl records and music memorabilia
- Classic cars
- Weapons and arms
- Antique books
Benefitting from Collection Insurance
You probably already do all you can to keep your valuable collection safe. Despite your precautions, however, there is always a risk of loss or damage from threats like:
- Theft
- Property damage from floods or fires
- Damage during the restoration process
- Damage from shipping and transportation
- Misplacement during the process of moving
- Items or replacement parts getting lost in the mail
Losing valuable pieces of your collection can be devastating. Many collections – especially antiques – are totally unique. If a piece is damaged, lost, or stolen, it often can’t be replaced at all. Along with your display cases, secure covers, and locked boxes, your collection protection plan should include insurance.
How to Protect Your Collection
You might assume your collection is covered in your homeowners’ insurance policy, but that isn’t necessarily true. You may need to increase your coverage to include your collection or even purchase an additional policy.
If you think your collection might be worth insuring, start by getting an appraisal. The real value might be more than you spent on the individual pieces, since most collectibles gain value over time. A professional appraiser can tell you just how much your collection is worth, as well as how much insurance you’ll need to make sure it is completely covered. From there, you can update your current homeowners’ policy or buy a new collection insurance policy.
Purchase Collection Insurance Today
If you own valuable and unique items, give yourself the peace of mind that your irreplaceable belongings are covered with a collection insurance policy from Muller Insurance. We offer insurance protection for jewelry, fine art, and other precious collections throughout New Jersey and many other states across the country. To find out more, contact us at 201-659-2403 today.
