Nearly everyone has their own hobby of collecting things. For some of you that collection may hold quite a lot of value. Do you have the right insurance coverage on those items? And are you paying a fair price for it? By right coverage, I mean insuring for the full value.
Many collectible insurance policies do not insure for the full value..... And by fair price, I mean a yearly premium of less than 1% of the insured value. That's what a good collectible insurance policy will do for you. But too many people insure their collectibles with inadequate coverage and/or they pay much more than they should be paying.
This article will inform you of what you need to know about collectible items and how to properly insure them for a low price. If you're not getting the full value for your collectibles, or paying more than 1% and yearly premium for the total value of your collectibles, then you need to take a close look at what else is out there.
Components of a good Collectibles Insurance Policy
A good Collectibles Insurance Policy is offered at the right price. If you're yearly premium is more than 1 per cent of the value you have insured, you're paying too much! A good collectibe insurance policy normally has premiums less than 1%..... To give you an estimate of costs, see table below....
What is covered:
What is NOT Covered:
If your collectibles insurance policy doesn't meet the 3 components of a good policy as described above, you should strongly consider a stand alone collectibles insurance policy that does. If you live in Ohio, Indiana, Michigan, Pennsylvania, Virginia or West Virginia, I may be able to help you.
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Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..