Hello! I'm Dan Lyles with Lyles Insurance. And in this video, we're going to go over tips for buying insurance on sports memorabilia.
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As collecting sports memorabilia continues to become more popular, the value of collections that buyers acquire continues to go up as well. And finding the right insurance on those collections becomes much more important, just like it would be if you were to insure any type of collectible.
And likewise, it's important to insure sports memorabilia collections that have high value, just like it would be to insure any type of property with high value. However, when insuring collectibles, you've got to do it properly. Which involves making the right choices versus wrong choices. If you're not aware of the pitfalls to look out for, it's easy to make the wrong choice.
First, let's go over the wrong way to insure collectible items. Insuring collectibles as attached scheduled items on a homeowners or renters insurance policy has many shortcomings. And this is where most people make the mistake. There are several problems with an attached policy. It has exclusions that are not found on a good collectibles policy. They only pay claims on an actual cash value basis, meaning just its market value. It almost always has a deductible. Very few policies will ever offer a zero deductible policy if it's attached to another policy. And it doesn't offer additional coverages that a good collectibles policy does.
So now let's go over the right way to insure collectibles. A standalone exclusive collectibles policy offers much better coverage than one that's attached to another policy. And like I mentioned before, there is little to no difference in premium between a good policy and a lousy one. So it makes it a no-brainer to go with better coverage for about the same price.
Here are some reasons why an exclusive collectibles policy beats an attached policy. It pays claims on an agreed value coverage basis, which means you know up front exactly what your items are being insured for. It offers zero deductible option, which of course is your out-of-pocket expense. It does not have those crazy exclusions that you'll see on an attached homeowners or renters policy for collectibles items. They offer extra types of coverage that you won't get on an attached policy. And you don't have those maximum coverage limits like many attached policies do.
Now there are several very good companies out there who will offer standalone collectibles insurance with the right coverages for the right price. My personal favorite happens to be
American Collectors Insurance. Now I'm a little biased because my agency has carried them for several years. But I'm very happy with them. They're the leading company in collectibles insurance. And they offer all the top coverages for very little premium. And as you see here, the yearly premium is usually less than 1% of the total insured value.
Here are some other major benefits of insuring with American Collectors Insurance. First, they have excellent claims handling service by people who specialize in collectibles. They don't require appraisals where most collectors companies do. They offer inflation guard protection in which your actual agreed value coverage increases yearly. This is a big one because it helps offset inflation. And it will also help if you have an item that appreciates in value. And they cover things that a lot of attached lousy policies won't cover. Examples include accidental breakage, fire, flood, theft, hurricane, earthquake and other things. You've got to look on the policy to see what's covered and what's not to really tell the difference between a good policy and a lousy one. And also, American collectors insurance provides coverage while your items are being shipped, stored outside of your residence, or used for special occasions.
So I hope you've learned something from this video that will help you make the right choice in finding insurance for sports memorabilia. If you'd like some more information I've included links to my collectibles insurance page. And also, for those of you who live in Ohio, Indiana, Michigan, Pennsylvania, Virginia or West Virginia: If you would like for me to run you a quote personally, I've also included a link to get a quote as well. And at the bottom, I've also posted my phone number if you'd like to just give me a call. Thanks for watching and have a great day!
Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..