Monday, April 15, 2013

Insuring Your Collection

At some point, each Disney fan becomes a collector of some sort over time.  Be it 2D art, porcelain collectibles, pins and/or vinyls to name a few.

You’ve searched and searched, did a lot of research, spent a lot of your hard-earned money and now you finally have a collection you’re proud of. The last thing you want to happen is for something to happen to your collection due to fire, theft or an accident. 
Should anything happen to your collection (be it one item or multiple items), you need to make sure you protect your investment. With the proper insurance, you can enjoy your collection and sleep soundly at night.
If you already have homeowner’s or renter’s insurance, you may feel pretty safe, but most policies cover only household goods, such as televisions, stereo equipment and jewelry but may take a different view towards your collection of Disney memorabilia. Even with insurance, it would be wise to check with your provider and discuss a “collectibles floater” which is a separate document allowing you to declare that the things listed on the floater are greater than the value they originally sold for.  In some cases, such as your collection being worth more than $2,000, your insurance provider may require you to start an additional policy that covers collectibles. Check with your provider to make sure they offer this service.
However, keep in mind that this coverage will still probably be limited to the usual coverage enjoyed by your household goods but what happens if you’re shipping a rare figure to a collector across the country and it disappears? Or what if your figures are damaged during a move? For that, you may need a policy with a bit more kick.  You want to make sure you policy covers the following:
  • Breakage
  • Fire
  • Flooding & Natural Disasters
  • Theft
Don’t be surprised if the insurance agencies don’t take your word on what your collection is worth.  Although you may find a better understanding from a specialist agency, most insurance companies are not knowledgeable about the collectible market.  Contact your insurance company and see if they offer a policy that will cover collectibles and if not, there are various companies out there that specifically handle collectibles insurance.
Once your collection is appraised and insured, it’s more important than ever to keep your figures stored properly and maintained.  Maintaining your collection will insure that your collectibles will keep their condition rating and collectible value.
This seems like a lot of work for a bunch of pins, vinyl figures and/or porcelain figurines (which some may call knickknacks) but insuring your collection is just one of the many steps you can take to build an enjoyable collection that keeps its collectible value, not to mention how much they mean to you.

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