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Insuring Collectibles: You May Not Have the Coverage You Need

January 6, 2022 By Monte Burstad

coin collection

Over the years, you’ve developed an impressive collection. Maybe it’s art or jewelry, or maybe it’s trading cards or rare toys. Regardless of what you collect, the point is that you’ve put a lot of time and money into it, and now it’s worth something. Here’s what you need to know about insuring collectibles.

Your Homeowners Policy Might Not Cover Your Collection

A standard homeowners insurance policy includes coverage for personal items, so you might mistakenly assume that your collection is fully covered under your current property coverage policy. Unfortunately, this false belief can result in significant losses with no insurance coverage.

Let’s say your house is insured for $500,000. This limit applies to your house structure, but it is not the only limit in a typical homeowners insurance policy. For example, your policy may have a separate limit for liability coverage. Additionally, your policy will typically have special limits for various items, such as cash and jewelry.

The personal item limit is typically much lower than the total limit, and the exact amount of coverage that you have will vary depending on your policy terms. For example, if your house is insured for $500,000, the personal item limit may be half of that, or $250,000. Furthermore, this is the total limit for all of your personal items. The limit for each individual item may again be much lower.

According to the Insurance Information Institute, the limit for theft of an item is generally around $1,500. Likewise, Investopedia warns that some homeowners policies put limits of around $500 to $2,000 on non-household items and that some items are excluded from coverage completely.

Take a look at your homeowners or renters insurance policy. There’s a good chance you have special limits for certain individual items. If you own items that are worth more than the covered amount, or if your collectibles are excluded from your policy, you may want additional coverage.

You Can Schedule Your Collection to Get Insurance Coverage

You can obtain additional coverage for your collectibles by scheduling your items with your insurance company.

Scheduled items are listed individually in your insurance policy. By scheduling these items individually, you can make sure they are fully covered.

According to Investopedia, another benefit of scheduling items is that you may be able to secure protection for additional types of losses that are not covered under the main policy, such as if you accidentally lose or damage the item. Additionally, you may not have to pay a deductible if you file a claim for the scheduled item.

Alternatively, if you cannot get the insurance coverage you need from the insurance company that provides your homeowners or renters insurance policy, you can purchase a separate collectibles insurance policy from another insurance company just for your collection. Sometimes, it’s smart to shop around for the best collectibles insurance coverage.

You’ll Need to Know the Value

Before you can schedule coverage for your collection, you need to know what it’s worth. However, determining the value of a collectible isn’t always simple. The amount that you paid for a piece of fine art or an antique years ago might be far less than the current value. If you find the right buyer, you might be able to charge a pretty penny now.

According to PBS and Antiques Roadshow, there are three types of values that collectors should know about: retail value, auction value and insurance value.

  1. The retail value is the price that an item would sell for in an antique dealer’s store. Antique dealers often sell items at a higher price than what they paid at auction.
  2. The auction value is the price that an item would be expected to go for at an auction. Although competition might drive up prices for highly desirable pieces, more common pieces often go for less than the retail price.
  3. The insurance value is the amount needed to replace an item. This value comes from a formal, written appraisal.

When we’re talking about insuring collectibles, the insurance value is the most relevant value.

Have Your Collection Appraised

If you have a single item or collection that you need to insure, one of the first steps is getting the item or collection appraised.

You want to make sure the appraisal is as accurate as possible. If the appraisal is low, you might not have enough coverage if you experience a loss. If it’s high, you might end up paying too much in insurance premiums. Do your research to find a reputable appraiser who is experienced with your type of collection.

Your Collection’s Value May Change Over Time

After you have your collection appraised and insured, you will need to monitor the value for changes.

Many items lose value over time, a process called depreciation. However, collectibles are often different. Your collection may increase in value. If interest in the type of collection you have increases, you may find that your collection is worth a lot more than it used to be. In this case, you may need to have your collection reappraised and adjust the insurance levels accordingly.

But an increase in value is not guaranteed. For example, if you do not take good care of your collection, it may lose value due to damage. Wear and tear is not typically covered by insurance, so you will not be able to file a claim for these losses.

It’s important to take good care of your collection.

  • Light, temperature and moisture levels can cause damage, so where you store your collection can matter.
  • Use protective coverings if appropriate.
  • When cleaning your collectibles, make sure you are not causing damage.
  • Research proper care for your particular collection, whether it’s fine art, sports memorabilia, wine or something else.

Do You Need Help with Collectibles Insurance?

If you have a collection that is not insured, or if you recently started a new collection, you need the right insurance. Give us a call; we can help you with insuring collectible.

Author

  • MOnte Burstad
    Monte Burstad

    Monte Burstad is the owner and an agent at Burstad Insurance in Menomonie, Wisconsin. He can be reached at 715-235-6479.

    View all posts

Filed Under: Home

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Do not do business here. We were mislead about the coverage provided to our business by Missy Kraemer. When this came to light, we went to change providers and find adequate coverage. Missy acted extremely unprofessional and refused to send us the documents we needed! She said it wasn't her job to help us. A terrible experience with a rude, unprofessional person. Do yourself a favor and find literally any other insurance provider.
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Bursted has had my business for years. When I lived in town, I appreciated stopping in to get quotes so I could talk to the owner about business and community. The staff is helpful and friendly, and I appreciate how patient they are when answering my questions about insurance. Insurance is not my favorite adult chore to tackle, but everyone at Burstad makes me feel like I’m connected to a human that knows how to explain what will serve my needs. They’re also a brokerage and have the ability to check multiple providers at once for you! Yay!!!
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Great customer service and caring staff.
Tammy T
We too had a horrible experience with Doug! Unfortunately we had to find out the hard way when we had a small fire/smoke damage in our office space. Not only were we under insured, we were overcharged on our commercial policy for years!!!!! He and the owner of this agency were absolutely zero help when it came to dealing with this claim, the tenants insurance company and the insurance adjuster that would never return our calls, it was a complete NIGHTMARE! We were all on our own and we feel that once this happened, they knew that our agent screwed up when it came to this policy that he put together or lack there of and thought if they would just ignore us we would walk away. Not only did we walk away, we ran!! Had 3 other agents review it and could not believe how much we were under insured and several gaps in the policy that were missing, like loss of income, loss assessment coverage, just to name a few, things that are no brainers when it comes to commercial insurance. The only good that came out of this entire experience is that we learned alot about insurance and now have a very competent agent that physically went to all our properties, took pictures and sat down with us, at our home and a 3 page checklist to see what we needed or didn't need for our insurance needs. He even pointed out that our agent had our rate almost 3 times higher than it should have been, meaning we were getting ripped off, big time!!! We would have filed a complaint with the insurance commissioner of WI but reviews said not to waste your time, they wont do anything. Now we have double the coverage for our properties for HALF of what we were spending with this agency. Oh and our home and auto policy was lacking as well but was also reviewed and now has the proper coverage for our needs. Our advice, go somewhere else for your insurance so this doesn't happen to you!! This agency doesn't even deserve 1 star!
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I really appreciate their friendly, prompt and knowledgeable assistance. We have been with them for years, and are consistently happy with their service.
Sephonia T. C.
This insurance company allows its employees to be racist. Doug treated me as if someone had a gun to his head every time he dealt with me. During a conversation I overheard him call me the “N” word and say how he wish he didn’t have to deal with my kind. The new management didn’t care how I was being treated so I switched insurance agents all together. Furthermore, I have asked numerous times for them to STOP harassing me by sending me emails and mailings but they have refused. I unsubscribed 4 times from their emails but the emails keep coming 2 years later. I’ve made numerous phone calls asking them to remove me from their lists but that hasn’t happened yet either!!!. My next step is to file an official report of Harrassment with the state of Wisconsin. I wouldn’t use this company to insure bubblegum lil less a boat, car or your home. I’d give them a zero rating if I could. There’s no place for racism in this world.
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Everyone here has been very helpful, knowledgeable and friendly! Whenever I contact them, they get back to me quickly and are sure to get me the best rates possible. Thank you! The Baldwins
Kelly S.
I'm giving them 3 stars only because I was insured by them for 11 years..I changed insurance providers when my daughter got her license. they automatically put her on my insurance policy as a first time driver weather she was now driving or not but just because she was a licensed driver in my household. $287.00 jump from the $64.00 what I was paying for myself was crazy. Yes I called them and tried to dispute this but they refused to remove my daughter and started taking payments out of my account... so I was done with them ,cancelled my insurance policy, and got a better insurance that same day for half the cost plus I now have better coverage.
Isaac F.
I visited this office for a quote. During a pandemic, no one was wearing a mask or distancing. For a company preaching safety and preparedness it seemed strange. I turned around and left when I overheard an employee, who I assumed was an office lead, espousing her religious beliefs were going to save her rather than science. Who works in insurance with an attitude like that?
Response from the owner:Isaac, I am so sorry about your experience in our office, although we do not require masks by our staff being that they are all at least 6ft. feet socially distanced, we will always respect the views of our walk in customers. I am sorry that you had a negative experience at our office, but we would love the opportunity to set up a meeting with one of our highly experienced agents. We would make sure that everyone would be masked so that you feel comfortable. Thank you for your feedback.
Drillbit S.
They just want your money, Our agent was quite condescending when he would talk with us we were a new business. Prices were OK, But our agent definitely thought he had a chip on his shoulder.
Joshua E.
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Lee B.
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Kent Elkin goes above and beyond
Also the rest of the staff is very accommodating
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Great place. Emily is very helpful as well as all the rest of the people I have encountered there.
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Yes! I want to tell you something. If you need a car insurance - this is the place where you will find the best offer.
Have done car insurance for two trucks. The price was so good, even less than I expected.
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I have had policies thru the Agents, at the Menomonie office.

Their prompt response, patience, amazing customer service and thoroughness, is the greatest I have ever had with an agency!
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Joshua E.
I recently purchased a new vehicle and had Teresa add it to my policy. She told me she added it and i was all set to go. 3 weeks later i find out she did nothing and i had been driving my brand new vehicle around without any insurance coverage. She said on several different occasions that she would email me new quotes, but i never heard back.
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Corey Burstsad Insurance is great!! Neil always goes out of way for his clients, very trustworthy and efficient.
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Very friendly and helpful. Got is a great deal and we were refered there by a good friend after not being able to find what we wanted elsewhere. They made the process very easy and didn't mind us popping by last minute to get the details figured out.
Response from the owner:Hello Soleil, thank you for your review! We strive to provide great service to our community.

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