| The collectibles markets are full of | | | | in a sales transaction. You must price your |
| passionate people. These aren't people who | | | | collectibles realistically for insurance |
| have 'pack rat fever' and save items just to | | | | purposes." |
| have them, but people who decide to enter a | | | | |
| specific collectibles market because it is a | | | | "The valuation process could also be aided by |
| rewarding and fun experience for them. And | | | | a professional appraisal (although that is |
| it seems people will collect just about | | | | not always necessary), professional |
| anything including: teddy bears, coins, | | | | consensus, price guide values, what the |
| stamps, advertising memorabilia, books, comic | | | | collectibles may be selling for on the market |
| books, sports memorabilia, vinyl | | | | at the specific time, our own resources and |
| records.…..why the list seems endless. | | | | expertise and because no two collections are |
| But they all have one thing in common, a | | | | the same, all these factors are available in |
| passion for their hobby and their specific | | | | helping people determine what the value is. |
| collectible. | | | | We also have a number of resources on file |
| | | | and references listed on the website |
| But what if something unforeseen happens, a | | | | including valuation aides, inventory aides |
| fire or some other catastrophe? A unique | | | | and dealers to help people along so they can |
| insurance agency called Collectibles | | | | put a figure on the collections worth in |
| Insurance Services; LLC is here to offer | | | | which to write a policy" said Dan. |
| peace of mind and, most importantly, | | | | |
| insurance for their collectibles. | | | | What kind of resources that are used in the |
| | | | valuation process depends on the items in the |
| I spoke with Dan Walker and Debbie Spilman of | | | | collection, as Debbie explains: |
| Collectibles Insurance Services, LLC, about | | | | |
| collecting and why it is important to have | | | | "We provide reference to many entities in the |
| insurance on your treasured collectibles. | | | | process including obtaining information from |
| | | | the Kovels.com, American Stamp Dealers |
| "Some may think that they're homeowners | | | | Association, Price Miner, Antique Trader, |
| insurance policy covers their collectibles, | | | | Beckett.com, (for comic book collections), |
| but in most cases your homeowners policy is | | | | collect.com, Goldmine publications, Military |
| designed to cover personal property and is | | | | Trader, and a number of other resources, |
| not nearly enough to protect your treasured | | | | depending on the genre of the collectible." |
| collectibles," said Dan. "They may limit the | | | | |
| collection to a percentage of the total value | | | | I inquired about insurance when you are |
| of your home, limit the amount that they will | | | | moving the items, from whether down the |
| pay for theft of valuable items like silver, | | | | street or across the country; doesn't the |
| crystal, guns, stamps and paper documents or | | | | moving company provide insurance for that? |
| be based on actual cash value rather than the | | | | |
| collectible or replacement value." | | | | "Submitting a claim to them is much more |
| | | | difficult to do, as the moving companies |
| Collectibles Insurance Services ( differs | | | | would require much more documentation to |
| from the average homeowners' insurance | | | | validate a claim if there were breakage or |
| policy, in that, insuring collectibles is all | | | | something else were to happen," explained |
| they do. The service can insure a collection | | | | Debbie. "Again, validating just how much the |
| of stamps, advertising memorabilia, sports | | | | collectibles are worth is a key element in |
| cards, vinyl records, antique tools, vintage | | | | settling a claim." |
| clothing, trains, toys, weapons (guns, knives | | | | |
| swords), entertainment memorabilia and much | | | | A myth with regard to collectibles insurance |
| more (see the website for a complete list and | | | | is that every item in the collection must be |
| exclusions of what they insure). | | | | itemized and professionally appraised. |
| | | | |
| "Normal homeowners policies don't generally | | | | "No appraisals are necessary. You estimate |
| deal with collectibles, we write policies | | | | the value of your collection and determine |
| specifically for a person's collectibles, | | | | the amount of insurance, we need a ballpark |
| whether it is a rare book collection, stamps, | | | | figure," detailed Dan. "Although an |
| coins, sports cards, vinyl records and the | | | | inventory is not always required at the time |
| many other collectibles that we deal with | | | | of application to purchase insurance, |
| every day" explained Dan. | | | | Collectibles Insurance Services strongly |
| | | | recommends its customers maintain an |
| Valuation of a collection is subjective and | | | | inventory to streamline, provide proof, and |
| estimating what a certain collection is worth | | | | expedite claims in the event of a loss." |
| depends on many variables and researching | | | | |
| different avenues. | | | | Another myth regarding insuring collectibles |
| | | | is that the cost would be more than people |
| "We strongly encourage prospects from | | | | could reasonably afford. |
| overvaluing their collections. We cannot | | | | |
| insure 'emotional worth', but can insure a | | | | "A collectibles policy is typically less |
| varying array of collectibles. We ask that | | | | costly than scheduling items on your |
| people have a paper trail, save receipts for | | | | homeowners insurance," said Dan. "The price |
| what they may have paid for items; | | | | of insurance should not deter a person from |
| documentation is very helpful, take video of | | | | insuring their collections, the items are |
| the collection or pictures. Validation is an | | | | priceless to the hobbyist or collector and |
| important element. Don't over insure and if | | | | you will find our rates are not overbearing |
| necessary get a second opinion," detailed | | | | and are cost-efficient. We cover everything |
| Debbie. | | | | from autographs to Zippos or something in |
| | | | between. And Collectibles Insurance |
| How does one go about ascertaining the value | | | | Services' carriers are A rated and above." |
| of a collection or their collectibles? | | | | |
| | | | It is reassuring to know that purchasing |
| "Price guides are great, but they are just | | | | insurance for your collection is not as |
| one of the tools used when trying to gauge a | | | | difficult as one might think it to be. The |
| value of a collection," explained Dan. | | | | process is not such a daunting task as it |
| "Replacement value would be what a | | | | seems and it is also reassuring to know that |
| knowledgeable buyer would pay a knowledgeable | | | | there are professionals specifically trained |
| seller for the items, it is an agreed upon | | | | in this field and a company that specializes |
| price between two knowledgeable individuals | | | | in just this type of insurance. |