12 Tips on Specialty Insurance for Collectibles and Valuables

Insuring your prized collectibles and valuables with specialty coverage is like giving them a personal bodyguard – it’s the additional VIP treatment necessary to safeguard your treasured items and give you peace of mind. Where standard homeowners’ insurance often does not provide sufficient coverage for your unique possessions, specialty coverage ensures your items are valued and protected. Here are some key points to consider when it comes to specialty insurance for collectibles and valuables:

Identify Valuables: Create an inventory of your collectibles and valuables. This includes art, antiques, jewelry, coins, stamps, wine, vintage cars, firearms, and other high-value items.
Appraisals: Get professional appraisals for your collectibles to determine their current market value. This documentation is crucial when securing the right insurance coverage.
Specialized Coverage: Standard homeowners’ insurance policies often have limits and may not adequately cover your valuable items. Look for specialized insurance policies designed for collectibles and valuables such as fine arts insurance, jewelry insurance, or vintage car insurance.
Scheduled Personal Property Endorsement: Some homeowners’ insurance policies offer a scheduled personal property endorsement, which allows you to list and insure specific high-value items separately. In this way, you can set individual coverage limits for specific items to ensure adequate coverage.
Agreed Value vs. Actual Cash Value: Some policies offer “agreed value” coverage, meaning you and the insurance company agree on the value of the item and the subsequent amount paid out in the event of a covered loss. This is preferable to “actual cash value”, which takes depreciation into account.
Coverage for Unforeseen Events: Make sure your specialty insurance covers various risks including theft, damage, loss, and even accidental damage. Some policies also cover mysterious disappearance, which can be beneficial for high-value items.
Worldwide Coverage: Check if your policy provides coverage for your valuables both at home and when you travel with them. This is especially important for jewelry and other collectibles you may take with you.
Deductibles: Understand the deductibles associated with your policy. While higher deductibles can lead to lower premiums, it’s essential to choose a deductible you can comfortably afford in case of a claim.
Review and Update Regularly: The value of collectibles can change over time. Periodically review your insurance coverage to ensure it aligns with the current market value of your items.
Loss Prevention: Implement security measures to protect your collectibles such as installed alarms, safes, and surveillance systems. Some insurance companies may offer discounts for these additional security measures.
Work with a Specialized Insurer: Consider working with an insurer that specializes in collectibles and valuables such as C3 Insurance. A specialized insurer is more likely to understand the unique needs of collectors and offer tailored coverage.
Policy Exclusions: Be aware of any exclusions in your policy, such as limitations on coverage for certain types of collectibles or specific causes of loss, and clarify any doubts with your insurance provider.

Get in touch with Matt Clark, an insurance expert!

Matt, leader of C3’s Private Client Services department, brings nearly 20 years of industry expertise gained from owning his own agencies and joining C3. Matt’s passion is helping clients in the high net space protect their personal assets with custom insurance coverage.