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Written by Adam Miller
How To Insure Collectibles and High Value Property

It's common to collect things over time, whether they're sentimental, part of a hobby, or have a high resale value. If your collection is valuable because of its size, uniqueness, or resale value on the open market, it's important to have your collectibles properly insured in the event of a disaster such as theft or damages. In today's Aegis blog post, we'll look at some of the collections people might have, common assumptions people make about insuring their collectibles, and what kinds of insurance can best protect them.

Common Collectibles

Americans have more disposable income than ever, so many indulge their desire to collect objects they love or that have financial or sentimental value. Some people enjoy collecting memorabilia from their favorite band or product, while others might collect rare coins, unique jewelry, or antique cars. Regardless of the type, collectibles need insurance protection just like a car, house, business, or any other important asset.

Insurance Confusion

When it comes to collectibles, most collectors have no idea that they might need separate insurance coverage to protect their value. Instead, many rely on their existing Homeowners, Renter's, or Commercial Property Insurance to cover their value in the event of a disaster. However, a valuable collection that has been appraised, is rare, or has high resale value might not be covered for its full value under a typical insurance policy, meaning the collector would not be reimbursed for the full value of their collection if their property is lost, damaged, or stolen.

Coverage Solutions

For individuals, families, and businesses that have valuable, rare, or collectible property, there are supplemental insurance policies that meet the specific coverage needs of collectors. For example, property such as jewelry, art, antiques, and high value memorabilia collections would be better covered under an Inland Marine Policy, which offers much broader protection than a Homeowners, Renter's or Commercial Property Insurance. In addition, people who have restored or rare collectible cars can get Collector Car Insurance to cover the true value of the vehicle as well as special claims and repair options.

If you need special insurance coverage to protect your collectibles or high-value property, contact Aegis Insurance & Financial Services for more information about Inland Marine or Collector Car coverage. Our friendly and experienced team of agents can get you the coverage that meets your specific needs and protects the value of your most important property.

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