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4 Key Ways to Insure Valuable Items

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Insuring your valuable items is very important for protecting your collection and giving yourself peace of mind if anything happens to your valuables. If you’re new to insurance or are just starting a new collection, you may not know how to insure valuable items in a collection. 

Here’s how to insure your valuable items in a collection:

  1. Document the items in your collection.
  2. Find insurance that will cover your collection.
  3. Protect your collection.
  4. Learn more about insurance.

This article will explain how to complete each of the four steps above so you can successfully insure valuable items in a collection.

1. Document the Items in Your Collection

If something happens to your collection, you need to tell the insurance company exactly what was in it - and in order to do so, you need to know every piece you own. 

Make sure to take pictures, write down descriptions and details of each item, and document how you acquired each piece. 

For example, if you bought part or all of your collection, save your receipts. Alternatively, if you own a family heirloom or an item that was given to you in a will, you should save copies of the will or any other documents that you or other family members may have that will prove your ownership.

You also need to estimate how much your collection is worth when you buy your insurance. If you purchased all the items in it, you should document the purchase price.

You should also determine the current market price of each item and the collection as a whole - a complete collection may fetch more when sold together than each item sold separately would (or vice versa).

If you’re unsure how much your collection is worth, you can hire an appraisal expert to help you value it. You can then use this idea to determine how much coverage you need. 

Even if you have a general idea of how much your collection is worth, a second or third opinion can benefit you when choosing insurance.

2. Find Insurance That Will Cover Your Collection

Next, you need to find an insurance provider that’ll help you protect your collection. There are multiple insurance providers that have coverage options for insuring valuable items.

Here are some insurance companies that offer special coverage for valuable collections:

When you choose your coverage, you need to make sure that it covers everything in your collection completely. You don’t want to file a claim and find out that something in your collection isn’t covered. 

Also, make sure you know what your policy covers. Some common events include theft, fire, lost items, and other damage, and you need to know which ones are and aren’t covered before you finalize your coverage.

Make sure you choose the insurance provider that’ll insure your collection at the lowest rate. However, make sure you don’t sacrifice coverage just so you can pay less on your insurance.

For example, if you determine that you need $100,000 in coverage for your collection, don’t settle for less than that just so you can pay less each month for your premium. 

Insurance exists to protect you and your collection if the unexpected happens, and you don’t want to regret not fully insuring your collection if the time comes should you need it.

3. Protect Your Collection

Make sure to keep your collection safe so you can lower the risk of something happening to it. Just because you have insurance doesn’t mean that you want to use it. 

No matter what you have in your collection, take care of it the best way you can. Use collectors cases for physical items, especially those that are smaller, like coins or jewelry. 

Keep artwork in temperature-safe locations and away from direct sunlight. Depending on the age of the artwork, you may also need to take additional precautions, including ensuring that humidity levels are under control. 

If you can, keep your valuables locked up in a safe or room so that no one can access them without your permission. You can also have a professional help you secure and protect your valuables.

Not only will this ensure they last longer, it will also help protect them from damage, theft, and other accidents that would require you to file an insurance claim. 

Another way that you can protect your valuable collection is by reviewing your insurance policy every so often to make sure that it still provides full coverage for your collection.

4. Learn More About Insurance

Insurance can be confusing if you’re unfamiliar with how it works, but it’s crucial to protect multiple aspects of your life. In order to be confident that you have good coverage, you need to understand insurance terms, policies, and more about the insurance industry. 

Here are some great books that you can utilize to learn more about insurance:

  • Jack Hungelmann Insurance for Dummies (available on Amazon.com): This book has all the basic information about insurance that you need to know in easy-to-understand terms. Anyone will find this book helpful since you’ll learn about all types of insurance, including auto, life, and home, which are important types of insurance for anyone.
  • Inventory Journals Personal Art Collection Record Log Book (available on Amazon.com): You can use this to help you track your collection items, especially if you own art or something similar. One book can track one hundred pieces. There are designated lines on each page to track the item, purchase price, value, descriptions, photo, and more, so you won’t forget to log any crucial information.

Should You Insure Your Expensive Possessions?

Insuring your valuable collection is crucial in case anything happens to it. If you fall victim to theft or your collection is damaged or suffers another major issue, you want to ensure that you will be compensated for the loss.

You need to know exactly what’s in your collection and be able to prove it if you ever file a claim.  Make sure you choose a policy with enough coverage for your whole collection and learn more about how insurance works.


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