Collectible Insurance vs. Homeowners
We all know that person, or we may be that person. The one that has a collection of something that they show off every time someone new walks through the door.
This collection could be anything....and I mean anything! Sports memorabilia, fine art, wine, rare books, stamps, and/or coins, antique rugs, tapestries, action figures, dolls, toys, movie memorabilia, or guns.
Don't see your collection listed, all you have to do is ask.
What most people don't know is that most of these collections are not covered, or have insufficient coverage under their home policy. Large private collections usually have proper risk management is place, but the smaller collections (those valued at under $1million) are underinsured or not covered at all. It isn't until a devastating loss that the homeowners realize they have no financial compensation.
