Some of us have collections that may go back years, even into our childhoods. For some, they may involve Barbie Dolls or Matchbox cars. Others may have started collecting pennies, which eventually turned into more extensive coin collections. Some people have stamp collections while others may collect art, jewelry or antiques. Collections can bring us joy, especially when we find a piece to add to our collection for which we’ve been searching.
While some collections main value is in the pleasure they provide for us, many can grow significantly in value through the years. We’ve all heard stories of that rare coin or baseball card that was discovered in an attic worth tens of thousands of dollars. But collections can grow in value simply through sheer volume. What some may not realize is that there may be limits on how much a homeowners’ insurance policy will cover when it comes to collectible, and some collectibles, like art, may not be covered at all. What steps should you take to make sure you have appropriate coverage for your collection?
Like the value of your home, a collection may increase over the years to outgrow its coverage. It is why an occasional homeowners’ insurance review is so valuable. Contact one of our independent homeowners’ insurance agents for a no-obligation review today. You may have years invested in your collection. Make sure it is properly protected.