Whether it’s a case of military bayonets or a wall of folk art, your collection is as individual as you are. It can range from the very quirky (like an array of handcrafted garden gnomes) to the more traditional (such as fine art and expensive jewelry). But because collections are so personal, it’s easy to overlook them when it comes to your home insurance coverage. Don’t assume your valuables are covered by a standard policy; make sure by talking to a GEICO Insurance Agency associate. We can help you adjust your policy or add a separate endorsement or rider, such as Scheduled Personal Property, specifically for collections of special value. Just give us a call at 1-800-841-0728.
Appraise Your Collection
Working with the GEICO Insurance Agency to make adjustments to your policy is easy, but the trickiest part of getting the right coverage for your collection is often determining what it’s worth; this should be your first step. All collections carry sentimental value, not to mention the time, energy and money you’ve spent assembling and caring for them. But that kind of value can be hard to quantify. Which is why you need to enlist the help of a professional appraiser. An appraiser can help you put a dollar value on your items, one that considers historical significance, rarity and market appreciation.
Determine the Agreed Value
Market appreciation is a very important factor when insuring your collectibles. Most standard policies resolve claims based on the actual cash value of what your damaged or stolen item is worth today. But what if it’s one of a kind or its value has appreciated since you purchased it, as is often the case with art or antiques? You need to establish an “agreed value” with a GEICO Insurance Agency associate, which is based on the appraisal amount.
Choose Your Coverage
You should also consider the perils you’re covered for. Depending on your coverage, some collectible insurance allows you to claim accidental loss, breakage, flood or earthquake damage that your standard coverage may not include.
And remember that collections, by definition, tend to grow. Which is why you need to take stock every year or so and make adjustments to your appraisal and insurance if necessary. After all, you collect these items because they’re important to you. So the right insurance is a must, even more so than the glass display case you keep lovingly polished or the archival paper in which each item is carefully wrapped.
Estimate the value of your belongings with the Personal Property Cost Calculator.