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COLLECTIBLES INSURANCE VS. HOMEOWNERS INSURANCE

Updated: Apr 13


cartoon house in the clouds

As you’re slowly amassing one sweet collection of Pokémon cards, comic books, video games,music or movies, one day it will hit you–you’ve got a lot of cash in this game. An investment like yours needs solid protection. You might first shrug off concern, figuring that your renters or homeowners policy has you covered. Well, we’re here to lay down some truth, and to offer a hand. We love collecting as much as you, and as collectors we know what’s at stake. Check out our analysis and see what knowledge nuggets you can glean. Homeowners Insurance and Collectibles It’s true that your standard home insurance policy will include a certain amount of coverage for your personal property. This category is as broad as it sounds–literally everything in your home or on your land is personal property, after all. In the case of fire, theft, or some other catastrophic accident, your stuff is safe. That said, there are (always) limits to what a homeowners policy will pay to replace. The monetary level of personal property that your insurance company will cover is usually stated as a percentage of your total dwelling coverage. So for example, if your homeowners policy offers you $250,000 in protection for your home, then usually somewhere around half that amount-about $125,000-is available to protect belongings inside your home or on your property. Getting a little more granular you’ll also find that most companies include additional limits for specific types of property, like expensive jewelry, silverware, firearms, or other valuable or collectible items. These limits are usually low, hovering around the $2,000 mark. On top of that, they generally won’t cover your collectible items if you’re not on the premises–think out and about making trades, at a show or competition, etc. If you have any time in the collecting game, you know that $2,000 doesn’t go far at all. That might be able to replace a few good cards, but it certainly doesn’t touch your graded and slabbed Gem Mint 10 or that priceless, one-of-a-kind vintage music score. Companies know that their clients might have valuables, and that their collectibles’ value can be all over the map. They’re worried about replacing your fridge and sofa, not your prized TCGs. But we are! This is precisely the moment where Protect My Collection and Zinc enter stage right. How To Protect Your Collectibles One option is to get with your insurance provider or the agency who manages your homeowners policy (um, BTW, you know Zinc does that too, right?) and add scheduled property coverage. This is usually specific to an item that you’ve had appraised, and it usually requires some documentation (i.e. photos, proof of ownership) before settling on amounts. Adding scheduled property coverage could work for you, but a better bet is to opt for a collector’s specific policy. Coverage is broader and the team managing your policy have specialized knowledge that you just can’t expect a homeowners agent to know about. Plus, unlike other things you have in your home, collectibles generally accrue value over time–they aren’t depreciating. A collectibles specific policy takes that into account, along with other factors, like condition, special features, rarity, and industry norms. If something happens to your prized, crowning gem, you can be sure that you’ll be compensated, or that you’ll have an item of the exact value and condition in your hands. It’s like nothing ever happened. Another nice feature is that when you acquire a new collectible, it’s often automatically covered by your policy, even before you ever get with your agent and officially add it on. All in all collectibles insurance is a niche product for a niche hobby–it just fits. And it’s worth the time to talk to your trusted Zinc agent to learn more. Do You Need Collectibles Insurance? The answer here is generally yes, you do! If you are a serious collector or a newbie, you still want the confidence that comes with knowing that whatever happens and wherever you are, the investment you’ve made in your collection is backed up with reliable protection. Not to mention that your homeowners policy either won’t cover a collectible loss or will put serious limits on how much they’ll pay out. This is one arena where actual cash value and market rates vary widely, so you want someone on your side who gets collecting and understands the risks. Hey, that’s us! Protect My Collection and Zinc created this home-brewed collectibles coverage just for folks like you. If you have questions or need help figuring out your coverage options or collection’s value, hit us up–we’re happy to chat all things collecting. Or if you’re more of a digital dragon, you can also get your personalized quote online.



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This blog post does not provide insurance advice and is intended for information purposes only. It is not a substitute for professional insurance advice from a licensed representative. Never ignore professional insurance advice because of something you have read in this blog post. Contact your licensed representative if you have any questions about your insurance policy.

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