How to Insure Your Valuables and Collectibles

Valuables and collectibles often hold great importance, whether due to their high monetary value, sentimental significance, or both. These items often reflect your lifestyle, passions, or family heritage, making it imperative to protect them once they are in your possession.

Commonly Insured Valuables

You can insure a wide variety of items, including the following:

1. Art: These are fine arts including paintings, sculptures, prints, or other unique creations. Insurance often considers factors like the artist’s reputation, market trends, and provenance.

2. Cameras: High-end photography equipment, vintage models, or limited-edition cameras can have considerable value and would need to be insured against theft or accidental damage.

3. Coin Collections: Rare coins often appreciate in value. Documentation of rarity, condition, and historical significance can help to assess them for insurance.

4. Electronics: Expensive gadgets like laptops, gaming systems, vintage electronics and personal devices can be insured.

5. Fine China and Silverware: Antique or designer china sets and sterling silverware are common heirlooms that require protection against damage, loss, or theft.

6. Fine Jewelry: Diamonds, gemstones, watches, antique, and designer jewelry may need specialized coverage for loss, theft, or even loss of value due to damage.

7. Firearms: Historical firearms, hunting weapons, or collector’s items may be eligible for insurance with proper documentation.

8. Furs: High-end fur coats or stoles can be insured for damage or depreciation over time due to wear.

9. Medical Devices: Insurable items might include expensive medical equipment like mobility devices, hearing aids, specialized instruments, antique or modern devices.

10. Memorabilia: Collectibles like autographed sports merchandise, movie props, or historical artifacts may be insured for their unique provenance.

11. Musical Instruments: This can include rare violins, grand pianos, or even guitars owned by famous musicians.

12. Sporting Equipment: For professional-grade items like skis, golf clubs, or vintage baseball gloves, insurance covers accidental damage or theft.

13. Stamp Collections: Rare stamps with historical significance often hold immense value and need specialized appraisal for insurance.

14. Watch Collections: High-end designer or vintage watches are particularly vulnerable to theft and accidental loss.

15. Wine Collections: Rare bottles, exclusive vintages, or large-scale collections may require protection against accidents, damage, or theft.

Each of these categories can include items with varying degrees of value—be it sentimental, historical, or monetary.

How to Insure Valuables and Collectibles

If you own high valued items, it is natural to worry are about protecting them against theft, fire, severe weather conditions, damage, or loss. Here are three main insurance options to consider:

I. Homeowner’s or Renter’s Insurance

Your first line of defense is your existing homeowner's or renter's insurance policy, which typically covers personal property, including valuables, against loss, theft, or damage.

However, since the value of these items often exceed the coverage limits in these policies, you may need to take additional steps.

You can:

1. Schedule your valuables: Add specific coverage for high-value items under your existing policy.

2. Get an endorsement: Obtain a separate add-on for extra protection.

We can assist in arranging these options for you.

II. Standalone Insurance

If you have an extensive or particularly valuable collection, consider a standalone specialty insurance policy. Options include:

• Art insurance

• Collectibles insurance

• Fine jewelry insurance

III. Collectible Vehicle Insurance

Classic or collectible vehicles cannot be insured under your home insurance. A separate vehicle insurance specifically tailored for collectible cars is necessary—and we can help arrange this coverage for you.

Preparing Your Valuables for Insurance

To ensure that your valuables and collectibles are adequately protected and accounted for, there are a few actions steps to consider.

1. Build an Inventory Schedule: A good rule of thumb is to have a home inventory schedule and update it periodically. This will be invaluable if you need to process claims.

   • Step 1: Video Inventory   Record a video walkthrough of your home, describing and capturing all items of value. Include furniture, electronics, heirlooms, collectibles, and more.

   • Step 2: Document Details   Gather receipts, appraisals, and photographs (digital or printed) for each item. Record serial numbers, descriptions, and purchase details where possible.

   • Step 3: Schedule Appraisals   Get professional appraisals for items without receipts or those likely to appreciate over time. Reappraise these items periodically.

   • Step 4: Store and Secure Documents   Save a digital or physical copy of your inventory offsite, updating it regularly—preferably before each policy renewal.

     
     

2. Consider Offsite Storage   Some items are better protected in a secure deposit box or specialized storage facility rather than at home.

   
   

3. Review and Update Insurance   Regularly review your insurance policies, ensuring that your coverage aligns with the value of your items. Discuss necessary adjustments with your assigned agent.

   
   

Our dedicated professionals are here to help you secure insurance for your valuables and collectibles.

At Axios Risk Solutions, LLC., we help small and medium-sized enterprises, families and individuals minimize and manage their business risks through tailored risk management strategies and protect their business and assets through a variety of insurance solutions in the market. To request a quote or speak to a representative, call us at (404) 480-0272.

Author: Sandra Owusu-Fianko, MS ERM

Sandra Owusu-Fianko, is the Principal and Risk Advisor at Axios Risk Solutions, LLC. She has extensive experience in the insurance industry and is passionate about finding appropriate risk management and insurance solutions for her clients.