Keeping Nashville Covered – Collectibles and Your Home Insurance
You’ve just closed on your first home. Or you’ve upgraded to your dream property. Or you’re right-sizing now that the kids have moved out. Congratulations! Whether you live in The Gulch or Brentwood, Belle Meade or East Nashville, you have a question to answer regarding your newly-purchased property. How do I figure out the insurance? I’ve told you a lot about what insurance means and how to add riders for different valuables. But there’s one thing we haven’t talked about…. Collectibles.
Collectibles can mean many different things, from Steiff bears passed down from your grandmother to stamps and coins from your dad or a collection of rare and autographed baseball cards you’ve built from the ground up. Insurance policies often have limits for how much they will pay to protect a certain type of content or personal property.
Because the category of Collectibles is so broad, it is important to work closely with an insurance agent to accurately insure your collectibles to be fully replaced (as much as is monetarily possible, for sentiment cannot be replaced…) Whether you have a single collectible, such as an autographed rookie Willie Mays card, or a collection of rare Hummels, you need to have the collectible or collection professionally appraised with written documentation. Condition of the items should be notated. Photos should be taken and either digitally stored or stored away from the item(s). This way, in the event of flood, fire, or theft, you can have the items replaced as closely as possible.
Other collectibles could include rare books, autographed memorabilia (sports, music, theater, movies, etc.) porcelain dolls, vintage records and old or rare maps.
So as you’re unpacking in your new home, take note of your contents. If you come across some treasure you’d forgotten about or realize just how many pieces you have of a collection you own, look into a Collectibles rider. And if you’re in the market for a rare, one-of-a-kind piece, check out this set of four individual contracts for the Ed Sullivan show signed by the Fab Four themselves! http://bit.ly/2rZ3NAU
In the mean time, here are previous insurance-related articles. I hope these answer some of your questions. And please let me know how I can help you with your home buying and selling needs!