What Does Your Homeowner’s Policy Cover?

While casual hobbyists can generally rely on their homeowners policies (which typically cover personal property up to half the value of their homes) for coverage of their collections, serious collectors with valuable collections should either have riders on their homeowners policies or specialty-insurance coverage. Most ordinary homeowners policies don’t cover breakage or accidental loss, although a rider can provide broader protection. However, specialty coverage covers more risks than a rider. By opting for all-risk coverage, collectors can protect their collections against fire, theft, flood, breakage, and accidental loss, even if they take their pieces to conventions and shows. Moreover, with replacement-cost coverage, collectors need not negotiate the value of lost items. They are paid the prices specified in their policies.

NOTE: Collectors who regularly add to their collections should review their insurance coverage periodically to see that it is sufficient.