 Posted: Fri Mar 30, 2012 10:33 pm Post subject: |
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I am not an insurance agent but I will share what I do know. First you should contact your insurance company or agent and see if your homeowners insurance company will offer you a rider on your policy for your collections. If they will they will most likely ask that you have the collections appraised and this will set the amount that they will insure you for.
Don't wait any longer though as you will have very limited coverage for these items under your standard homeowners policy until you purchase a rider or seperate insurance.
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| Posted: Thu May 17, 2012 4:21 pm Post subject: |
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All homeowner insurance policies contain limits on certain types of property. Normally, these limits apply to theft losses. The typical types of limited property include guns, tools, furs, sterling/goldware, jewelry, stamps, "money" and other personal property. Money is normally defined as anything with a monetary or numismatic value, such as a plain old $10 bill or a 2012 Silver Eagle in MS70 condition.
The typical policy limit for money is $200. Sounds like you may just have a bit more than that in collectibles: your coin collection, stamps, scale model cars (probably not limited, but I'd check).
You need to contact your agent right away. There are absolutely ways to cover your collections. You'll likely need appraisals and other supporting documentation, but that's easy to get. Don't wait- the worst thing would be to have a loss without properly insuring your stuff!
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