The Importance of Insurance for Collectibles
Hobbies are great fun, but they can also be quite an expense! If you enjoy buying and selling baseball cards, coins, World War II memorabilia or antique firearms then you have probably wondered what would happen if you suffered a loss due to theft or a natural disaster. Many homeowners are unaware that the insurance coverage on their home may only provide a token allowance for collectibles.
Many insurance policies only offer value at current replacement costs for a new item. That means that a Civil War era rifle may only be valued at the cost of a new rifle to replace it. Obviously, for certain collectibles this may mean the difference of hundreds if not thousands of dollars. Fortunately, there are companies that specialize in supplemental insurance with a focus on the collectibles market. Monthly premiums can be as little as $10 to $20. Be sure to talk to your agent and determine if your prized collection is at risk before it is too late.
January 18, 2012 at 6:20 pm Comments (0)
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