Is my collection covered?

For many of us, collecting is built into our DNA. Collecting takes on many forms from Stamps, Coins, Postcards, Steins, Military and many other pursuits. All of them give us pleasure when purchasing, building our collections, showing them to others, organizing and just sitting down and looking at it. Many people feel that their homeowners policy will cover them in an event of a loss. Unfortunately, that can be a mistake that is revealed after a loss. If you have a homeowners policy, there is some coverage but it is limited. First, it is based on "face value", so if you purchased the first United States stamp, Scott #1, for $400 the insurance company looks at that as a 5 cent stamp. In another example, the Morgan Silver Dollar is worth $1 to the insurance company, not the $40 plus it really cost. Not only are they valued that way, there is also a limit as to how much would be covered - $200 to $1000 total depending on what is lost. 

How do we get the real value for our collections in the event of a loss? A policy that you can purchase for your collectibles, jewelry, etc. is a Personal Articles Policy. These policies insure for the real value of your collection based on appraisals and inventory list. The American Philatelic Society

 recommends a company that can insure your collections, or you might call your local insurance agent. Many of them offer this type of policy and can offer different options for your protection. These policies also have  better coverage for losses.

The time to have coverage on your collection is before it is needed.