March 28, 2018

Protect Your Valuable Collections

A first edition, first printing of Ernest Hemingway’s The Sun Also Rises can be yours for about $3,500. An intact pair of Levi’s from the 1880s was purchased for $60,000. One particular baseball card featuring Honus Wagner is valued at $2.8 million.

From movie memorabilia to autographs to rare stamps, there is a market for almost any type of object. Some are whimsical niche categories, such as comic books or children’s toys like Barbies. Other groupings might be considered more sophisticated—think vintage wines or fine art. In addition, high-value items such as jewelry and furs are also considered valuable collectibles.

It is important to know that these items are often NOT covered completely by homeowners insurance. This is why Kelly Klee offers valuable collections insurance (also known as collectibles insurance). If you own any of the following, you may want to consider insurance for this valuable personal property:

  • Wine
  • Silverware
  • Fine arts, including paintings, sculpture, glass or ceramics
  • Jewelry
  • Guns
  • Sports, movie or auto memorabilia
  • Rare books
  • Stamps
  • Coins
  • Antiques, including rugs and tapestries
  • Action figures, dolls or toys
  • Furs
  • Cameras, projection devices, binoculars and telescopes
  • Musical instruments and sound-amplification equipment

What differentiates a valuable collections insurance policy from a homeowners insurance policy? Here are a few important points of distinction:

Higher Limits The policy amounts for valuable personal property insurance can be customized for your collection, and are generally higher than the coverage amounts you can purchase for the standard contents of a home. If there is any doubt about value, Kelly Klee partners with insurance companies that utilize expert appraisers to ensure that the company’s valuation agrees with yours.

Broad Protection Valuable collections insurance covers situation that a regular homeowners policy may not, such as when an object is lost or destroyed in a location other than your home, or in the case of a mysterious disappearance. Kelly Klee can make sure that you are covered worldwide. So, for instance, if your diamond bracelet goes missing from a hotel nightstand in Singapore, you’ll be made whole for the value of the jewelry. Other circumstances that are covered include: fire, theft, flooding, natural disasters and breakage.

Itemized or Blanket Coverage For high-ticket items, you can purchase coverage for each item at an individually specified amount. In other cases, especially for a large collection with many items of lower value, blanket coverage may be more suitable. In this situation, coverage for any single item within a larger group may be covered up to 25% of the blanket coverage amount. Both itemized and blanket coverage are available through Kelly Klee.

Newly Acquired Items If you acquire a new item within a collection class for which you already have coverage, you have up to 90 days of automatic coverage. (Note that you must inform the insurance company within 90 days for it to be covered after that point.)

Discounts You may receive discounts if you keep your collection in a UL-rated, secured home safe, or if your home is protected by a central station burglar and fire alarm.

Kelly Klee is pleased to provide you with competitive quotes on valuable collections insurance and more. Call us at 844.885.1600 or click here to contact us today.

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