Collectibles insurance protects your collection from theft, flooding, and accidental damage. Art, Persian rugs, model trains, coins, and other high-value items can be part of a collection.
Collectibles in a home can be worth more than the home itself, or at least enough to be listed as assets on a separate policy for the full value to be paid out. In 2020, a rare Pokémon card cost the rapper Logic $183,812. In 2014, Action Comics #1 from 1938 sold on eBay for $3.2 million. Most collectibles can be insured for 1% to 2% of their value per year. But your collection doesn’t have to be worth millions of dollars for you to want to insure it.
We looked at 16 insurance companies before choosing these seven as the best for collecting insurance. Winners stood out because of their history, ratings from outside sources, and other insurance options. Major factors were also how easy it was to combine policies, how simple the application process was, and how helpful the customer service was. These things helped us make a profile of a reliable, skilled, and easy-to-work-with insurance company we could recommend.
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What is the best insurance for collectables in 2022?
- American Collectors Insurance is the best overall.
- Best for Antiques: BHI Insurance Associates
- Arroyo Insurance Services is the best place for Persian rugs.
- Progressive is the best for art.
- Collectibles Insurance Services is the best place for sports memorabilia.
- Best Value: MiniCo Insurance Agency
- Chubb has the best customization.
CONCLUSION
Be careful about assuming that your homeowner’s policy will cover your collectibles. Many kinds of damage might not cover the loss of your collection just because it is in your home. Most of the time, adding a rider to your homeowner’s policy is the least expensive way to cover your collectibles. But these riders don’t always cover the full market value of your collectibles, so make sure you read the fine print if you go this route.
There are separate insurance policies for collectibles that protect against these gaps in loss coverage and value. Insurance companies for collectibles know all the details about your valuables. American Collectors Insurance is perfect in every way. As our best overall collectibles insurance company, they have special policy features that take into account full collector’s value, inflation, automatic coverage additions to your collection as it grows, and more.
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