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Re: Insuring your collection, suggestions?
To clarify, I am an insurance adjuster and have been for over 8 years, I know just about every homeowners policy that is written pretty well. I also know that reading an insurance policy probably seems like reading a foreign language for most people. Here is what you guys need to do before you go throwing money at some special coverage for your collection. This is going to be long, so all apologies in advance.
1. Look at the coverage you have. It may very well be sufficient. Here is how you do this: First, ballpark the value of your collection based on what documentation of value you think you could provide if it were gone. Ballpark the value of the rest of the stuff in your house (furniture, clothing, electronics, etc.). Is your Personal Property limit high enough to cover it all? If so, you may be fine, but keep reading. If not, you may need to increase your Personal property limits, or it may be a moot point. Read on.
2. Look at your policy. Yuck. It sucks to try to read it. But here is what you need to look for: Find the section titled "Special Limits On Certain Personal Property" or something similar. Read it. It is not in Greek. There may or may not be a limitation on sports memorabilia. I am insured through Farmers (I do not work for Farmers) and in their "NEXT GENERATION HOMEOWNERS POLICY" I can tell you, as a claims adjuster, there is no limit on sports memorabilia, only on "Cards and comic books". So if you have valuable sportscards you will likely need to purchase additional coverage. But there is no limit on my bats, jerseys, etc.
3. Next, find the section of your policy titled "Property Not Covered" or "Types of Property Not Insured". It should be just before or after the last section you looked at regarding special limits. You will likely not find anything about sports memorabilia in there. Remember, if it is not listed in either of these two sections, the property is not excluded or limited in any way under the policy.
4. What do you need to insure your collection against? If it is flood or earthquake, you likely will need to purchase additional coverage as nearly all homeowners policies exclude these two things. Flood means a real flood (lake overflowing, river or stream overflowing), not a pipe burst or water heater blowing up, those are almost always covered losses. Sump overflows are typically excluded and they are not a "flood", so if your stuff is on the floor of a basement, you may need to purchase additional coverage.
Remember, in insurance policies, ambiguities or omissions are sided with the policy holder. If the policy does not say your items are limited or not covered, you're good. And most of the time, your PE limit is going to be ridiculously high so you may not need to increase it.
If any of this is unclear or you have questions, fire away. I will help all I can.
To clarify, I am an insurance adjuster and have been for over 8 years, I know just about every homeowners policy that is written pretty well. I also know that reading an insurance policy probably seems like reading a foreign language for most people. Here is what you guys need to do before you go throwing money at some special coverage for your collection. This is going to be long, so all apologies in advance.
1. Look at the coverage you have. It may very well be sufficient. Here is how you do this: First, ballpark the value of your collection based on what documentation of value you think you could provide if it were gone. Ballpark the value of the rest of the stuff in your house (furniture, clothing, electronics, etc.). Is your Personal Property limit high enough to cover it all? If so, you may be fine, but keep reading. If not, you may need to increase your Personal property limits, or it may be a moot point. Read on.
2. Look at your policy. Yuck. It sucks to try to read it. But here is what you need to look for: Find the section titled "Special Limits On Certain Personal Property" or something similar. Read it. It is not in Greek. There may or may not be a limitation on sports memorabilia. I am insured through Farmers (I do not work for Farmers) and in their "NEXT GENERATION HOMEOWNERS POLICY" I can tell you, as a claims adjuster, there is no limit on sports memorabilia, only on "Cards and comic books". So if you have valuable sportscards you will likely need to purchase additional coverage. But there is no limit on my bats, jerseys, etc.
3. Next, find the section of your policy titled "Property Not Covered" or "Types of Property Not Insured". It should be just before or after the last section you looked at regarding special limits. You will likely not find anything about sports memorabilia in there. Remember, if it is not listed in either of these two sections, the property is not excluded or limited in any way under the policy.
4. What do you need to insure your collection against? If it is flood or earthquake, you likely will need to purchase additional coverage as nearly all homeowners policies exclude these two things. Flood means a real flood (lake overflowing, river or stream overflowing), not a pipe burst or water heater blowing up, those are almost always covered losses. Sump overflows are typically excluded and they are not a "flood", so if your stuff is on the floor of a basement, you may need to purchase additional coverage.
Remember, in insurance policies, ambiguities or omissions are sided with the policy holder. If the policy does not say your items are limited or not covered, you're good. And most of the time, your PE limit is going to be ridiculously high so you may not need to increase it.
If any of this is unclear or you have questions, fire away. I will help all I can.
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