Determining Value and Coverage of Book Collections
Do you have clients with rare and collectible books? If so, it’s important they value their investment correctly to ensure they have the right amount of coverage. One of the simplest ways to determine the value of a book is to compare its current market price against similar copies. Your clients can do this using a variety of sources to include:
- Bilio.com. Do a quick search by author, title, and ISBN, or complete a more advanced search with additional data.
- BookGilt Find current prices for rare and antiquarian books. Can’t find a particular title? They’ll provide notice via email when a rare book is eventually located.
- Antiquarian Booksellers of America. Get a professional evaluation from book experts within their specialty (history, art, etc.) Most of these dealers will share their knowledge at no cost, but there may be a charge for a formal written appraisal.
In addition to the current market price, there are many other key factors that can influence the value of a book such as whether the book is a first edition/first printing, whether it’s signed by the author, the overall condition, its scarcity, the previous owner, and the presence of the original binding and dust jacket.
Help your clients estimate the value of their rare and collectible books before a loss occurs. Whether collections are in a storage unit or in their home, make sure they have the right protection so they can be properly compensated in the event of damage or theft. Steps include:
Retaining all purchase receipts.
Store proofs of purchase in a safe location such as a fireproof safe or safe deposit box.
Obtaining a professional appraisal.
Determining the value of a book is often just the first step. For rare, irreplaceable collectibles, a professional appraisal is highly recommended.
Keeping a photo record.
When it comes to collectibles, a picture is worth a thousand words. Have your clients keep a photo record to accurately document the book’s condition.
Purchasing collectibles insurance.
Homeowners policies traditionally insure for actual cash value, while collectibles policies insure the full collectible value of items. Moreover, collectibles insurance generally includes coverage for items in transit and those stored away from the home. In some instances, coverage for collectibles can be added by endorsement onto a homeowners policy, but the protection is often limited. MiniCo Collectibles Insurance offers coverage at a competitive rate for a wide range of categories including books, fine art, rare coins, stamps, sports memorabilia, and fine wine.
Collectibles insurance is an easy way to provide your clients with the coverage they need by adding an extra layer of protection for their valuable treasures.