As long as items hold value, there will be insurance coverage to protect them, and there are many different types of insurance needs. It’s your responsibility as an agent to offer your clients appropriate coverage for their valuables. If any of your clients are collectors – and millions of people are – collectibles insurance is a great way to protect valuable collections of antiques, records, instruments, cameras, coins, trains, dolls, and more.
What Is Collectibles Insurance?
Collectibles insurance is specialized coverage that insures a broad range of objects for their collectible value. Traditional property insurance typically provides coverage for the actual cash value or replacement cost of items. Collectibles insurance recognizes that collectible items may appreciate in value over time and provides coverage for the full collectible value. You and your clients need to be aware of the difference in these types of policies so that they have the appropriate coverage for the items in which they have invested significant time and money to collect and curate.
Questions to Ask About Collectibles Policies
- Does the policy offer coverage for full collectible value?
This is important for your client to fully understand. The policy needs to state that it covers the insured items’ full collectible value rather than depreciated value.
- What deductibles are available?
- Is an appraisal required for coverage?
Some policies require the insured to provide an appraisal prior to binding coverage while others enable the policyholder to insure their items for a stated value and provide an appraisal in the event of a claim. In either case, it’s a good idea to have items appraised frequently so the policyholder has the documentation of value on hand in the event of an insured loss.
- Can the account be quoted online?
MiniCo Insurance offers a simple online quoting portal for agents: https://collectibles.minicoagentportal.com/. Agents can obtain a quote for their client in as little as 60 seconds. Contact MiniCo for more information about collectibles insurance. https://www.minico.com/collectibles.