Ensure You Properly Insure Your Collectibles
If you are someone that loves to collect items that are rare and valuable, it is important to make sure that you insure them properly. It is important that you insure the items for their true value because if they are lost or damaged in a fire or disaster, the insurance company will only provide you with the value you insured the pieces for on your policy. The following guide walks you through how to properly insure collectibles.
Get a Written Appraisal
When you purchase a collectible item, you need to take it to a professional appraiser to have the item appraised. You need to know the value the item would bring if you sold it at an auction and the value that you should insure the piece for with your insurance company. Be sure that you get the appraisal in writing and submit a copy of it to your insurance agent. The agent can then enter all of the information about your collectibles into the database to ensure that they are listed on your account.
Document the Condition
You need to take pictures of the collectibles you plan to insure. Make sure that you take pictures of every side and angle of each collectible that you can. Send the pictures to your insurance agent through email so that you can save them digitally in your email account and so that the agent can have pictures he or she can find easily when needed. By saving the pictures online, you do not have to worry about losing them if a fire were to break out in your home.
Properly Store the Collectibles
When collectibles are purchased, they need to be stored properly to keep them safe. Store any paperwork or burnable item in a fireproof safe, if at all possible. Store valuables, such as jewelry, in a safe that only you and your spouse have access to. This will cut down on the chances of the jewelry being stolen, if someone breaks into your home.
Being able to prove the condition and value of the items when you insure them ensures you are able to get the money you need to replace them if anything does happen to your home. As soon as a new item is brought into your home, you should contact an insurance agent like Ronald H. Krupa Insurance Agency and update your policy right away. You never know when a disaster could hit, and properly preparing is important.
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