Should I Insure my Collectibles?

Wondering if you need a separate insurance policy for your collectibles? Read our article to find out.

Do you have any expensive and valuable collectibles such as coins, antiques, or sports memorabilia? If so, you may want to consider getting collectible insurance. Collectible insurance offers specialized protection for your belongings in the event of theft, damage, or other unfortunate circumstances. In this blog post we’ll discuss the benefits of having collectibles insurance in Canada and how to find the right policy for you.

Related Read: Does Renters Insurance Cover Collectibles?

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What is Collectible Insurance?

Collectible insurance is a specialized type of coverage designed to protect valuable and expensive collectibles such as antiques, coins, firearms, and sports memorabilia. This type of insurance covers items against theft, damage, loss, or other unfortunate circumstances. It typically offers more comprehensive coverage than regular homeowner’s or renter’s insurance policies. Some policies may also cover the costs of repairs and authentication fees in the event that an item needs to be appraised.

Benefits of Insuring Your Collectibles

Insuring your collectibles ensures you are properly protected in the event of theft. It also provides peace of mind knowing that your treasured items are adequately covered in the case of an unfortunate event occurring. Collectible insurance can also provide financial relief by covering repair costs and authentication fees. Furthermore, some policies may even cover the cost of finding a buyer if you need to sell or transfer ownership of an item. Ultimately, insuring your valuable collectibles is an important step in protecting both your investments and cherished memories.

Factors to Consider Before Deciding on Insurance

When deciding on the best collectible insurance policy for your needs, here are a few factors to consider:

• First off, you must identify how much coverage is needed for each item and the total value of all your collectibles combined.

• Additionally, look into the type of coverage offered by different policies, such as if repair and authentication costs are covered or if replacement cost options exist. It’s also important to review any exclusions or restrictions in the fine print of a policy before making a decision.

• Finally, compare rates from different providers to find the most affordable policy for your situation.

Know that taking the time to do your research can make all the difference in getting the best possible coverage for your collectibles.

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What Are Common Types of Insured Collectibles?

Many collectibles, such as coins, stamps, jewelry and artwork are likely to appreciate in value over time and benefit from being insured. However, there are a number of other less obvious items that can also be insured. Vintage clothing and furniture, musical instruments, antiques and memorabilia are all examples of things people often get insured due to their sentimental or monetary worth. Books, collections of figurines and sports cards are also commonly covered by tenant or homeowners insurance policies. Whether it’s something rare or precious or simply special to you, collectible insurance is a great way to ensure your cherished items remain secure and protected.

Is Collectible Insurance Included in My Tenant Insurance Policy?

Tenant insurance policies often provide comprehensive protection for collectibles that occupy your home, so you may not even need a separate collectibles insurance policy.This coverage can be a valuable asset for those who have an extensive collection of rare or valuable items. From coins and stamps to antiques,  many types of collectibles are eligible for protection under a tenant insurance policy. Unlike other items in your home, such as furniture, these pieces may also appreciate in value over time, so it’s important to ensure their safety with the right type of insurance coverage. With the right policy, you can rest assured knowing your beloved collectibles are protected against theft, loss or accidental damage.Tenant insurance from APOLLO includes coverage for multiple collections, including:

• Jewellery, watches, gems: $2,000

• Bicycles and e-bikes: $1,000

• Portable Electronic Devices: $1,000

• Card Or Comic Book Collections: $5,000

• Fur Garments: $6,000

• Numismatic, coin or banknote collections: $1,000

• Manuscripts and stamp collections: $3,000

• Fine Art Limit: $1,000 Total / $250 per item

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