Whether it's a case of military bayonets
or a wall of folk art, your collection is as individual as you are.
It can range from the very quirky (like an array of handcrafted
garden gnomes) to the more traditional (such as fine art and
expensive jewelry). But because collections are so personal, it's
easy to overlook them when it comes to your home insurance
coverage. Don't assume your valuables are covered by a standard
policy; make sure by talking to a GEICO Insurance Agency associate.
We can help you adjust your policy or add a separate
endorsement or rider, such as Scheduled Personal Property,
specifically for collections of special value. Just give us a call
APPRAISE YOUR COLLECTION
Working with the GEICO Insurance Agency to make adjustments to
your policy is easy, but the trickiest part of getting the right
coverage for your collection is often determining what it's worth;
this should be your first step. All collections carry sentimental
value, not to mention the time, energy and money you've spent
assembling and caring for them. But that kind of value can be hard
to quantify. Which is why you need to enlist the help of a
professional appraiser. An appraiser can help you put a dollar
value on your items, one that considers historical significance,
rarity and market appreciation.
DETERMINE THE AGREED
Market appreciation is a very important factor when insuring your
collectibles. Most standard policies resolve claims based on the
actual cash value of what your damaged or stolen item is worth
today. But what if it's one of a kind or its value has appreciated
since you purchased it, as is often the case with art or antiques?
You need to establish an "agreed value" with a GEICO Insurance
Agency associate, which is based on the appraisal amount.
CHOOSE YOUR COVERAGE
You should also consider the perils you're covered for. Depending
on your coverage, some collectible insurance allows you to claim
accidental loss, breakage,
flood or earthquake damage that your standard coverage may not
And remember that collections, by definition,
tend to grow. Which is why you need to take stock every year or so
and make adjustments to your appraisal and insurance if necessary.
After all, you collect these items because they're important to
you. So the right insurance is a must, even more so than the glass
display case you keep lovingly polished or the archival paper in
which each item is carefully wrapped.
Estimate the value of your belongings with the
Personal Property Cost Calculator.