Be sure you?re insured.

I don?t know about you, but sometimes I think to myself, ?What if someone stole my collection?? or ?What if my collection was destroyed by fire?? The first thing that came to mind for me was, ?I should be fine because I have homeowners insurance?. Maybe, maybe not. Take a look at some of the highlights below from the following article: http://www.comicartfans.com/SubNewsDetails.asp?NID=1377

If you watch the news, you know unexpected tragedies like burglaries, fires and natural disasters happen every day. But what may be even more unexpected to some victims is finding out most homeowners insurance does not adequately cover their cherished collections.

Even if your collection is covered, you may not be able to make a claim unless you have your collection listed on a schedule. Claims settlement may be based on actual cash value rather than the replacement value of the collectible. Finally, losses caused by flood, hurricane and earthquake may not be covered under the terms of your homeowner?s policy.

If you are utilizing your homeowner?s policy to cover your collectibles, be sure to call your agent or insurance representative to discuss the coverage available under your policy. Put your understanding of the coverage in writing and request a written acknowledgement and comments.

Make sure your collectibles are not valued at cost or depreciated value; in most cases collectibles appreciate rather than depreciate in value. Collectibles should be valued for insurance purposes at replacement value, or the cost of acquiring similar quantities and quality of collectibles.

In the event that tragedy strikes, you can expedite matters and maximize your claim by taking a few simple steps:

1. Create and maintain an inventory of your collection. Having a current inventory helps you and the insurance carrier substantiate the value of the claim.

2. Take pictures or video of your collection and keep them with your inventory. When taking photos or video, be sure to capture any and all markings that will authenticate the piece.

3. Keep purchase records such as receipts and invoices. If possible, scan these records to a computer so you have electronic copies.

4. Keep a copy of your inventory, pictures/video and purchase records in a secure, secondary location from where your collection is housed, such as a safe deposit box or e-mail or save them to your work computer.

Granted, in the grand scheme of things, comics are just ?things? and things can be replaced, but you should still be smart about protecting your investment. I contacted my insurance agent and fortunately for me, my collection is covered by my homeowners under ?personal property?, and at full ?replacement value? with no ?schedule? required (the only damage not covered would be from floods, hurricanes and earthquakes). FYI- when I contacted Collectibles Insurance Services, LLC they quoted me about $50/year per $10,000 in coverage. Not a bad price for peace of mind, but still more than the $29/year my insurance company would charge me for the same unlimited coverage were I to get my collection appraised and scheduled.

Til next time?

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