Antique collection is something people do as a hobby and it’s getting more popular since it’s so easy to find vintage items on websites like eBay. Also, antique collections are passed down through generations, which expand the collection through time. As your collectibles gain value, you might want to consider insuring them. Here are the steps to make sure you’re fully covered.
- Inventory
Take inventory of each of your collectibles, taking pictures of them as you go along. Backup your pictures on your computer. You can upload them into a software where you can add in key information about each such as a description of the item, the origin and the value. You can find a number of different software programs to do this. Add some type of identifier to every item. You can even take a video of your collection showing where and how you store them which can then be sent to your insurance provider.
Other places you can store them a safety deposit box, fireproof box or other location that is safe. Be sure you update your inventory if you sell an item or trade it.
- Get an Appraisal
If your antique collection is valued at over a few thousand dollars or if assigning value to it because its in a specialized area, you might wish to get it appraised by a professional to help you figure out how much insurance you should take out for it. Not to mention, if you experience an insurable loss, having an appraisal will back your claim up.
- Find an Insurer
When you determine the worth of your collection, it’s time to go insurance shopping. You can begin by contacting your current insurance company to see if you are able to add on the needed coverage to your policy. It’s a good idea to work with an independent insurance agent who can shop around for the best price to insure your collection.
This might feel like a lot of leg work, however, it’s worth your time to protect your valuable possessions. You don’t want an unfortunate accident to occur where you lose your valuable collection or it becomes damaged and you can’t get your money’s worth. You’ve spent too much time, energy and money into collecting your antique valuables to end up losing them in the long run.
