Collectors are passionate about the objects of their interest such as trading cards, game-worn jerseys, autographed balls, or signed photographs. But while serious collectors focus on their inventory, many overlook the need to purchase sports memorabilia insurance to protect these valuable items.
Is your collection important to you? Do you take pride in the effort you’ve put into selecting and caring for your sports memorabilia collection? Would you be upset if your collection was suddenly destroyed? And if a severe storm, fire, burglary, or other event resulted in the loss of your sports memorabilia collection, would you lose a significant financial investment? For these and many other reasons, collectors like you need sports memorabilia insurance.
Sports Memorabilia Collection Insurance
Given the amount of money and effort you have spent to build your sports memorabilia collection, it makes sense to seek out an insurance policy that is designed to protect these items. Purchasing a separate insurance policy offers many benefits over insuring collectibles with your homeowner insurance policy.
Collectibles Insurance Policy vs. Traditional Homeowner Policy
- Appraisals
Homeowner insurance policies generally require appraisals for collections over $5,000 as part of the underwriting process.
MiniCo Collectibles Insurance policies do not require appraisals at the time of application.
- Detailed Inventory
Homeowner policies typically require a detailed inventory of all items.
MiniCo Collectibles Insurance does not require a detailed inventory for items valued up to a certain dollar amount.
- Deductibles
A homeowner policy may offer zero-dollar deductibles, but it is not common.
Zero-dollar deductibles are the standard for collectibles insurance policies.
- Limits
The limit per item on fine art and collectibles coverage within a homeowner policy generally ranges from $500 to $2,000 without the addition of a floater or rider. Even with an added floater or rider, homeowner policies tend to limit the maximum level of exposure.
MiniCo’s sports memorabilia insurance policy offers coverage up to $1 million or more.
- Coverage
Homeowner policies tend to insure for actual cash value and generally only cover named perils and exclude coverage for items in transit.
Collectibles policies insure the full collectible value (appreciated value) of items in the collection and generally offer all-risk coverage including coverage for items in transit, items stored away from the home (such as a storage facility), and accidental breakage.
- Claims
In today’s insurance market, filing a claim against a homeowner policy may leave you vulnerable to premium increases when it’s time to renew your policy. The worst-case scenario is that the policy may be declined for renewal.
With a separate collectibles policy, claims do not affect homeowner premiums or loss history. In addition, collectors insured by MiniCo have access to claims adjusters with a high level of expertise in specific collectibles categories including sports memorabilia. Adjusters with this specialized knowledge are better able to determine the value of unique or rare items, which should expedite the claims process and lead to a better outcome for you, the policyholder.
Sports Collectibles Insurance
MiniCo Collectibles Insurance benefits include:
-
- Coverage up to $1 million (higher limits available)
- Items insured for full collectible value
- No appraisal required at application*
- $0 deductible and competitive premiums
- A.M. Best “A” rated carrier
- Program available in the United States
* Appraisal required for jewelry items valued over $50,000.
What types of losses are covered?
MiniCo provides coverage for losses due to accidental breakage, fire, lightning, water damage, mysterious disappearance, loss in transit, and burglary. Additional coverages are included for specific collectible classes.
How much coverage should I purchase?
The amount of coverage purchased is selected by the policyholder and may be based on the value of the collection. The value is the current collectible amount or purchase price of the collectibles items to be insured based on original receipts, appraisals, or recent auction sales of the item.
How do I get a quote?
MiniCo’s online portal is a fast and convenient way to get a collectibles insurance quote. The application takes about 5 minutes (or less) to complete. It will help if you have the following information on hand.
- Your contact information
- Total value of all collections
- Schedule of individual items valued over $25,000
- Location(s) address
- Prior insurance and loss history
Don’t put your valuable collection at risk!
Protect your items with sports memorabilia insurance. Get a quote now!