Collectibles Insurance in New Hampshire

Also providing collectibles insurance to residents in Massachusetts, Maine, Rhode Island, & Vermont.

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What is collectibles insurance?

Many collectors invest substantial amounts of time and money into their collections. It’s difficult to insure the time and effort, which is often a labor of love, that’s poured into a well-curated collection. Collectibles insurance may help New Hampshire residents insure their collections for the monetary value that they represent, though.

Collectors can invest substantial time and money into their collections, and it’s important to protect that investment as much as possible. It’s difficult to insure the time that’s poured into collections, which is often done as a labor of love.

Who in New Hampshire is personal collections insurance for?

New Hampshire residents may need personal collections insurance if their collection has substantial value. Coverage can be especially important when the worth exceeds any homeowners coverage.

Does homeowners insurance cover collections?

Many homeowners insurance policies provide limited coverage for high-value items, but the coverage often isn’t enough for a collection. Personal collections insurance can be helpful even when homeowners coverage applies.

It’s common for homeowners policies to have specific, and often low, limits for high-value items. Antiques, artwork, firearms, silverware, Persian rugs, sports memorabilia, and similar items might all have low limits. 

In certain cases, a homeowners coverage limit might be adequate for some collections but not others. A policy that limits coverage on the aforementioned items probably doesn’t protect them enough to fully insure a collection of any of these. It might not restrict coverage on books, however, and thus offer enough coverage for a rare book collection. Such limits are highly policy-dependent.

Even when the limit of a homeowners coverage is high enough, personal collections insurance may provide broader protections. While a homeowners policy could cover fire, smoke, theft and possibly even burst pipes, collections insurance may also heat waves, shelf collapse and other like perils. 

An insurance agent specializing in insuring collections can help determine what protections a collectibles policy will provide that homeowners doesn’t.

What protections does personal collections insurance provide?

Personal collections policies can provide a host of protections that go beyond the typical homeowners coverage. A policy may offer coverage for:

• Accidental breakage
• Mysterious disappearance
• Burglary and theft
• Fire and smoke
• Natural disasters
• Heat waves
• Flood (in certain zones)

There’s often a fairly low limit for mysterious disappearance, and flood protection might be restricted to certain zones. These protections still cover a wide range of risks, though.

Do personal collections policies cover collections when they aren’t at home?

Whether collections are covered when they’re not at home depends on a policy’s specifics. Some policies may only cover items when they’re at a primary residence. 

Most personal collections policies offer coverage options for mailing, transporting, exhibiting, or in storage, however. These could be standard features or add-ons.

If coverage is needed for exhibiting or storage, collectors should work closely with a knowledgeable insurance agent, who can confirm that a policy does indeed offer the coverage that’s required.

How do personal collections policies value the items that are insured?

Personal collections policies may value the insured collectibles a few different ways, each of which normally offers the same or more protection than a typical homeowners policy. Some common valuation levels are:

• Fair Market Value: The price agreed upon between a buyer and seller.
• Wholesale Value: The price paid by a dealer, often as much as 50% lower than retail.
• Retail Value: The price that a dealer charges their customer.
• Tax/Estate Value: The average price paid for like pieces at an auction.
• Auction Value: The price paid between a buyer and a seller if neither has to purchase or sell.
• Insurance value: The price of replacing the item with a like one, often the highest method.

How can collectors in New Hampshire get collectibles insurance?

If you need help insuring a collection, connect with the independent insurance agents at Insurance24. Our New Hampshire agents will help make sure your collection gets properly protected with a robust collectibles insurance policy.