Are you a collector? If you’ve amassed a significant collection, you may want to have its value appraised and consider adding specialty coverage or an endorsement to your homeowners insurance policy. Whether your collection is fine antiques, stamps, musical instruments, vintage costume jewelry or comic books, it can amass in value. You should talk over your collection with your insurance agent and see if it makes sense to protect your investment.
Take comic books. Vintage comics that were bought for mere pennies in the last century are now valued in the hundreds of thousands of dollars. A few prized comic editions have even reached into the millions at auctions.
This PropertyCasualty360 video is a case in point. Shawn Moynihan interviews Vincent Zurzolo, COO and co-founder of Metropolis Collectibles, a large and respected rare comic book dealer. It’s interesting from several perspectives: as a business case study of a fascinating niche business, as a discussion of commercial risk management, and also in the lessons it offers to personal hobbyists and collectors about protecting investments.
Zurzola shares interesting information about Metropolis Collectibles’ huge comics collection and the risk management steps they take for protection. He also has a few words for personal collectors. He says that just the way you protect the investment in your home or car by having insurance, you should protect your valuable collections too. He says, “… collectors feel like they are insured through their homeowners insurance policies sometimes they are and sometimes they’re not and finding out when its too too late is a tragedy.” He shares a cautionary story about an uninsured client who lost a valuable collection in Hurricane Sandy. He also notes that because collectibles frequently increase and decrease in value, it’s a good idea to do an annual review every year when insurance policies are up for review. He suggests that if you can’t evaluate your collection yourself, seek the help of an expert.