When I was a kid I attempted to start a stamp collection because my mother thought I should have a hobby. After my little brother licked every stamp I had collected and stuck them to my bedroom door I decided that collecting anything just was not my scene. Then I had kids and suddenly my home was invaded with beanie babies and Pokemon collections that each child swore would one day be worth so much money that the kids could pay for their college education. That fad passed and not one of them was able to pay for their educations with Jiggly Puff or Charizard.
People collect all manner of things and sometimes these collections are quite valuable (coin collections, first edition books) and others are barely worth what the collector paid for them (Hummel figurines, anything from the Franklin Mint). If you are an avid collector of anything you should discuss how will your collections will be covered by insurance with your agent. Some collectors purchase specialty insurance to ensure that their investment in their collectibles of choice are protected while other collectors never give insurance a second thought. I think it all comes down to what it is you collect.
If you spend the 1980’s collecting Cabbage Patch Kids you probably are not looking to spend extra money on insuring them. If you collect Star Trek memorabilia you might want to rethink your insurance needs. Even Barbie is a money maker when it comes to collectibles, the original version of Barbie in mint condition could sell for as much as $28,000! If I had known a Barbie could be worth that much I might not have drawn tattoos on mine! Collectors tend to take their collections very seriously and those that are serious about protecting their investments insure them.
Insuring collections can be tricky business. The worth of the collection could increase or decrease as the market changes and that fact could make any insurance agency shy away from even considering insuring collections of any type. Hudson Valley Agents is not that agency! HVA understands how much time and effort you put into your collection and they can ensure that it is insured correctly. Give them a call to discuss how to properly insure your collection. HVA’s Dave Jr has his own collection of Star Trek memorabilia as well as a coin collection and yes my friends these collections are insured.