Insuring Your Valuables: What Does Homeowner’s Insurance Not Cover?


Everyone’s got a hobby. Maybe yours is collecting comic books, baseball cards, vintage stamps, or even rare china or figurines. If your hobby involves collecting items that could be considered valuable, you might want to consider taking out an insurance policy on them.

You might be thinking that your homeowner’s insurance would cover these items. However, many insurance adjusters are unlikely to just take your word for it if you tell them that you lost $10,000 worth of baseball cards in a fire when all they see is a pile of ashes.

Collectibles Insurance

You can take out an insurance policy on just about anything, and that includes collectibles and other valuables. If you own a sizable collection of valuable items, odds are good that you don’t want to lose them out of a sentimental attachment to them. However, in the event of a loss, you’d at least like to have some money for your heartache, right?

Before you take out an insurance policy on your valuables, talk to your homeowner’s insurance agent and ask them if they offer any coverage for the kinds of items you’d like to take a policy on. It’s possible that you could get coverage for the items through your homeowner’s insurance after all, but don’t count on this. Often, homeowner’s insurance plans cap the amount you can claim for household items, making it unsuited for covering a valuable collection.

Sometimes, your insurer will offer you the ability to add what’s called a “rider” to your policy that covers a collection. If they don’t it’s time to go to a different insurer.

How It Works

When you take out a policy on valuables, you generally will want to take an inventory of your collection and then have it appraised. This appraisal can then be shown to the insurer and helps to set the claim amounts for the collection in the event of a loss. You’ll likely want to shop around to find the best coverage for your situation.

When you’re looking for coverage, many of the same tips that apply with homeowner’s insurance apply. You want to make sure you’re getting coverage for several ways you could lose your valuables, like burglary, fire, and water damage. Remember: a policy is only as good as its coverage. Paying a monthly premium to have a policy on your valuables doesn’t do you any good if you can’t make a claim when you lose them to a flash flood.