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Signed sticks and pucks from your favorite hockey club. A baseball from your hometown’s inaugural game. Trading cards you’ve held since childhood. If you have a collection of similar items, you may want to consider purchasing sports memorabilia insurance.
Your sports collectibles are vulnerable to theft or damage. Your existing homeowners or renters insurance policy provides some protection under personal property coverage. However, the value of sports memorabilia collections often exceeds those limits, and typical policies won’t cover all possible losses from natural disasters or while traveling.
You can add a scheduled property list of sports collectibles to your existing policy for some protection. However, sports memorabilia insurance is specifically designed for collections and can give broader coverage.
Understanding Sports Memorabilia Insurance
Sports memorabilia insurance can protect you from financial loss if your collection of sports items is stolen, damaged or destroyed. Unlike your homeowners or renters policy, sports memorabilia insurance can cover a wider range of potential risks.
Sports memorabilia insurance can provide limits of up to $1 million or more for each item, and homeowners or renters insurance typically have significantly lower limits of $500 to $2,000 per item.
Additionally, agreed value coverage (AVC) is typical in sports memorabilia insurance. AVC is the value you and your insurer agree on based on an appraisal, giving you comfort that items are insured to full collector value, less any deductible.
The policy limits also don’t depreciate, and some policies offer a guard against inflation. Policy limits can increase by 2% per quarter, up to 8% per year, for your sports collectibles worth more than $2,000.
What Items Does Sports Memorabilia Insurance Cover?
Sports collectors prize a wide range of items, so buying sports memorabilia insurance can help you recover a financial loss in your collection. Insurance — whether on a schedule or through an overarching policy — can cover game-used equipment, autographed jerseys, signed photographs, trading cards, posters, sports programs and other historical sports items.
If you have questions about an item, consider asking your insurance agent before purchasing the policy.
What Types of Losses Does Sports Memorabilia Insurance Cover?
As a collector, the rarity of items makes them valuable, but that rarity also makes them vulnerable to hazards not covered by personal property policies. Sports memorabilia insurance accounts for this and may cover the following:
- Accidental Breakage
- Burglary
- Earthquake
- Fire
- Flood (except in Zones A & V)
- Hurricane
- Loss in the Mail
- Natural Disasters
- Theft
- Mysterious Disappearance (for scheduled items)
You can discuss your coverage needs with your insurance provider. An insurer can tailor a sports memorabilia policy to fit your collection.
Other Types of Coverages for Sports Memorabilia
As a collector, you may travel with your sports memorabilia to exhibitions or store your collectibles someplace other than your home. Sports memorabilia insurance can give you added protection in those instances, too.
- Travel: Coverage can vary, but typically includes loss or damage while moving your collection for an exhibition or storage
- Exhibitions: Insurers can offer coverage for theft, loss or damage when you display your collection
- Storage Facilities: You can cover your collection in your home and your primary storage facility
Coverage for travel, exhibitions and storage varies among insurers, so inquire about these specific coverages, exclusions and limits.
Should You Insure Your Sports Memorabilia Collection?
Your sports collection is an investment and may significantly exceed the limits of your homeowner or renter's policy. Additionally, you may not be covered for certain risks. Consider these advantages and disadvantages of sports collectible insurance.
Pros
- Comprehensive Coverage: Risks not covered under property insurance policies, like damage during transit, natural disasters, water damage and more
- Expert Claim Service: Claims can be handled by someone with specialized knowledge of sports memorabilia
- Protection Worldwide: Allows you to travel or mail your collection with comfort
Cons
- Documentation for Claims: Proving your claim, ownership and value of collectibles can require extensive documentation
- Market Fluctuations: Changes in market value could leave you without enough coverage for your collectibles
- Lack of Complementary Products: Insurers offering coverage for sports collectibles may not carry other products, taking away an opportunity to bundle insurance
Weighing these pros and cons ahead of time can help you when you talk to an insurer about the coverage you need for your sports memorabilia collection.
How Much Does Sports Memorabilia Insurance Cost?
If your sports memorabilia policy provides full market value coverage, you may pay 1% to 2% of the value of your collection. If your collection is worth $10,000, you could pay an annual premium of $100 to $200.
Your cost depends on three factors: whether you’re a collector or dealer, your collection’s value and your deductible.
How to Insure Sports Memorabilia
Insuring your sports collection involves four steps: taking full inventory and compiling documents, appraising the value of your collectibles, reviewing your insurance offer, and reevaluating your collection and updating your policy.
Photos, receipts and appraisals may not be necessary when you purchase insurance, but they can assist in accurately valuing your collection and are required to file a claim.
A professional appraisal can keep you from being over or underinsured, and reviewing your policy immediately and updating it later can help guard against the financial loss of your collection.
How to Find Out How Much Your Sports Memorabilia Is Worth
You are responsible for determining the value of your sports memorabilia. While an appraisal isn’t necessary when applying for insurance, you must have one if you file a claim.
You can determine the value of your sports memorabilia through research on comparable items or by consulting with a professional sports memorabilia dealer or appraiser.
Research items sold through online auctions or marketplaces. You can find auctions through pricing publishers for trading cards and collectibles. Sports Collectors Digest can lead you to dealers and appraisers, or you can use Professional Sports Authenticator, a grading and authentication service for sports cards and memorabilia.
Compare the Best Contents Sports Memorabilia Providers
When you’re ready to protect your sports collection, you can review the following comparison of companies offering sports memorabilia insurance.
Reduce the Risk of Financial Loss From Your Collection
Insuring your sports collectibles can take effort, but that effort could prove worth it if you suffer a loss from theft or damage. Now that you know about sports memorabilia insurance and how to obtain it, you can decide whether it is right for your collectibles.
Frequently Asked Questions
Is there a maximum value limit for individual items covered under sports memorabilia insurance?
You and your insurer may agree on an appraised value for high-value items, which could be $1 million or more. Agreed value coverage ensures your collection is insured up to full collector value, less a deductible, with no depreciation. Additionally, you can purchase an inflation guard, increasing your limit by 2% each quarter.
How do I add new items to my sports memorabilia insurance policy?
Regularly communicate with your insurer, discuss additions, provide appraisals and other documentation and await confirmation from your insurer. Some insurance companies extend automatic coverage up to a certain amount for a period before you update your policy.
How quickly can a claim for damaged or stolen sports memorabilia be processed?
The time to process your claim varies and depends on your insurer, your policy and the completeness of your claim documentation. Consider checking with your insurance company on the claims process and timeline.