You’ll need to take precautions to protect against a loss in your investment. Floods, water leaks, fires, theft, accidental damage are all too often an occurrence. Get your collection appraised by a company who specialise, get more than one quote. You’ll want to explore options for insuring your collection. A home owners domestic policy may cover a couple of items but check.
It is best to talk with your insurance professional before assuming that you are covered. If you have several pieces or a collection, you’ll want to purchase separate coverage. This can be a special “collectibles” policy or a rider on your home owner’s policy. Be sure to do an insurance assessment yearly or whenever you make a major acquisition. Your insurance should grow with the value of your collection.
Lastly, be sure to keep your receipts and Certificates of Authenticity in a safe place (i.e. safety deposit or fire proof box). Take photos and keep an inventory list. These should be organized with each collectible being assigned a reference number. Lists should also include pertinent information about each item such as product details, purchase price, date of purchase and estimated value. This list will also need to be updated either yearly or as often as you add items. Market values change, so you’ll also need to adjust your estimated values periodically. Maintain your inventory list by creating a database and storing it on both your hard drive and a CD.
