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Texas Department of Insurance
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Collectibles: Why you may need extra insurance coverage

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If you own rare baseball cards, vintage toys, or antiques, you probably know their resale value. But do you know what your homeowners or renters insurance would pay if they were stolen or damaged? Let’s talk about buying extra coverage to protect your collectibles.

  1. Do I need more coverage?

    Probably. Your home or renters policy will only pay to replace a damaged or stolen item with something similar. So, your policy might only pay $1 for a Pokémon card instead of paying the value of a rare card worth $2,000.

    Some home or renters policies won’t cover your collectibles at all. Or they might cap how much they’ll pay for certain items, like valuable papers, coins, and jewelry. For example, your policy’s coverage limit on coins might be $500. That’s the most your insurance company will pay you, even if you have a coin worth $5,000. And you’ll have to pay your deductible.

  2. How do I get more coverage?

    Tell your home or renters company that you’d like to buy more coverage. If they don’t sell coverage for collectibles, look for a company that specializes in it.

    Once you find a company, use receipts or a professional appraisal to help you decide how much coverage to buy. Get regular appraisals to know if the value of your collectibles has gone up or down so you can change your policy limits as needed. Keep appraisals, receipts, and pictures in a safe place in case you need to file a claim.

  3. What are the benefits of extra coverage?

    Extra coverage might pay for damages and losses that a typical home or renters policy won’t. For example, it might pay if something breaks or is damaged by a flood. And deductibles on extra coverage are usually lower than deductibles for your house and belongings.

 

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For more information, contact: MediaRelations@tdi.texas.gov

Last updated: 6/29/2022