Insuring and Estate Planning for Your Collections

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You've spent years and a lot of money on your collection - but have you thought about insurance? What happens if something happens to your collection? If a natural disaster strikes, will your insurance cover the loss of a collection? Will you even be able to tell the insurance company what you actually had?
What about a simple case of clumsiness? Will your current insurance cover accidental breakage of a single piece or two? These are all things to consider and think about when all is well and calm in your corner of the world.

1. Chubb Insurance - FAQ


Chubb Insurance poses some FAQ to consider about insuring antiques and collectible valuables. Chubb shared this information at the Antiques Roadshow and it has some good points to think about and consider.
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2. Insurance Options


One insurance option is completely separated from the homeowners or rental policy one might have. The policy is purchased from an insurance agency that specializes with antique and collectibles. The policies will cover your collections, be it stamps, coins, pottery or even muscle cars. Read more about American Collectors Insurance and Collectibles Insurance Services, LLC.
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3. Scheduling Items on Your Homeowners


Learn more about scheduling items on your homeowners insurance from Dan Ramsey. By scheduling articles you will also be protected against more types of loss or damage to your property. Your property will be protected against any direct damage to it unless it is caused by a few types of losses that are described in the endorsement. It will normally even cover certain types of loss and damage caused by breakage.
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4. Insurance Company on Storing Collections


American Collectors Insurance suggests safeguards to help protect your treasures while in storage.
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5. What Happens to Your Collection When You Die Unexpectedly?


You hear about this happening all the time. A long-term collector dies and the spouse or family has to dispose of his or her collection. What would happen to your collection if it had to be sold or disposed of by your family next year? Now think what would happen if you died today! Who would do it and how?
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6. Action List for Your Collection


Make a detailed list of all the pieces in your collection and keep it up to date. Anyone using a computer has to have the skills to use Excel or a similar spreadsheet. The idea is to put down the kind of information that would help someone, other than yourself, understand what you think your collection is worth.
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7. Software to Document Your Collection


If you're looking for more than a simple spreadsheet or notebook to keep track of your collection, a home inventory system might be something to consider. If or when disaster strikes, more than just your collection will be inventoried, but entire household goods will be ready for the insurance company adjusters.
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8. Using Photography to Recover from Disasters


Taking pictures, not only of your collection, but of the rest of the household inventory will be invaluable when trying to prove what you actually had. Unfortunately we don't have advance notice of these disasters, so set aside a weekend to photograph your stuff following the guidelines from our Photography Guide.
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