Collectible Insurance Services Review

Collections insurance shields your collection from breakage, flood damage, and other losses. Groups may include valuable items such as paintings, Persian rugs, model trains, and coins.

A home’s collectibles can exceed the value of the house itself, or at the very least, enough to warrant that they require to be listed as items on a separate policy to be refunded the total worth. In 2020, rapper Logic paid $183,812 for a scarce Pokemon card. A 1938 edition of the Action Comics #1 comic book was auctioned off for $3.2 million via eBay. Each year, many collectibles can be insured for anywhere from 1% to 2% of the item’s worth. However, your collection doesn’t have to be worth millions of dollars to be worthy of taking out insurance.

We looked into sixteen insurance companies before settling on these seven top collectibles insurance companies. The winners stood out due to their reputation, ratings from third parties, and other insurance products. It was easy to combine policies, a simple application process, and excellent customer assistance were key elements also. These attributes shaped our perception of a reputable, reliable, and dependable insurance company that we would recommend to you via our recommendation.

The Best Collectibles Insurance of 2022

• Best Overall: American Collectors Insurance
• Best for Antiques: BHI Insurance Associates
• Best for Persian Rugs: Arroyo Insurance Services
• Best for Artwork: Progressive
• Best for Sports Memorabilia: Collectibles Insurance Services
• Best Value: MiniCo Insurance Agency
• Best Customization: Chubb

American Collectors Insurance

American Collectors Insurance, a company, started by collectors who love collecting, has taken the top position in insurance on collectibles. The company provides features in its policies that go beyond the industry standard, like their Inflation Guard Protection, agreed value coverage, and other policy improvements.

Pros

• Collectors founded the company for collectors
• Broad coverage
• Inflation Guard Protection
• Automatically covers new additions to the database.

Cons

• It does not cover the furniture industry, artwork, or jewelry
• There are no complimentary insurance products other than those of collectibles

In 1976, a group of collectors founded American Collectors Insurance (ACI), a provider of insurance for many types of unique items across all 50 states through their Agreed Value policy, a rare thing in the market that is one characteristic that makes them one of the top overall.

Standard coverage for insurance includes floods, fires and theft, and natural disasters. Other important policies include:

• Agreed Value Coverage: Protects your collection for its total collector value, up to the policy limits, so you know that your group’s value is covered in the event of a loss.
• The Inflation Guard Protector: If you experience a complete loss from your collectibles, this protection reduces the Agreed Valu of your collection up to 8 percent.
• Automatic Coverage for New Additions Automatically covers any new additions to your collection, up to $2,000, after a 30-day notice.
• Collector’s Choice: Protects items transported, stored in your home, or used to celebrate special occasions.
• Unique Policy Enhancements: These include things such as the special protection for collectibles that you own.

ACI doesn’t provide insurance beyond the collectibles market, meaning there’s no chance to mix your insurance with homeowner’s insurance.

Every item comes with a distinct amount of deductible limit on insurance and coverage, so collectors can obtain a quote quickly by filling out a simple request on their website. After they’ve received the quote, policyholders may request insurance through their website. An ACI agent will contact them to inquire about more details and issue an acceptance.

Based on Trustpilot reviews on ACI’s site, they respond to the claims promptly via phone. They rarely request an appraisal when the agreed Value Coverage is in place.

Customers can contact ACI’s customer support team via phone, email, or live chat. They are accessible on weekdays between 8 a.m. and 8 p.m. (EST) and on weekends from 8 a.m. until 5 p.m. (EST). Customers can also claim their claims online.

BHI Insurance Associates

BHI Insurance Associates has 44 insurance companies behind the company. Their agents search for detailed policies that best meet your requirements and can assist you with filing your claim if you require them. This makes BHI the best choice to insure your antiques.

Pros

• Complete antique insurance
• Support via email is quick (replies in 24hrs)
• The 44 carriers you can choose from to select the best price and rates
• Assists you in proving your assertions
• Other insurance products are also available.

Cons

• BHI has no financial strength rating since the company is not a broker.
• With all the insurance options available, BHI is not a business solely focused on collecting.

BHI Antiques Insurance is an independent insurance broker capable of combining policies to ensure your collectibles and antiques are adequately covered, making the best choice for us. Although BHI cannot obtain an A-grade financial strength rating because they are an independently-owned broker, they represent businesses such as The Hartford, which has an A+ rating from AM Best. 1

BHI will cover your collection’s appraised value using an exhaustive list of all the items that make BHI one of the most secure and comprehensive insurance options available for the valuable belongings of homeowners. BHI will first consider an option for a rider to any existing policies to reduce your expenses. If you require an additional insurance policy for collectibles, expect to pay between 1% and two percent of the appraised value. If it meets your requirements, the policy’s rider could be half as expensive.

BHI Insurance has been in the business since 1974, offering various commercial and personal insurance options. Apart from antique insurance, customers also have access to other insurance products for personal use, such as flood automobile homeowners, renter’s motorcycle and boat and motor home, jewelry, umbrella, and jewelry insurance. BHI also offers a variety of commercial insurance options. BHI is located in New Jersey and is ideal for New Jersey residents. They can also serve other states through sure of their programs, but they need you to call them to explain your collection’s size and value before they can decide if you are eligible.

If you want to obtain the insurance you need for antiques BHI will require that all of your belongings be appraised. Then, they’ll direct you to create an inventory of your antiques, photographs, and their value. After that, the consultant will discuss the advantages and disadvantages of insuring the object versus purchasing the policy that pays for replacements using contemporary reproductions.

The company focuses heavily on customer support. Being able to provide customers with excellent service ensures that they remain running. They can be reached via telephone, fax, or online contact form. They usually respond to all inquiries anytime during the day.

Arroyo Insurance Services

Arroyo Insurance is a trusted source to ensure your Persian rug since they guarantee up to the market value at the time of purchase and also provide distinct policy features that permit your policy to stay in force even if your rug is loaned to someone else (or should you need to insure the property of another).

Pros

• Insurance coverage for a range of collectibles
• Complete offering that includes personal, business, employee benefits, life insurance, and
• Reliable insurance companies
• Ensures the current market value
• Make sure you insure someone else’s collectibles or your own during a loan

Cons

• Many documents are to be provided when making an insurance claim.
• No online quote tool

Arroyo Insurance Services writes more than $180 million in annual premiums through their carefully selected selection from thirty A AM Best companies. With exclusive policies and features, as well as current market value protection, Arroyo deserves your first look when looking for Persian rug insurance.

Arroyo Insurance Services’ roots go back to 1950, but the business was established in California on the 1st of September, 1986. They offer a range of commercial, personal, and life insurance and benefits for employees across various sectors.

Home insurance could provide value for your Persian rug. However, there’s a limit to the amount of coverage. If your Persian rug is valued above the limits of your homeowner’s insurance and you want to purchase a separate insurance policy to cover its entire value. Because Arroyo has a partnership with top-rated insurance companies such as Zurich and Travelers Plan on paying an annual cost of just 2% of the Persian rug’s worth, when you work with an agent to assess the insurance coverage and value of any item you collect with Arroyo, it is essential to complete all documentation that includes evidence of ownership, an appraisal, bill of sale and replacement estimate and photos.

Arroyo Insurance Services provides 24/7 customer support, internet access to accounts, as well as assistance from a call center.

Progressive

With Progressive Insurance, artwork owners can safeguard their treasured possessions against damage, theft, loss, and even disappearance. You can purchase separate policies or use another Progressive approach to save more.

Pros

• Artwork could be added as an addition to your existing insurance policies for home
• Protection from various types of
• AM The highest rating for A+ Superior

Cons

• Expensive art pieces might not be covered by Progressive’s homeowner’s insurance and may require an additional policy.
• There is no clear-cut policy regarding what happens when Progressive needs an appraisal. It is determined on a case-by-case basis.

Progressive permits specific works of art artwork to be included in your existing homeowner insurance, and a separate policy should protect more expensive art pieces. However, Progressive gets our vote for the best art insurance due to its complementary products and bundle savings.

The company was established in 1937 as the consumer’s and agents’ first option. Progressive is a dependable company. Progressive has the AM Best rating of A+ (Superior). 2

Under their care, customers have access to a variety of insurance for vehicles, properties and finance insurance, personal insurance, and business insurance. They can also bundle their insurance policies and blend two kinds of insurance into a single procedure.

You could add a rider to your existing home insurance policy to protect the art pieces. However, Progressive might have you purchase a separate additional policy that covers specific artworks depending on the worth of your collection as well as the limitations of the homeowner’s policy.

Insuring art through Progressive generally costs 1.5 percent to 2 percent of the item you’re insuring. That means that a piece worth $20,000 is about $300 to $400 per year to cover. But, getting in touch with them is essential to determine the exact price. If you can arrange your artwork to be covered by the existing Progressive homeowner’s insurance, You could save approximately 50% off the annual cost.

Although Progressive Insurance doesn’t require an appraisal of artworks worth under $5,000 once the business conducts an extensive review of the collection, they have the right to request an estimate based upon the value of your art and home. Customers can reach Progressive insurance via telephone, email, or live chat with a support representative.

Collectibles Insurance Services

With the most comprehensive loss coverage, including if the loss happens during travel, in a storage facility, or on display at an exhibition, Collectibles Insurance Services is the best company to turn to if you want to protect your sports memorabilia.

Pros

• Collectors founded the company for collectors
• Most comprehensive loss coverage
• There is no appraisal requirement for items less than $25,000
• Collector policy deductibles as small as $0
• Inflation coverage is offered

Cons

• The items must be filed by the 30 or 90-day mark from the date of acquisition.
• It is your responsibility to keep an inventory on your own that you are required to be able to provide when you file the time of submitting a claim.

If you’re searching for an organization that can understand the story behind your memorabilia sports, then look for Collectibles Insurance Services. Established by collectors in 1966, CIS has built the most comprehensive loss insurance policies on the market for memorabilia from sports. Policies are backed with the AM Best rating of A (Excellent) across every state. 3

The insurance for sports memorabilia has to be purchased independently and not as an add-on to an existing policy. It covers accidental breakage or fire, burglary, flooding (except within areas A & V), loss of mail, nature-related disasters, theft, and other reasons that aren’t explicitly excluded from the policy.

CIS doesn’t require an appraisal or schedule for sports memorabilia. However, sets or pieces valued above $25,000 must be scheduled. There is also the option of getting insurance for items stored in public storage facilities.

Deductibles start at $0 under policies for collectors, and customers are covered in the amount of the market value of their collection and items in the event of losses exceeding $50.

Collectibles Insurance Services has a customer service department that will answer your questions and manage claims via phone. You can also email them or request a quote through the Contact Us page.

MiniCo Insurance Agency

With MiniCo Insurance, people can secure their collections with insurance protection for the whole worth of the item up to $1 million, with affordable premiums, no deductibles, and no appraisal. In the process of applying, it makes them our top price option for insurance for collectibles.

Pros

• Up to $1 million of coverage (higher limits are also offered)
• Premiums are competitive and not tax-deductible
• Ensure the entire value of collectibles
• Online quote tool

Cons

• Appraisals are required for watches and jewelry worth more than $50,000

MiniCo Insurance shows their policyholder’s worth by insuring collectibles for total value and with more significant limits than their competitors, without deductibles and no appraisal needed. That’s why MiniCo Insurance is awarded the most value.

In 1974, MiniCo was founded as an insurer of specialty insurance magazines and other products. MiniCo’s primary provider, AXA XL, has been awarded the A+ rating (Superior) from AM Best. 4 They offer individual insurance and casualty products that cover more than 100 collectibles from every state.

This online tool requires less than a minute to fill out. Deductibles start at zero, and monthly rates range between 0.5 percent to 2 percent of the insured item’s market value.

In the event of a catastrophe, the policyholder should notify MiniCo’s Director for Claims Management and Loss Control Services to contact them via telephone for the fastest resolution or via email. An adjuster will contact the policyholder to collect the relevant documents to settle the claims with an agreement between the parties.

MiniCo customers can reach MiniCo via email or telephone or by filling out an inquiry form on MiniCo’s website.

Chubb

The capability to modify the insurance policy through riders that combine coverage for blankets with itemization is why many collectors choose Chubb Insurance when they need the ability to customize their insurance.

Pros

• Customized policies ranging from blended blanket coverage to individualized pieces
• The market value of claims for payments
• A variety of mobile and online applications for users
• Liberal appraisal requirements

Cons

• A large corporation, therefore services won’t be personal unless you’re working with your local representative
• No online quote process

Chubb’s wide range of insurance options gives them an edge over smaller firms when you require custom collectibles insurance, possibly merging features from one policy with other approaches.

It was established in 1882. Chubb is one of the largest publicly traded insurance companies for property and casualty and one of the oldest. The company is currently in operation in 54 nations and territories. It ensures all 50 states. It is rated A+ (Superior) at AM Best. 5

Chubb does not require appraisals for:

• Individual jewelry pieces worth $100,000 or more
• fine art objects that are valued at $250,000 or higher
• items valued at $50,000 or more

In addition to those three variables, the business only requires a detailed description and estimated value.

Alongside collecting items, customers can purchase a car, home liability insurance, protection against natural disasters, and personalized services. Agents can also mix different policies for each customer to provide complete protection for a market-value price and possibly savings bundled. If you have several individual insurance plans with Chubb, they can combine them into one monthly bill.

Whether you have a home insurance policy, a business homeowner’s, an auto, or an insurance policy, Chubb offers you the option of filing claims on your own by contacting an agent. The policyholder can file a claim at any time and receive a reply within 6 hours. Additionally, all claims and changes made on them can be checked online. Claim payments are due within 48 hours after the settlement agreement has been reached.

To get in touch with Chubb customers, they can look for an agent using their online tool, over the phone, or via the company’s contact form. Once you’re a policyholder, you’ll be able to contact Chubb through the online portal for clients.

Bottom Line

Be cautious when assuming that the homeowner’s insurance protects your collections. There are a variety of scenarios or damage that aren’t covered by losses to the reader simply because it is located in your home. The most common method of insuring your group is to insure it with a rider to your homeowner’s insurance policy. However, the riders will not provide the entire value of your collectibles, and you should be sure to read the fine print before considering this option.

Insurance policies for collectibles are separate insurance policies to guard against the shortcomings of loss insurance and value. Collectors’ insurance companies are aware of the intricacies surrounding your precious items. American Collectors Insurance checks all the boxes and more. As the top overall insurance provider for collectibles, they provide specialized policy features that consider the entire value of your collection and inflation and automatic coverage enhancements for your groups as it expands.

What Is Collectibles Insurance?

Insurance for collectibles protects valuable objects from loss-related events like loss, accidental damage, and mysterious vanishes, which homeowner’s insurance does not cover. They also consider that collections generally don’t appreciate value but increase as time passes. Homeowner’s insurance limits the coverage of your home to a certain percentage of the value of your home. Sometimes, this isn’t enough to cover the cost of replacing your collection if it is damaged, destroyed, or taken. Even if there’s sufficient coverage in terms of dollar value, the policy could restrict coverage to specific collectibles like fine art and Persian rug and thus will not fully compensate for the loss.

Insurance policies for collectibles can also protect your collection beyond your home. For instance, you could customize a policy to protect your possessions while they are via the mail, traveling with you, stored in a storage facility, or on display at an exhibition.

How Do I Insure a Collection?

To ensure the collection, insurance companies will require you to start by giving evidence that you have the collection. Identify precisely the contents of it using an inventory that is detailed and provide proof of third-party appraisals, such as an invoice of inspection or sale.

It is possible to conduct a quick investigation using some online quoting tools to find an estimate. Then, you’ll contact insurance firms or experts to obtain an accurate appraisal. Insurance companies will require a little more about your personal life about your collection so that their agents can provide specific guidelines to ensure your protection effectively. For instance, are you a dealer who often travels with your group of baseball cards to shows? It is necessary to have an insurance policy that protects against loss, accidental damage, transportation, or inventory loss.

How Much Does Collectible Insurance Cost?

There are two main methods to cover the collection. The cheapest option is to include the inventory-scheduled rider in the homeowner’s insurance. Although they might have lower premiums, these riders might not offer enough coverage. That’s why a separate particular collectible insurance policy is a good idea that schedules each asset.

You should look for policies that will give your collection the total worth, and not just cash worth as well as replacement value. Expect these policies to cost you around 1 to 2 percent of the amount insured. For instance, a certified baseball card worth $100,000 would cost around $2,000 in annual premiums.

How We Chose the Best Collectibles Insurance

After analyzing sixteen insurance companies, we discovered that these seven were the most competitive in their field. Seven act as brokers and are supported by 30-50 AM Top-rated financial institutions, providing the companies a wealth of experience and expertise from that they can draw.

We scoured for companies that offer an extensive range of insurance options that included hundreds of different collections or other insurance products that could be combined for savings. The winners all followed the same pricing approach that offered collectors a total market value with premiums within the 1%-2 percentage range of the appraisal and the invoice of sales. We always prefer firms that are simple to work with and that have easy online tools as well as phone and email options. From applications to claims to customer service, businesses that had simplified online processes made it to the top.