by Shannon Casey
If you’re an avid collector of jerseys, then you take protecting your collection quite seriously. If you spend a significant amount of time and money collecting jerseys, this makes sense. All that effort and cash could go to complete waste if your collection was damaged or lost. While jerseys aren’t necessarily the first target for burglars, they can still get stolen. Who’s to say that the thief won’t be envious of your signed game worn Derek Jeter jersey, even if he's not sure who #2 is? Plus, if your home suffers damage from a fire or other disaster, there’s a good chance your jerseys would suffer as well. Insuring game worn sports memorabilia is something every collector should consider.
You might have already considered putting your jerseys in storage, but it seems like such a shame to keep them hidden in the attic or basement. You put so much care into your collection that you want to be able to show it off to friends and family. Also, keeping belongings in storage doesn’t necessarily mean they’ll stay safe.
When it comes right down to it, there might be a better way. If you’re a homeowner, the secret to protecting your collection might be your home insurance policy. Home insurance actually already includes protection for your personal possessions, and this can pertain to your collection, not just your furniture and electronics.
Your personal property coverage is a based on your dwelling coverage. That's the portion of your policy that covers the structure of your home. Your dwelling coverage makes up the bulk of your policy and is equal to the replacement value of the house. Simply put, how much coverage you get for your belongings is proportional to how pricey your house is. If you live in a large home with deluxe features, such as hardwood floors and marble counters, you will be allotted more claim money for damaged belongings – and you likely will pay higher premiums for your coverage. If you live in a more modest abode, and reserve your extra funds for your collection instead of a fancy pad, then your insurance policy includes less coverage for your possessions.
Don’t leave your coverage up to chance and simply assume that you have adequate protection for your game worn collection. Call your insurance provider and make sure that you have enough coverage. A licensed agent can help you examine your policy and let you know if your personal property coverage is enough to replace your jerseys or other memorabilia if they are lost due to a covered peril, such as fire or theft. Naturally, you need to make sure that this protection is enough to cover your other belongings, too. If you experience a covered disaster, you need to replace possessions other than your jerseys.
Ask your agent about expanding your coverage limits. Often there are limits to how much you'll be reimbursed for collectibles and high-value items such as jewelry and furs. If you have a particularly high-value collection, you might want to schedule an endorsement onto your policy. An endorsement will boost your premium, but serious collectors won’t mind the extra expense. The other option is to purchase a personal articles floater – a separate policy that covers your collection. These are usually provided by companies that have expertise in that coverage. Either way, you should prepare an inventory of what you have so you'll know where to start if you file a claim.
Personal property protection isn’t just for homeowners, either. If you rent, you can purchase a renters policy to cover your jerseys and the other contents of your home. Get on the phone today with an agent. A few minutes spent discussing your options might save you a lot of trouble down the road. Purchasing insurance might be all it takes to save you from starting your collection from scratch.
Shannon Casey is a writer for HomeownersInsurance.com. With a background in comedy and playwriting, Shannon branched into blogging and marketing in 2011, writing for several national brands. She graduated from Hampshire College in Amherst, MA, in 2010 with a B.A. in Liberal Arts.