Personal Collections Insurance in St. Petersburg, FL
Personal collections often consist of valuable items that can be expensive to repair or replace, and the costs to do so may exceed the personal property limits on a standard homeowners or renters policy. Securing a personal collections policy can provide essential financial assistance if your items are lost, damaged or destroyed by a covered incident.
The experienced professionals at Bozeman Insurance Inc. in St. Petersburg, Florida, can help you get the insurance that best fits your needs. Contact us today for more information.
Which Personal Collections Are Eligible for Coverage?
Collectibles are generally items that are worth more than their original purchase price. Examples of items that may be eligible for personal collection insurance include collections of the following:
· Fine art
· Antique furniture
· Vinyl records
· Comic Books
· Musical instruments
· Sports cards and sports memorabilia
Other items may qualify for coverage. Our agents can discuss your collection and provide information on available policies.
How Does Personal Collections Insurance Work?
Generally, personal collections insurance policies provide financial assistance if your items are damaged, destroyed or lost after a covered peril (e.g., theft or mysterious disappearance). They may offer additional coverage features compared to a scheduled personal property endorsement to your homeowners insurance.
Several types of coverages are available, and your selection may depend on the kind of items you are insuring. Options include the following:
· Scheduled coverage—This allows you to list the items and their insurance value on the policy individually. Each item may be insured separately up to that value with this coverage.
· Blanket coverage—This covers your entire collection under one total limit and a per-item sublimit.
Market value protection coverage and automatic coverage for new items may also be available as part of your policy or as an endorsement. Market value coverage is when the insurer agrees to cover an amount over the listed value if the market price increases before the loss. Automatic coverage for new items automatically insures new purchases under the same policy for a set time and value as long as it is similar to those already itemized.
Other coverage options may be available, and you may have to provide documentation (e.g., appraisals) demonstrating the value of your items.
Contact Us Today
Your Bozeman Insurance agent can help you secure the policy and endorsements that best suit your personal collection. We can also provide more information on covered causes or loss, limits and exclusions. Contact us today for more information or a quote.