Does Renters Insurance Cover Collectibles?

Table of Contents

Which collectibles does renters insurance cover?
Which collectibles does renters insurance not cover?
How much do I have to pay if my collectibles aren't fully covered?
If renters insurance does not cover my collectibles, what will?

Which collectibles does renters insurance cover?

This is my first time purchasing renters insurance and I'm unsure about what's covered and what isn't. I have several collectibles and I'm wondering whether they're covered if there's a flood or fire. 

My main collection is pretty pricey, but I have other less valuable items too. Are all of my collectibles covered under a standard renters insurance policy?

With renters insurance, a lot depends on your specific policy, and when it comes to collectibles, the same is true. The short answer is that your renters insurance policy could cover all of your collectibles or none of them. 

It all depends on the value limits as defined in your policy. But before we get too ahead of ourselves, let's discuss how collectibles differ from your other possessions.

Generally speaking, renters insurance protects your personal property in the event of a covered claim. Covered claims will be specified in your policy and include occurrences such as fire, windstorm damage, theft, and vandalism. 

If one of these events occurs and your personal property is damaged or destroyed, renters insurance will pay you a certain amount per item or up to a set value as defined by the policy.

That being said, collectibles aren't generally excluded from coverage under your renters insurance policy. The issue is that if you haven't had the items appraised or you don't have proof of value of the items, you may not receive the full value of the items when they're damaged or destroyed. 

And because your renters insurance policy will likely have per-item and total value limits, the value of lost collectibles may exceed both of these totals.

If any of this is confusing, your independent insurance agent is your best resource to sort through when your collectibles are covered and when you might need a bit more coverage.

Which collectibles does renters insurance not cover?

Now that you know there are per-item and total value limits, the answer to this question is a bit more clear. Your renters insurance policy won't cover collectibles that exceed these totals. 

This means that you may receive partial reimbursement for some items. If those items are worth close to the policy limits, then you're in good shape.

However, most collectibles are far greater in value than what a standard renters insurance policy will provide. Thus, it's best for you to talk to your independent insurance agent to determine what coverage you have and what you may need to cover that your standard policy doesn't.

How much do I have to pay if my collectibles aren't fully covered?

This depends on the value of your collectibles. It's logical to assume that the higher the value of your collection, the higher the cost of the additional coverage you'll need to purchase. 

If you want a more accurate quote, speak with your independent insurance agent to discuss the cost of the rider to cover your collectibles.

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If renters insurance doesn't cover my collectibles, what will?

This is an easy one — you'll need a rider in addition to your standard renters insurance policy. The rider will make up for any gaps between the per-item value cap and total compensation limits in your policy and the value of your collection (piece-by-piece or as a whole). 

You can discuss riders with your independent insurance agent to get a better understanding at all of the options at your disposal.