Your collection can be safeguarded against unforeseen perils such as theft, fire, and water damage by best collectibles insurance in USA. To name just a few examples, valuable goods that could be included in a collection are works of art, Persian rugs, model trains, and coins.
Collectibles in a home can be worth more than the home itself, or at least enough that the items must be scheduled assets on a separate policy to be reimbursed in full. Logic, a rapper, paid $183,812 for a rare Pokémon card in 2020. A 1938 copy of Action Comics #1 sold for $3.2 million on eBay in 2014. Most collectibles can be insured for 1% to 2% of their annual value. However, your collection does not have to be worth millions of dollars to be worth insuring.
We researched 16 insurance companies in USA before settling on the top 7 Best Collectibles Insurance companies. Winners were chosen based on their experience, third-party ratings, and other insurance offerings. Convenience in combining policies, a streamlined application process, and customer service were also important considerations. These characteristics shaped our profile of a reliable, competent, and convenient insurer, which we could recommend to you.
The Best Collectibles Insurance of 2023
- 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 founded by collectors, takes our top spot for collectibles insurance. The company’s policy features, such as Inflation Guard Protection, agreed value coverage, and special policy enhancements, exceed industry standards.
American Collectors Insurance (ACI), founded by collectors in 1976, insures many types of specialty items in all 50 states with their Agreed Value policies, a rarity in the industry and one of the features that makes them our best overall.
Standard policy coverage includes theft, fires, floods, and natural disasters. Other notable policy features include:
- Agreed Value Coverage: Insures your collection for the full collector value, up to the policy limits, so you know exactly how much your collection is insured for in the event of a loss.
- Inflation Guard Protection: If you lose your entire collection, this special insurance adjusts the Agreed Value of your collectibles by up to 8%.
- Automatic Coverage of New Additions: With your 30-day notice, new purchases to your collection are automatically covered up to $2,000 in value.
Collector’s Choice: Safeguards items that are being shipped, stored outside your home, or used for special occasions. - Special policy enhancements include, for example, special coverage for collectibles you use.
ACI does not provide insurance outside of the collectibles market, so you cannot combine your coverage with, say, a homeowner’s insurance policy.
Each item has a unique deductible, insurance limit, and coverage, so collectors can quickly obtain a free quote by filling out a simple form on their website. Policyholders can apply for insurance online once they have received a quote. An ACI representative will contact you to request additional information or to approve your request.
According to Trustpilot reviews posted on ACI’s website, they handle phone claims quickly. They frequently do not request an appraisal if the Agreed Value Coverage is already in place.
ACI’s customer service team can currently be reached via email, phone, or live chat. They are available from 8 a.m. to 8 p.m. EST on weekdays and 8 a.m. to 5 p.m. EST on weekends. Customers can also file a claim online.
Pros:
- For collectors, by collectors.
- Comprehensive coverage
- Protection from Inflation
- Coverage of new additions is automatic.
Cons:
- Furniture, fine art, and jewellery are not covered.
- Aside from collectibles, there are no complimentary insurance products.
BHI Insurance Associates
BHI Insurance Associates is backed by 44 insurance carriers. Their brokers will shop for a detailed policy that best meets your needs and will assist you in filing a claim if necessary, making BHI our best option for insuring your antiques.
BHI Antiques Insurance acts as your independent insurance broker, combining policies to ensure that your antiques and other collectibles are adequately covered, making it our preferred option. Due to their status as an independent broker, BHI does not have a financial strength rating; however, they do represent companies such as The Hartford, which has an A+ rating from AM Best.
BHI can cover the appraised value of your collection with a detailed inventory of all items, making them one of the most secure and comprehensive insurance options for homeowners’ valuable items. To keep your costs low, BHI will first look for a rider option to one of your existing policies. If you require separate collectibles insurance, expect to pay 1% to 2% of the appraised value of your antiques. A policy rider, if it meets your needs, can be about half the price.
BHI Insurance has been in operation since 1974, offering a wide range of personal and commercial insurance products. Customers can also get flood, auto, homeowner’s, renter’s, boat and yacht, motorcycle, motor home, jewellery, and umbrella insurance in addition to antiques insurance. BHI also offers a line of commercial insurance. They are based in New Jersey and are ideal for residents of that state. They can serve other states for some of their programmes, but you must call in to describe the size and value of your collection so they can determine eligibility.
BHI will require you to have all of your antiques appraised in order to obtain insurance for them. They will then request a list of all your antiques, as well as photos and their appraised value. After that, one of their consultants will discuss the benefits and drawbacks of insuring to restore the item versus a policy that will pay for replacements with modern reproductions.
The company places a high value on customer service. Keeping customers satisfied keeps businesses in business. You can contact them by phone, fax, or through their online contact form. They usually respond to all requests within 24 hours.
Pros:
- Antique insurance in depth
- Rapid email assistance (replies within 24 hours)
- There are 44 carriers from which to choose the best price and terms.
- Helps you with your claims
- Other insurance options are available.
Cons:
- Because BHI is an independent broker, it does not have a financial strength rating.
- With so many insurance products available, BHI is not just a collectibles company.
Arroyo Insurance Services
Arroyo Insurance is a reliable source for insuring Persian rugs because they insure up to the current market value and have unique policy features that allow your policy to remain in effect if your rug is loaned to someone (or if you want to insure someone else’s property).
With their curated selection of 30 A-rated AM Best companies, Arroyo Insurance Services writes more than $180 million in premiums each year. Arroyo deserves your first look for Persian rug insurance because of its unique policy features and current market value protection.
Arroyo Insurance Services was founded in 1950, but the company was incorporated in California in 1986. They currently offer various types of personal, commercial, and life insurance, as well as employee benefits in a variety of industries.
Home insurance may cover the value of your Persian rug, but there is a dollar limit on the amount of coverage. If the appraised value of your Persian rug exceeds the limit of your homeowner’s insurance policy, you will need to purchase a separate policy to cover the full value. Because Arroyo works with highly rated carriers such as Zurich and Travelers, expect an annual premium of 2% of the value of your Persian rug. When working with an Arroyo agent to determine the insurability and value of a collectible, you must provide full documentation, including proof of ownership, a bill of sale, appraisal, a replacement estimate, and photographs.
Arroyo Insurance Services offers customers 24-hour service, internet account access, and call centre support.
Pros:
- Insurance protection for a wide range of collectibles
- Offerings include business, personal, employee benefits, and life insurance.
- backed by reputable insurance companies
- Protects current market value
- Insure someone else’s or your own collectibles while they are on loan.
Cons:
- There is a lot of documentation to provide when filing a claim.
- There is no online quote tool.
Progressive
Artowners can protect their valuable items against theft, damage, loss, and disappearance by purchasing a separate policy or combining it with another Progressive policy for greater savings.
Progressive allows some artwork to be added to an existing home insurance policy, while more expensive artwork should be covered by a separate policy. However, Progressive receives our recommendation for best artwork insurance due to the company’s complementary products and bundled savings.
The company was founded in 1937 with the goal of becoming the first choice of consumers and agents. Progressive currently has an AM Best rating of A+ for dependability (Superior).
Users can obtain various types of vehicle insurance, property insurance, finance insurance, personal insurance, and business insurance under their wing. They can also combine two types of insurance in a single policy by bundling their policies.
You can add a rider to your home policy to cover the artwork, but Progressive may require you to purchase a separate, specialised policy for specific art pieces based on the value of your collection and the limits of your homeowner’s policy.
Insuring artwork with Progressive typically costs 1.5% to 2% of the individual piece. This means that insuring a $20,000 piece will cost between $300 and $400 per year. However, you must contact them for an exact price. If you can schedule your artwork on your current Progressive homeowner’s policy, you could save up to 50% on your annual premium.
While Progressive Insurance does not require an appraisal for artwork valued less than $5,000, the company reserves the right to require an appraisal based on the value of your artwork and home after conducting an in-depth review of your collection. Progressive insurance can be contacted by phone, email, or live chat with a support agent.
Pros:
- Artwork can be added to an existing homeowners insurance policy.
- Protection against a wide range of events
- AM Superior rating of A+
Cons:
- High-value art pieces may not be covered by Progressive’s homeowner’s insurance, necessitating the purchase of a separate policy.
- There is no clear policy on when Progressive requires an appraisal; it is handled on a case-by-case basis.
Collectibles Insurance Services
Collectibles Insurance Services is the best company to turn to if you want to protect your sports memorabilia. They provide the most comprehensive loss coverage, including if the loss occurs during travel, in a storage facility, or while on display at an exhibition.
Look no further than Collectibles Insurance Services for a company that understands the stories behind your sports memorabilia. CIS, founded in 1966 by collectors, has developed the most comprehensive loss coverage policies in the sports memorabilia market. In all 50 states, policies have an AM Best rating of A (Excellent).
Their sports memorabilia insurance must be purchased separately, not in conjunction with another policy. It covers accidental breakage, burglary, fire, flood (except in zones A and V), mail loss, natural disasters, theft, and other causes not specifically excluded by the policy.
CIS typically does not require a schedule or appraisal for sports memorabilia, though items or sets worth more than $25,000 must be scheduled. They also offer insurance for collectibles stored in a public storage facility.
Collector policies have no deductibles, and users can get coverage for the market value of their items as well as collection for any losses over $50.
Collectibles Insurance Services has a call centre that can answer questions and handle claims, and you can also send an email or request a quote from their Contact Us page.
Pros:
- Formed by and for collectors
- Most comprehensive loss protection
- For items under $25,000, no appraisal is required.
- Collector policy deductibles start at zero dollars.
- Provides inflation protection
Cons:
- Items must be reported and scheduled within 30 to 90 days of purchase.
- You are in charge of keeping your own inventory, which you must provide during a claim.
MiniCo Insurance Agency
MiniCo Insurance provides insurance coverage for the full collectible value up to $1 million with competitive premiums, $0 deductibles, and no appraisal required during the application process, making them our best value choice for collectibles insurance.
MiniCo Insurance showers value on their policyholders by insuring collectibles at full collectible value, at higher limits than their competitors, with no deductible and no appraisal required, earning them the best value award.
MiniCo’s partner carrier, AXA XL, was founded in 1974 as a provider of specialty insurance products and publications and has been rated A+ (Superior) by AM Best.
They now provide specialty and casualty insurance products for over 100 different types of collectibles in all 50 states.
It takes less than a minute to complete the online quote tool. Monthly premiums range from 0.5% to 2% of the insured item’s market value, with no deductible.
When a negative event occurs, policyholders should contact MiniCo’s Director of Claims Management and Loss Control Services, preferably by phone or email for the quickest response. An adjuster will contact the policyholder to gather all necessary documentation and settle the claim on mutually acceptable terms.
Users can contact MiniCo via email, phone, or by completing a quote form on their website.
Pros:
- Up to $1 million in coverage (higher limits also available)
- Premiums are competitive, and there is no deductible.
- Insurance covering the full market value of collectibles
- Online quote generator
Cons:
- Appraisals are required for jewellery and watches worth more than $50,000.
Chubb
The ability to customise an insurance policy with riders that can combine blanket coverage with itemization is why many collectors prefer Chubb Insurance.
When you need customised collectibles coverage, Chubb’s vast array of insurance products gives them an advantage over smaller companies, potentially blending features from one policy with those of another.
Chubb, founded in 1882, is the world’s largest publicly traded property and casualty insurance company, as well as one of the oldest. It currently operates in over 54 countries and territories, insuring in all 50 states, and has an AM Best rating of A++ (Superior).
In addition to collectibles, customers can obtain home, auto, travel, liability insurance, natural disaster insurance, and customised services. Agents can also combine different policies for each client to provide comprehensive coverage at market value, potentially saving money. If you have multiple Chubb personal insurance policies, they will consolidate them into a single monthly bill.
Whether you have a Chubb business, homeowner’s, or auto policy, you can file a claim either personally or through an agent. Policyholders can file a claim at any time of day or night and receive a response within six hours. Furthermore, all claims and the updates made to them can be accessed online. After an agreed-upon settlement, claim payments are made within 48 hours.
Applicants can contact Chubb by searching for an agent online, by phone, or through the company’s contact form. As a policyholder, you can communicate with Chubb through the online client portal.
Pros:
- Policy options range from blanket coverage to itemised coverage.
- Pays claims at market value
- Several online and mobile tools are available to users.
- Flexible evaluation criteria
Cons:
- Because this is a large corporation, service will be impersonal unless you work with a local agent.
- There is no online quote process.
Summery
Be cautious of assuming that your collectibles are covered by your homeowner’s insurance. There may be a number of instances or types of damages that do not cover the loss of your collection simply because it is housed in your home. The most cost-effective way to insure your collectibles is to add a rider to your existing homeowner’s policy. However, these riders frequently do not cover the full market value of your collectibles, so read the fine print when considering this option.
Collectibles insurance policies are available as stand-alone coverage to address the shortcomings of loss coverage and value. Collectibles insurance providers understand the nuances of your valuables. American Collectors Insurance ticks every box and then some. They offer specialised policy features that account for full collector’s value, inflation, automatic coverage additions to your collection as it grows, and more as our best overall collectibles insurance company.
Related Questions
What Is Collectibles Insurance?
Insurance policies for collectibles may also cover your collection outside of your home. You can, for example, tailor a policy to cover your items while they are in transit in the mail, travelling with you, housed in a storage facility, or on display at an exhibit.
How Do I Insure a Collection?
You can conduct preliminary research using online quoting tools to obtain an estimate, and then contact insurance companies or consultants to obtain a more accurate quote. Insurers will want to know more about your lifestyle as it relates to the collection so that their agents can recommend specific policies that will best protect you. For example, are you a dealer who frequently travels to exhibits with your baseball card collection? A policy that covers theft, accidental damage during transit, and missing inventory is required.
How We Chose the Best Collectibles Insurance?
We chose companies that provided a wide range of insurance products, whether it was hundreds of different types of collections or complementary insurance products that could be bundled to save money. All of the winners followed a similar pricing strategy, offering full market collector’s value with premiums ranging from 1% to 2% of the collection’s appraisal or bill of sale. As always, we prefer companies that are simple to work with and provide email and phone support. Companies that had streamlined their online processes rose to the top, from application to claims to customer support.
