Does Renters Insurance Cover Collectibles?

As a renter, you're likely already aware that renters insurance provides coverage for your personal property. However, personal property comes with different classifications and values, which is important to consider regarding collectibles like fine art or a stamp collection. These items can be excluded from certain policies or come with lower allowed coverage limits in others.

Luckily, a local independent insurance agent can help you review your renters insurance policy in depth. They'll make sure you understand exactly whether and how your policy covers collectibles. But until then, here's a deep dive into how standard renters insurance covers collectibles.

Table of Contents

Does Renters Insurance Cover Collectibles the Same Way as Other Personal Property?
When Does Renters Insurance Cover Collectibles?
How Does Renters Insurance Cover Collectibles?
When Are Collectibles Not Covered by Renters Insurance?
How to Get Additional Coverage for Collectibles and Other Valuable Items
How Much Does Renters Insurance Coverage for Collectibles Cost?
How an Independent Insurance Agent Can Help

Does Renters Insurance Cover Collectibles the Same Way as Other Personal Property?

Collectibles are technically a specific type of personal property. While, in general, personal property refers to belongings like clothing, silverware, and furniture, collectibles can specifically refer to items such as stamp collections, fine art, jewelry, and other items of high value. Classifications of what's considered a collectible may also vary by each renters insurance policy.

When Does Renters Insurance Cover Collectibles?

With renters insurance, a lot depends on your specific policy, and when it comes to collectibles, the same is true. Your renters insurance policy could cover all of your collectibles or none of them, depending on the value limits and exclusions as defined in your policy.

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. Unless your collectibles are specifically excluded by your policy, you should receive reimbursement for covered incidents that cause loss, damage, or destruction to them.

How Does Renters Insurance Cover Collectibles?

Renters insurance can cover your collectibles in the same way it covers other personal belongings, as long as your valuable items aren't excluded by your policy. Renters insurance can protect you against losses to your collectibles caused by:

Ask your independent insurance agent to review your specific renters insurance policy with you to be certain of the perils it can cover.

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When Are Collectibles Not Covered by Renters Insurance?

Collectibles aren't generally excluded from coverage under your renters insurance policy. An issue can arise, however, if you haven't had the items appraised or you don't have proof of value for the items. In such a case, you may not receive the full replacement value of the items if they're damaged or destroyed, even due to a named peril on your policy. 

Further, since your renters insurance policy likely has per-item and total value limits, the value of lost or destroyed collectibles may easily exceed both of these totals. For example, some renters insurance policies specifically limit coverage for jewelry to as little as $1,000.

Your renters insurance policy won't cover collectibles that exceed these totals. This means that you may receive partial reimbursement for some items even if the full claim is approved. 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 the total coverage limit a standard renters insurance policy provides. Thus, it may be wise to talk to your independent insurance agent to determine the amount of coverage you have and whether you need any additional protection for your collectibles.

How to Get Additional Coverage for Collectibles and Other Valuable Items

To get coverage for the full replacement value of collectibles and other valuable items, you might need a floater, rider, or endorsement added to your renters insurance policy. The rider makes up for any gaps between the per-item value cap and total compensation limits in your policy and the value of your collection, whether piece-by-piece or as a whole. 

First, you'll need to get any collectibles or valuable items professionally appraised if your total collection's value is at least a few thousand dollars. Your independent insurance agent can advise you more specifically on when you'll need to get an official appraisal. Afterward, you'll have to decide which items you want additional coverage for. 

There are a couple of different types of renters insurance riders for valuable property to choose from:

• Replacement cost riders: These riders can increase your protection if you have valuable items like collectibles. If you have an actual cash value renters insurance policy instead of a replacement cost policy, you'll receive less payout in the event of a claim. If you add a replacement cost rider, you'll have to pay more for your policy, but you'll also be eligible to receive more reimbursement for loss, damage, or destruction to your personal property by a named peril. Depending on the value of the rider you purchase, you can get enough additional coverage to cover the replacement value of your full collection if you wish.
• Scheduled property riders: These riders can be used to specifically list or "schedule" specific items for which you want additional coverage. So, if items like jewelry, fine art, stamp collections, crystals, etc., are excluded by your policy, you can choose to schedule them. Scheduling these items allows you to receive reimbursement for them after a covered claim when you otherwise wouldn't have.

If you have collectibles that aren't specifically excluded by your renters insurance policy but are instead concerned that you don't have enough total coverage, an independent insurance agent can also help you increase your policy's limits.

How Much Does Renters Insurance Coverage for Collectibles Cost?

The cost of renters insurance for collectibles and valuable items can vary depending on the items you insure and their value. Typically, a collectible item valued at $10,000 can cost an average of $100-$200 annually to insure. A local independent insurance agent can help you find affordable renters insurance coverage for collectibles in your area.

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How an Independent Insurance Agent Can Help

Independent insurance agents can shop and compare renters insurance coverage and pricing options from multiple carriers for you. Overall, they'll present you with only the quotes for top-quality coverage at the best available rate. These agents can also help you get the protection you need specifically for collectibles and valuable items. They can also help file renters insurance claims for you and update your coverage as necessary.