A recent article in an Insurance Industry Website Property Casualty 360 discussed rules for valuing collectibles after a loss by John Sterling the well-known radio play-by-play announcer of Major League Baseball’s New York Yankees since 1989 of 5 World Series Rings in a devastating fire earlier this year.
Here are their tips:
1. Start with a detailed inventory.
2. Back up your inventory on a storage device.
It doesn’t help if your inventory is lost with your possessions.
3. Update the inventory every five years.
Perhaps more oftern if you are actively collecting and increasing the number of items in your collection.
4. Have the correct insurance coverage in place.
5. Understand the difference between replacement and restoration.
This will depend on the terms of your policy and what is covered.
Now this was an insurance industry piece, so their final advice was to
Talk to your agent, broker or carrier about your homeowners or tenant’s policy sooner rather than later, Trabue advises. They’ll help you determine the best way to insure your household goods from the most expensive collectible to the least expensive kitchen spatula.
What steps have you taken with your collection?
“The only thing that overcomes hard luck is hard work.” Harry Golden