Any advice about insuring my Royal Doulton collection?

Question

I now have 28 Royal Doulton. Some were quite expensive as I bought a few years ago at retail prices, but then a few second hand from jewellry shops when browsing. Now I buy on Ebay as the fancy takes me. 3 or 4 Royal Worcester have found their way on my shelves too! I get a lot of pleasure from them - realising you have to 'like' what you buy etc - but as I plan to move house soon am now wondering about some general all round insurance. I realise the movers will have insurance of their own, but moving is not really the reason for the question. Just wanted to know what people generally felt about insuring their collections......hope that makes sense. Thanks for helping out.

Hi Vixeninav - just wanted to say thank you for your very extensive and helpful reply! Hope it helps others too. bfn Elaine

Answer 1

Talk to your insurance agent. Your Homeowners poliy (or Renters/Contents policy, if you rent) should have a "rider" available for collections. The rider cost will depend on the value of the collection/items included under the coverage. (Usually, the rider will cost $x for every $100 or $1000 of value you want to protect.)

The rider on the policy will need to know the vaue of your collection, and of each piece individually, so you will want to also contact a reputable appraiser. The appraiser will do a written appraisal (for a fee, of course) for each item. You will want to copy the appraisal(s) and give a copy to the insurance agent, and then put the original in a lock box (also called a safety deposit box) at your bank or credit union.

The safety deposit box usually has a small annual fee, but it is ideal to put your important papers in--like your car title, deed to the house, etc. They are fire safe, and only you can get into it--you have to sign first, and have the proper key, which is given to you when you sign up for the box.

It's important to have the appraisal available if anything would happen to your collection (such a your house burns down) and if you have the appraisal in the house during the same fire, you won't be able to show what you had. (A good appraisal will also include photos of each item.)

(btw...some people even keep a list of all household items in the lock box--makes it easier to remember what you had in the home in case it is all lost in that potential fire--I even knew someone that photographed every room, piece by piece, shelf by shelf, and another that videotaped everything...)

The appraisal should also be updated every few yrs to stay current on values. Some riders will autoatically increase by a set amount or percentage every year, other will not, and you will need to request the change.

And make sure to ask lots of questions of your agent as to what types of losses are covered--some may only cover fire or theft, but others may cover accidental breakage.

It may seem like a lot of work to protect your collection, but the little bit of extra time & expense now may save you a lot of heartbreak (and financial loss) down the road. :)