Building a collection of any kind takes a lot of time, money, and hard work. When it comes to toys and figures, collecting can be a considerable investment. After putting so much energy into cultivating your collection, you’ll want to safeguard them from any harm. But how do you protect your items from the unexpected?
Many people find it surprising to learn that some insurance companies offer coverage for toys. Those who have put in the work know that any extra coverage is incredibly valuable and worth the investment. If you’re still on the fence, here are the top reasons why you should insure your collectibles.
Reason #1: Accident Protection
No matter how many protective measures you take, accidents can happen at any time. Even the most safeguarded toys are still vulnerable to damage. While you can design and invest in sturdy display cases with thick glass, your collectibles can still sustain damage when you move them or show them to other people.
Insuring your collectibles allows you to handle your toys with less stress. Most policies will help you pay for any necessary repairs to get your figures back into shape. This is especially helpful for people with rare and vintage items that may require specialized attention since these services can get pricey.
Reason #2: Theft Coverage
Thieves are always looking to swipe valuable items to make a quick buck. Toy collections are not immune to criminal activity, especially if your focus is on rare and expensive figures. Criminals are smarter now than ever before and might be able to break into your collection with the right resources.
Theft coverage is another reason why you should insure your collectibles. While they might not be able to reunite you with your stolen items, they can pay you back for all of the money you spent on them. This way, you won’t be empty-handed when you start rebuilding from the ground up.
Reason #3: Protection From Disasters
Just like accidents, most natural disasters are unavoidable. While you might have enough time to pack your essentials and hunker down in a safe location, you probably won’t have time to secure your collection. With collectible insurance, you’ll know that your valuable figures have coverage.
Toys kept behind sturdy, fireproof glass might have a fighting chance against some of nature’s conditions. However, if you display your collection out in the open, they are at risk for damage or complete destruction. Make sure your policy covers a wide range of disasters, including hurricanes, floods, and fires.
Reason #4: Reimbursement for Lost Items
A lot of collectors enjoy buying new toys in person at conventions and retail stores. However, more people are turning to online suppliers to find the perfect addition to their collection. It’s true that shopping online gives you access to more options, but it also increases the chances of items getting lost or damaged during the shipping process.
The good news is that many insurance policies offer coverage for this exact situation. If you never receive your order but can’t seem to organize a full refund, your toy insurance will protect you from taking a financial hit. They may even help fix figures that wind up damaged or broken in the mail.
Tips for Finding Collectible Insurance
Now that you know the benefits of getting toy insurance, you’ll need to find an excellent provider to cover your collection. Navigating the world of insurance can be intimidating, since there is a lot of specific jargon and knowledge you’ll need to make the right decision. Fortunately, we have broken down the process and have some tips and tricks to make finding toy insurance easier.
Check Your Current Insurance Policy
Whether you rent or own your home, you probably have an insurance policy covering your space. These plans cover a wide range of situations, like exterior damage, flood protection, and personal property coverage. Before looking for new insurance, check your current policy and see if they cover non-household items.
Be sure to read your policy carefully. Some insurance providers only offer coverage up to a certain amount. If your collection is worth more than the maximum claim amount, you’ll need to find supplemental coverage for your valuable figures.
Document Your Entire Collection
To insure anything, you’ll need documentation to file a claim. The same rules apply to your collectibles, so make sure you’re documenting every item in your collection. Take clear, high-quality photos of your figures and back them up on your computer, so you’ll always have a copy.
You’ll need more than photos to file an insurance claim for your toys. Save all receipts and organize them in a safe place. You should also keep track of purchase dates, locations, and amounts paid in an excel sheet or notebook. It’s also helpful to have resources on hand that can attest to the value of your items, like books on collectibles and appraisal documents.
Get a Formal Appraisal
Speaking of appraisals, if you’ve never had one done, now is the time to do it. An appraisal is a process where experts determine the value of certain goods and items. This is a standard procedure in all kinds of collection communities, including among toy collectors.
Having a professional review your collection will ensure that you’re getting the most out of your insurance policy. Insurance providers that don’t specialize in toys and collectibles might only offer you reimbursement at market value instead of their true worth. They can also help you determine exactly how much coverage you need to protect your entire collection.
Research Potential Insurers
After doing all of this prep work, you’re ready to find a collectible insurer! Our first tip asked you to look into your existing insurance policy; if your property or renters insurance covers non-household items, then you can stop there. However, if you have an extensive collection that is worth more than the maximum, you’ll need to do a little more digging.
There are many ways you can go about finding insurance for your collectibles. You can start by asking your current provider for information and resources. It’s also helpful to ask other collectors in your field and see if they have any insight. If all else fails, doing an internet search for specialized insurance providers should connect you with some decent results. Whatever you do, make sure your policy covers your collection’s worth and protects against all of the situations mentioned earlier.
Insuring your collectibles is the best way to protect your valuables from the unexpected. At Shumi Toys & Gifts, we have so many brands and figures for you to choose from. Now that you have adequate coverage, shop our inventory of Bandai toys and add on to your collection today!