Will My Home Insurance Cover My Sports Memorabilia?

ballAre you a sports fanatic?  Do you have memorabilia on display at home or tucked away for safe keeping?  If you do, have you ever wondered how safe these treasurers really are?

What would happen if your Russell Wilson autographed football was stolen from your home?  What if your home caught fire and turned your baseball card collection to nothing more than ashes?

Does your home insurance cover your collectibles?  Are you reimbursed for their value if they cannot be replaced?

Home insurance policies include coverage for your belonging, so your memorabilia should be covered right?  Unfortunately it is not this simple and is not typically the case.  Most standard home insurance policies have specific limits in place for high valued items and collections.  In order for your sports memorabilia to be insured for its value, it should be listed on your home policy or insured separately.  If it is not, your insurance carrier may give you actual cash value for your collectibles, if they give you anything.  This means that on a standard home policy you would NOT receive the appraised value for you signed Michael Jordan jersey.

What should you do?

If you would like your sports memorabilia to be insured properly, you should take photos, make an inventory with specific descriptions of each item, and keep updated appraisals.  These documents should be brought to your insurance agent to be specifically listed on your home policy or insured on a separate policy.  Insurance premiums for these items vary.

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