Insuring Your Stamp Collection

Your stamp collection may be valuable, but will your insurance provide coverage if your collection is damaged or destroyed by a fire, flood, theft or other loss?

Some basic homeowner's insurance policies cover some types of collectibles, but it's always smart to find out what your coverage is before you really need it. As the old saying goes, "it's better to be safe than sorry." Don't just assume your homeowner's insurance will help out if you have a problem.

Everyone should inventory all their valuables - not just stamp collections but any art, jewelry and other valuables you might have. After the inventory is completed, get your valuables - including your stamp collection - appraised by someone competent. When you have your appraisals, contact your insurance company or agent to find out what your coverage really is. If your stamp collection and other valuables aren't already covered to their full value - and chances are, they won't be - consider adding a rider, umbrella policy or specialized policy that will cover them. Your valuables will then be covered up to an agreed-upon dollar amount as specified in the policy.

Several companies offer insurance coverage for stamp collections. One well-known company is Collectibles Insurance Services (this is not an endorsement of that company, we mention them just for your information, but there are others).