If your agency writes homeowners insurance, you should be offering this product too. After all, who among your clients isn't a collector of something?
Once the limitations of homeowners insurance are explained to a collector (especially with regard to full value replacement), this product is very easy to sell. It is also easy to write as we do not typically require professional appraisals or inventories.
The Collectibles policy is affordable and covers most collections in the household (click here for qualifications). Claims are paid on an agreed amount basis, and the deductible is $100 per occurrence.
Coverage benefits of a specialty policy for a collectibles policy include:
- Recognition of collection’s full-insured value
- Coverage for accidental breakage, as well as loss or damage due to fire, flood, or other natural disasters
- Blanket protection for all the qualifying collections in the household
- Individual pieces valued at $2,000 or higher are scheduled on the policy and receive coverage for mysterious disappearance at no additional charge
- Additions to the collection are automatically covered for 30 days (up to $2,000 per item)