If the title of this blog post caught your attention, it’s probably a safe bet that you have spent quite a bit of time and money on your collectibles and valuables or at least own an irreplaceable item such as a family heirloom. Now take a moment to imaging losing that collection or priceless heirloom to a fire. Or a hurricane. Or by theft. Or even to your precious child or grandchild that thinks your great, great grandmother’s Wedgwood teacups would be perfect for their treehouse teaparty.
As Murphy’s famous saying goes,"Anything that can go wrong, will go wrong." Now although lady luck may have come to our rescue one or twice in the past, everyone knows that she isn’t the always most consistent when it comes to bailing us out when we need her. This is where insurance comes in handy.
I know that money may not replace the invaluable collection you spent years collecting piece-by-piece or the antique vase that has been passed down in your family for a hundred years, but it sure can cushion your fall knowing that all is not lost. You can’t put a price on peace-of-mind! Here are a few important things to consider when insuring your valuables:
1. It is recommended that you set up a policy with a Specialized Insurance Company. Setting up a policy with a specialized insurance company like Collect Insure,which is specialized in insurance for collectibles, is the best option when it comes to protecting your possessions. Since insuring collectibles and valuables is all they do, their agents will have a much more focused, specialized knowledge and therefore, be more helpful in helping you set up and manage your policy. Also, specialized insurance companies will likely replace your items based on their true value, rather than the actual cash value.
2. If you choose to insure with a Homeowners’ Insurance Company, set up a separate insurance policy for your collectibles and valuables. If you put your items on a separate policy (a rider), you will most likely get a lower deductable and they won’t limit your collection to a percentage of the total value of your home. You can also use iTaggit’s ValueRangeiT tool (coming soon!) to value your item with just one click.
3. Keep good records of the items you wish to insure. It is always good to keep records of your valuables such as photos, receipts, appraisals, and other documentation. This way, if something does happen to your things (heaven forbid!), you and your insurance company will know have a record of exactly what was destroyed and the value of each item. Adding your items on iTaggit with accompanying documentation makes it a one-click process to print out a report for your insurance company.
Digitally storing and organizing all documentation of your items is the safest way to keep a record of your valuables. I don’t know about you but if I have to evacuate my home because of a hurricane, fire, or other potential disaster, rummaging through my filing cabinets for records would be the last thing on my mind! Take photos of your valuables and scan all relevant documentation (receipts, appraisals, warranty, proof ofpurchase, etc…) to digitize your collection.
iTaggit makes it easy to protect and digitize your possessions. You can add photos of your items and associated documentation to your own personal page with one click, making it easy to manage and organize your collections and other valuables. Even better, iTaggit makes it easy to print out your information as reports for insurance companies, or for tax deduction purposes should you choose to donate any of you items.
Check out how easy it is to use iTaggit by signing up and adding your first item! Also, try our ValueRangeiT tool (coming soon!) to value your items with one click!
