How to insure collectibles and memorabilia

The sky’s the limit when it comes to what you can collect! Collecting has become an increasingly popular hobby, spanning all ages and across all walks of life. But as your collection grows in value, it’s important to make sure it’s properly protected. Did you know that your home insurance may not adequately cover your collectibles and memorabilia? Here's how to make sure your collectibles are protected by insurance.

Start by checking your current home insurance policy

Home insurance covers many things a homeowner needs, but there are a handful of situations that may not be protected by homeowners' insurance. That's why, before you begin, it's important to read your home insurance policy.

Your homeowners insurance (or tenant insurance) policy might not fully cover your collection—and in some cases, they may not be covered at all. Most home insurance policies have limits on contents coverage, which means valuable items like jewellery, comic books, equipment, wine, fine art, coins, and sports memorabilia could be left unprotected.

Policy limits

Say you have a tenants insurance policy with an overall contents coverage limit of $50,000. While that may sound like enough to cover your current collection, many home insurance policies put a cap on coverage for specific items, often limiting claims to somewhere between $500 and $5,000. For example, you may have a limit of $2,000 for jewellery or $3,000 for comic books.

And in some cases, these items aren’t covered under your policy at all. That means if you have valuable collectibles, memorabilia, or other specialty items, your home insurance might not provide the protection you need.

Since every policy is different when it comes to limits, coverage, exclusions, and settlement terms, it’s important to read through the details. If something happens to your collection—whether it’s theft or damage—your policy limits determine how much you’ll be able to claim.

Taking the time to understand your coverage now could save you a lot of stress (and money) later. If you have questions about your home insurance policy, your local BrokerLink broker can help.

Make an inventory of your collection(s)

Life is full of surprises, and not always the good kind. Fires, floods, or theft can happen when you least expect it, and when they do, your collectibles and memorabilia could be at risk. If something happened, would you be able to remember every item in your collection? Having a detailed home inventory list makes filing an insurance claim much easier.

The best time to create an inventory is now—before you need it. Keep a physical copy in a safe place, like a safety deposit box, or store a digital version securely online. Here are some simple steps to help you get started:

• Make a list of your collection(s) ahead of time.
• Include details like the date of purchase, how much you paid, and any other important info.
• Take photos or videos of each item to document its condition.
• Save receipts for any new additions.
• Keep appraisal records for items that have been professionally valued.

If you ever need to file a claim, you’ll have everything ready to go. We also offer a step-by-step guide to the process for personal insurance claims to help you out.

Get an appraisal

If your collection is worth more than a few thousand dollars or is in a niche market where valuing items can be tricky, consider getting a formal appraisal. An expert appraisal can help you determine the right amount of insurance coverage you need.

A great way to find a qualified appraiser is through organizations like the Canadian Society of Appraisers or the International Society of Appraisers. They can connect you with experts who specialize in valuing collectibles, ensuring you get an accurate assessment for insurance purposes.

For high-value collectibles and memorabilia, some insurance providers require an appraisal before offering specialized coverage. Appraisal requirements vary by insurance company and policy, so it’s always a good idea to check with your provider for guidance on getting your collection properly valued.

Finding the right coverage

Once you know the value of your collection, it’s time to find the right insurance coverage. Start with your current provider to see if you can add coverage to your existing policy—this is often the most budget-friendly and easiest option. Here’s what you should know when selecting the right coverage for your valuable collectibles:

Adding endorsements

If your collection is worth more than what your home insurance covers, you may need additional protection, like a specialized endorsement, for more comprehensive protection. Also known as “riders,” endorsements can adjust your policy by increasing coverage limits, removing restrictions, or adding protection for high-value items like collectibles and memorabilia, ensuring your entire collection is protected.

Collectibles insurance

If you're unable to add an endorsement to your current policy, you may need to get a separate policy altogether, such as a collectible insurance policy.

Collectible insurance works differently from standard homeowners insurance. With this type of coverage, insurers often offer agreed-value coverage, meaning the payout is based on a predetermined amount rather than just the item’s current cash value. When determining coverage, insurers consider factors like rarity and condition, ensuring your collectibles are properly valued.

If you ever need to file a claim, your payout will be based on these agreed terms—giving you more certainty about how your collection is protected.

High-value home insurance

If your home insurance is up for renewal, another option is to look for a type of policy called high-value home insurance.

High-value home insurance is often recommended for homeowners with luxury homes. High-value home insurance goes beyond a standard policy by offering higher coverage limits and extra protection—perfect for luxury or upscale homes that may need more than basic coverage. It ensures your home is covered up to its full replacement cost, instead of its market value. This type of policy often includes higher coverage limits for high-value collectibles and memorabilia, like jewellery or wine cellars.

When shopping around and comparing policies, pay attention to what’s actually covered. Look for protection against fire, water damage, breakage, theft, and even loss in the mail. Some policies may only cover items while they’re at home, so if you take your collection to shows or travel with it, make sure you’re covered no matter where you go.

Review your new policy

Once you’re covered, make sure you understand the fine print. Some policies require collectibles to be stored a certain way, and if you don’t follow those guidelines, you could risk losing coverage.

If you buy a valuable new item, your insurer may require you to notify them right away to add it to your policy. In some cases, some policies may even have restrictions based on when the collectible was acquired.

It’s also a good idea to know exactly what’s needed if you ever have to file a claim. Reach out to your insurer ahead of time to understand their requirements—things like what documentation they need and how quickly a claim must be submitted.

Reassess your collection often

If you're a serious collector, chances are your collection will keep growing—or increasing in value. That’s why it’s a good idea to check in on your insurance coverage from time to time. You'll want to make sure your policy still provides enough coverage and protects against the types of risks that matter to you.

On the other hand, if you’ve sold or downsized part of your collection, you might not need as much coverage as before. Adjusting your policy can help ensure you're only paying for what you actually need.

It’s also worth checking with your insurer to see how your coverage accounts for inflation. And if your collection's value has changed significantly, scheduling a check-in with an appraiser could help determine whether you need to update your insurance.

What types of collectibles can be insured?

No matter if your collection focuses on one type of item or spans a variety of treasures, there’s an insurance solution to protect your cherished collections. Whether you're adding an endorsement or upgrading your home insurance coverage to a high-value home insurance policy, your insurance can help protect a wide range of valuable items, including:

• Antique and vintage furniture
• Antique or classic cars
• Collectible or vintage toys
• Comic books
• Fine art
• Fur garments
• Historical artifacts
• Jewellery and watches
• Musical instruments
• Rare stamps
• Rare coins
• Rare books or manuscripts
• Sports memorabilia
• Vintage clothing
• Wine

If you collect classic or antique cars, you would need a separate classic car insurance policy.

Contact BrokerLink for a free insurance quote

If you're looking for advice on insuring your collectibles and memorabilia, BrokerLink has you covered. Our licensed insurance advisors are ready to help—whether you prefer to chat over the phone at 1-855-451-8748, send an email, or visit us in person at any of our locations throughout Canada.

No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool that can provide you with a competitive quote in minutes.

1-866-724-2372

FAQs about collectibles and memorabilia

For more FAQs, visit the BrokerLink FAQs page.