How Do I Buy Insurance For My Cards And Other Collectables?

As more people get into the hobby, an increasing number are also buying insurance to protect their collections.

Vince Diiorio puts an authentication sticker on the back of an autographed Johan Rojas baseball card at Dynasty Sports & Framing’s meet and greet event in the Oxford Valley Mall in Langhorne on Thursday, July 25, 2024. / Daniella Heminghaus | Bucks County Courier Times / USA TODAY NETWORK

As more people get into the hobby, an increasing number are also buying insurance to protect their private collections.

A series of thefts over the past year, especially at card shows, has put a new focus on purchasing insurance.

No one is immune from theft. In 2020, items worth $500,000 were reported missing from the home of Walter Gretzky, Wayne Gretzky's father. The items -- which included game-used sticks and jerseys -- were later recovered.

“Many of the customers we have on-boarded this past year have mentioned to us they have personally experienced a loss to their collection or know someone that has,” Dan Lorber, co-founder and CEO of Stadium Insurance, which specializes in collectables, told Sports Collectors Digest. “Typically, the most common causes of loss are fire and theft. As the value of memorabilia has significantly increased over the past few years, these items are now targeted similar to jewelry and artwork.”

Here are several options for collectors to ponder:

Homeowner's insurance

If you have a small collection, your homeowner's insurance might be enough.

You can add a scheduled personal property endorsement to your policy to cover your collection. This typically involves providing a detailed inventory of your collection, including values for individual cards or sets.

Separate policy

If your collection is worth a lot, you might need to purchase a separate policy. These policies often offer broader coverage than homeowner's insurance.

Specialty insurer

If your current insurer can't add to your policy, you might need to seek out a specialty insurer.

For example, there are insurers who specialize in collectables. This specialized coverage protects valuable items from damage or theft. The cost of collectible insurance depends on factors like the type and value of your items, coverage limits and deductibles.

Appraisers

Unsure what your stuff is worth? You can find a qualified appraiser through organizations like the American Society of Appraisers or the International Society of Appraisers.