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Many collectors spend years curating extensive collections of fine art, rare stamps or coins, comic books, toys, sports memorabilia, and more. The result of this effort can be extremely rewarding, but there is certainly some risk involved. After all, a major theft, a fire, or a flood can quickly destroy items that cannot be replaced. In that case, the collector may lose their prized possessions completely, as well as the monetary investment they made.
Collectibles insurance can protect you financially if your collection is damaged or destroyed by a natural disaster, fire, or a home invasion. Considering you can find Babe Ruth baseball cards for more than $19,000 on eBay and the world's most expensive comic book (an original copy of Action Comics #1) once sold for $3.2 million, insuring priceless valuables can give you peace of mind and makes financial sense.
We compared the top companies that offer collectibles insurance in order to find the best options based on policy inclusions, customer service, company reputation, and other factors. If you're in the market for collectibles insurance, we suggest starting with the providers that made our list.
Best Collectibles Insurance of 2021
Why We Chose It: American Collectors Insurance has generous coverage options and added features like Inflation Guard Protection. This company also automatically covers new additions to your collection in amounts as high as $2,000 for up to 30 days.
Inflation Guard Protection feature protects against inflation
Automatic 30-day coverage of new items
Numerous perils covered
Agreed value coverage
Does not cover furniture, fine art, or jewelry
American Collectors Insurance was founded by collectors and veterans of the insurance industry in 1976, and its parent company is Assurant. In terms of the ability to pay out claims, Assurant has received an A (excellent) rating for its financial strength from AM Best.
This company provides collectors with adequate insurance for their prized collections, which may include fine wine, stamps, rare coins, comic books, sports memorabilia, and more. A stand-out policy feature it offers is Inflation Guard Protection, which automatically increases the value of your collection up to 8 percent to account for inflation in the event of a total loss. It also covers new items in your collection in amounts up to $2,000 for 30 days, which can be a boon for active collectors.
Collectors insurance policies from American Collectors Insurance protect against accidental breakage, fire, theft, flood, hurricanes, and other covered natural disasters. They also rely on agreed value coverage, which means your items are insured for their "full collector value" up to the policy limits. As an added bonus, you can get a quote and even file a claim online.
Why We Chose It: We chose Chubb as best for policy customization because it offers flexible coverage options that can be tailored to your needs.
Get worldwide coverage that can be tailored to your collection
Most losses don't require a deductible
Automatic coverage for new items up to 90 days
Liberal appraisal requirements
No online quote process
Chubb is the world’s largest publicly traded P&C insurance company, with a history that dates back to 1882. This insurance provider also has incredibly strong financials, including an A++ rating from AM Best.
While Chubb doesn't offer a way to get an online quote for collectibles insurance, it lets you work with local agents who sell this coverage in your area. One major benefit of these policies is that you can tailor your collectibles insurance plan to your exact needs—and worldwide coverage is available. Chubb also has liberal appraisal requirements, and its agreed value feature means you'll get 100 percent of your item's value as a cash settlement in the event of a total loss.
Chubb is another insurance provider that automatically covers new items in your collection for up to 90 days. You can purchase blanket coverage for your entire collection, personalize coverage for individual pieces, or both. Finally, note that Chubb policies don't require a deductible for most causes of loss.
Why We Chose It: We chose BHI Insurance Associates as our best option for antique collectors due to its specialized and focused coverage options in this niche. Its antique insurance plans come with the backing of top carriers like The Hartford, Travelers, and Assurant.
BHI Insurance Associates helps compare plans and pricing among top providers
Other types of insurance available
BHI is an insurance broker, so your actual policy will come from an insurance company
No online quote process
Not all types of collectibles are covered
BHI Insurance Associates has more than 50 years of experience in the insurance business, and it offers an array of products like homeowners insurance, renters insurance, and umbrella insurance. As an insurance broker, BHI Insurance Associates helps its clients compare policies and pricing from 44 top insurance providers.
While BHI Insurance Associates does not provide coverage for all types of collectibles, it does offer antique-specific insurance coverage options that can provide protection for vintage signage, antique clocks, baseball cards, beer steins, antique rugs, old wooden furniture, and more. It also has package policy discounts that may be available if you purchase other types of insurance through it.
BHI Insurance Associates recommends getting your antiques appraised before you apply for coverage. From there, independent insurance agents can help find the best insurance provider and coverage options for your needs and budget.
Why We Chose It: Progressive offers specialized coverage for fine art such as paintings, statues, sculptures, stamps, coin collections, and more. This specialized coverage is meant to work in conjunction with a Progressive homeowners insurance policy.
Progressive homeowners insurance customers can add on coverage for fine art and other collectibles
Potential to qualify for discounts for bundling policies
Reputable insurance company with a long history
Highly rated mobile app lets you monitor your policy or claims on the go
Cannot be purchased as a stand-alone policy
Not all collectibles are eligible for coverage
If you prefer to purchase collectibles insurance from an insurance company that is a household name, Progressive is worth considering. Progressive was originally founded in 1937 and has since grown to become a popular provider of homeowners insurance, auto insurance, and other protective coverage options. It has a superior rating of A+ for financial strength from AM Best.
If you have homeowners insurance with Progressive or you are thinking of switching to this provider, you can also add on coverage for fine art and some types of collectibles. Covered collections and art can be protected from events like theft, damage, and loss or disappearance. Progressive also says its policies typically cost 1 percent to 2 percent of an item's value each year, which equals $100 to $200 for a piece of fine art worth $10,000.
Progressive makes it easy to get a free quote online, and it also has an online claims process. Unlike some other providers in our ranking, Progressive lets you monitor your insurance policies, claims, and premiums via its highly-rated mobile app.
Why We Chose It: Wax Insurance offers a truly digital experience that lets you insure your valuable collectibles with the backing of top insurance companies. You can manage your entire policy using its website and mobile app and get instant quotes by taking a picture of each item you want to insure.
Seamless digital experience
Instant quotes using the mobile app
Easy claims experience
$0 deductible option available
Company was only founded in 2018
Wax is an insurance broker, so it doesn't actually issue any policies
Wax Insurance is an insurance broker and offers collectibles insurance policies through other insurance companies with an A rating or better from AM Best.
The company makes it incredibly easy to get coverage for your prized collectibles. You can take a picture of your items and get a free quote through the Wax mobile app, and it promises a speedy, digital claims process. There is a significant amount of flexibility in the policies, including the option to update the value of your items in real-time based on market prices.
Wax Insurance offers coverage for most types of collectibles with limits exceeding $1 million. Policies with a $0 deductible option are available, and you don't even need to have your item appraised for coverage to begin.
If you have spent years collecting antiques, rare coins, artwork, or anything else of value, you should protect your investment with a collectibles insurance policy. Doing so will provide you with peace of mind, but it will also ensure that you can recoup your costs in the event of a total loss.
The collectibles insurance providers in our ranking offer some of the best and most inclusive policies available. However, consider getting a few quotes from at least two or three companies to compare pricing and policy details before you decide.
Frequently Asked Questions
What Is Collectibles Insurance?
Collectibles insurance is a type of insurance that protects your collector's items and artwork from perils like fire and flood. While these policies cannot replace items that are damaged or stolen, they can reimburse you for the value of your items (up to policy limits).
Does Homeowners Insurance Cover Collectibles?
Your homeowner's insurance policy will not automatically cover high-value collectibles you own, including expensive artwork. However, you may be able to add special riders to your homeowners insurance policy that protect fine art and other collectibles. You can also insure these items with a separate collectibles insurance policy.
How We Chose the Best Collectibles Insurance
We looked for providers that have strong financial ratings and a solid company reputation and compared them based on their ratings from AM Best, as well as their company history. We also compared companies based on the excellent policy features they offer, with preference given to those that offer automatic coverage or new items and liberal appraisal requirements.