By Veronica Scott
Miniature collectibles make for a beautiful collection and
display. There are limitless possibilities to add to a miniature
collection. It can be a very lucrative and rewarding hobby. It
is important to consider that a collection with so much
potential value should be insured. There are many factors to
consider when choosing whether or not to purchase insurance for
a collection of miniatures.
1) An extensive collection of dollhouse miniatures should be
insured. A smaller collection may not need to be insured, but it
is a good idea to consider it. Many people assume that
homeowner’s insurance will cover their dollhouse collectibles as
well as the rest of their belongings. This is not the case
however and can lead to a terrible loss of a beloved collection.
Homeowners insurance will cover a portion of a collection. The
point of homeowners insurance is to cover every day belongings
as well as the structure of the house. Most homeowners
insurances will allocate only 50% of the coverage to personal
belongings. At that point, only 10% of the allocated money can
be put towards replacing a miniature collection. If the
collection exceeds this amount then it is necessary to purchase
additional insurance to protect it.
2) There are several factors to consider when choosing to
purchase special collectible insurance as opposed to relying on
homeowner’s insurance coverage. Homeowners insurance often has a
deductible, which may be higher than the cost of an individual
piece of the collection. That means, that if a single piece is
lost, stolen, or broken, then it will be necessary to pay for
the replacement out of pocket. Special collectible insurance
will cover the cost of a single piece of the dollhouse
miniatures collection if it is lost, stolen, or broken. That
kind of protection makes special collectible insurance a good
idea for the serious collector.
3) It may be difficult to choose the amount of coverage needed
to insure a dollhouse miniatures collection. Special collectible
insurance will cover the cost to replace the collection, so it
is necessary to estimate the replacement value of each piece.
Also consider that the collection may increase in value over
time or as new pieces are added. Many insurance companies will
offer an increase in coverage over time to cover the increased
value of the collection.
4) The cost of the collectible insurance will vary from company
to company, but is essentially determined by the same factors.
The replacement value of the collection is the most important
factor. The insurance company will also take into consideration
how and where the collection is stored or displayed. If the
collection is kept in a safe, then the cost will be less than if
it is displayed in the open. If the house has an alarm system,
then the premium will also be less. Another consideration is how
the house is heated and cooled. Many collectibles are preserved
better in a certain temperature or humidity. All of these
factors will play a part in to how much special collectible
insurance will cost.
It is important to weigh the cost of insuring a collection
versus the cost of losing the collection and not being able to
replace it. While nothing may ever happen to a collection, there
is always the possibility. The cost of the insurance is
definitely worth the peace of mind. A dollhouse miniatures
collection should be treasured and preserved.
About the Author: Learn more about the fascinating world of
miniatures. Visit www.themagicaldollhouse.com today for a
great selection of wooden doll houses and dollhouse accessories
from top miniature companies.
Source: www.isnare.com
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