Almost every collector — sports cards, vintage watches, fine art, wine, jewelry, coins, firearms, instruments — assumes their homeowners policy covers their collection. Almost every collector is wrong.
The sublimit problem
Standard homeowners policies impose category-specific sublimits. Typical limits look like:
- Jewelry, watches, furs: $1,500–$2,500 total
- Firearms: $2,500
- Silverware, gold, platinum: $2,500
- Trading cards, coins, stamps: $200–$2,500
- Fine art: $1,500–$5,000
If a $25,000 graded card collection or a $40,000 wine cellar is destroyed in a fire, your homeowners policy might pay you a few thousand dollars and call it a day.
Two ways to fix it
1. Schedule items on your homeowners policy. List each high-value item individually with an appraisal. This raises the limit for each item, removes the deductible, and broadens coverage to "all-risk" — including accidental loss (dropping a ring down the drain, for example).
2. Standalone specialty policy. Carriers like Chubb, AIG Private Client, and Pure write standalone collector policies, often at 1–2% of value per year. They typically include worldwide coverage, agreed value, and broader perils than a homeowners endorsement.
Documentation matters
Whatever route you pick, keep current appraisals, photographs, and purchase records in a separate location from the items themselves. After a loss, this documentation often determines what you actually recover.