Yes, Homeowners Insurance Could Cover Your Comic Book Collection


Homeowners insurance often extends beyond protecting the value of a property. Adding contents insurance provisions to a policy allows for recovering the loss of valuable and not-so-valuable belongings in the aftermath of an unfortunate accident. For those who own one or more very rare comic books, a contents insurance provision opens the door to procuring the funds to replace a rather costly collection lost to a fire or a flood.

Coverage Protects Maturing Collectibles

Contents insurance is intended to cover the cost of replacing something that has increased in price tremendously since you first bought the item. Imagine if you purchased a comic book for $200 in 1981, a hefty sum in those days. Today, the book might be worth $14,000. Barring a significant amount of discretionary income, without content's insurance, you would never be able to replace the lost book.

Proper Policy Due Diligence

In order to ensure any claims made on the policy are processed smoothly, take steps to confirm you have the right policy in place. Effective due diligence steps include:

  • Making sure the policy does cover collectibles and rare items. A policy that only covers appliances and furniture is not going to pay for replacing your ruined and tattered Fantastic Four #1.
  • Determining what criteria is necessary for collectibles to be insured. Would a list of your comic books have to be submitted during the underwriting of the policy?
  • Learning whether or not it would be best to seek additional coverage. Homeowners insurance may not cover the theft of the books, but a separate policy purchased from the same insurance company could do so.

Taking all of these steps in advance makes it a breeze to file a claim and recoup your losses without any unnecessary holdups.

Ascertain the Proper Value

Please be aware that the insurance company is only going to pay for the actual cash value of a lost item. So, if a book is selling for $10,000 and it is believed your book is valued at $8,000 due to depreciation, $8,000 is the figure you can expect to receive. You definitely do not want any questions about actual cash value. Having an expert valuation grading of the book is a must. This way, the actual value will be determined. Then, stay on top of sales figures on the book to determine whether or not the price is going up or down based on demand.


2 June 2015

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