|Introduction to Stamp Collecting|
Insuring Your Collection
By Jim Watson
Beginning collectors usually need not be concerned with insuring their collection. It is not likely that significant value will be built for some time. By the time the collector has built a collection for which insurance is a consideration, the collector will have learned about the appropriate insurance. There are agencies which specialize in writing collectibles insurance which are the proper ones for stamp collectors to use. The agencies have wide experience and know how best to serve the needs of collectors at a reasonable price in view of the limited and special risks involved.
The insurance company endorsed by the American Philatelic Society is Hiugh Wood Inc. Another agency which has had long experience insuring stamp collections and other collectibles is Collectibles Insurance Agency. Both make insuring stamp collections simple and low-cost.
If insurance is a consideration, you should check your homeowner's or renter's insurance policy to determine what coverage, if any, you have. Most policies have specific limits for "unscheduled valuables" such as stamp collections. If your collection's value is above that amount, you can "schedule" specific items and insure those separately under a rider at added cost. Ask your insurance broker for specific details and advice. Most insurance companies are not used to dealing with stamp collections so it is often better to deal with the special collectible agencies noted above.