You’ve searched and searched, spent tons of your hard-earned money, and now you finally have an action figure collection worth bragging about. It’s both beautiful and highly valuable. The last thing you want to happen now is to lose the entire collection to fire or theft.
Action figures, like stamps, rare coins or fine art, can be worth a pretty penny and should anything horrible happen to your collection, you need to make sure that, although these things may be seem irreplaceable, you needn’t lose everything you’ve invested in them. With the proper insurance, you can enjoy your collection and sleep soundly at night.
Homeowner’s & Renter’s Insurance
If you already have homeowner’s or renter’s insurance, you may feel pretty safe, but most policies cover household goods, such as televisions, stereo equipment and jewelry, but may take a different view towards your collection of plastic superheroes. Even with insurance, it would be wise to check with your provider and discuss a “collectibles floater” which is a separate document allowing you to declare that the things listed on the floater are greater than the value they originally sold for.
In some cases, such as your collection being worth more than $2,000, your insurance provider may require you to start an additional policy that covers collectibles. Check with your provider to make sure they offer this service.
However, keep in mind that this coverage will still probably be limited to the usual coverage enjoyed by your LCD TV, but what happens if you’re shipping a rare figure to a collector across the country and it disappears? Or what if your figures are damaged during a move? For that, you may need a policy with a bit more kick.
Specialized Collectibles Insurance
There are insurance agencies that focus only on collectible insurance, such as Collectibles Insurance Services. Their website offers collectors the ability to get a quote, fill out a policy application and answer any questions you may have. According to their website, your action figures will be covered in the event of:
- mail loss
- theft
- fire
- flooding
- natural disasters
- breakage
The benefit of using the services of a collectible insurer is that the policies are very affordable, they usually cover beyond the usual fire and theft and they will have a better understanding of the fact that your vintage 1977 Mego Super Girl is indeed worth $1,500, something that may take some convincing over at the big box agencies.
Getting Your Collection Appraised
Don’t surprised if the insurance agencies don’t take your word that your collection is worth thousands of dollars. Although you may find a better understanding from a specialist agency, most insurance companies are not knowledgeable about the climate of the action figure collectible market. Another problem is that action figures are a relatively recent addition to the collectible world and therefore it may not be common knowledge that an original 1978 Darth Vader figure could command the same collectible price of some of the rarest stamps in the world.
An appraisal from a certified antiques appraiser will go a long way when attempting to insure your collection for the amount it’s worth. In fact, many insurance agencies will require an appraisal for specialized coverage such as a “collectible floater.”
Check your local directory for nearby antique stores that may offer appraisals, and be wary of online appraisal companies because a rare collectible, with its widely varying degrees of condition, really needs to be seen in person to determine the most accurate value. Also, once you’ve found an appraiser, make sure that they are certified by the ISA (International Society of Appraisers) to insure that they are qualified, properly trained and have the in-depth knowledge your collection requires.
Rest Easy, But Stay Vigilant
Once your collection is appraised and insured, it’s more important than ever to keep your figures stored properly and maintained. Maintaining your collection will insure that your action figures will keep their condition rating and collectible value.
This seems like a lot of work for a bunch of plastic figures, but insuring your collection is just one of the many steps you can take to build an enjoyable collection that keeps its collectible value, not to mention how much they mean to you.
