Understanding Sports Memorabilia Insurance
Sports memorabilia insurance is a type of insurance that protects collectors from financial loss due to the damage, destruction, or theft of their sports memorabilia collection.
Sports memorabilia insurance is a type of insurance that protects collectors from financial loss due to the damage, destruction, or theft of their sports memorabilia collection. It can provide peace of mind and protection for collectors, who often have a significant financial investment in their collection. In the event that a covered loss occurs, insurance can help to reimburse the collector for the value of the lost or damaged items.
Sports collectors have a wide range of items that they value and cherish, including rare and hard-to-find items such as autographed jerseys, game-used equipment, and signed photographs. Other popular categories of sports memorabilia include items related to specific players, teams, or sporting events, such as a LeBron James signed basketball or a Tom Brady Super Bowl jersey. Collectors may also seek out vintage posters, programs, and other historical items related to sports. No matter what type of sports memorabilia you collect, it's important to consider protecting your investment with insurance.
Are you proud of the care and attention you have given to your sports memorabilia collection? If something were to happen to it, such as being destroyed in a storm or stolen in a burglary, would you be distressed and potentially lose a significant financial investment? If so, obtaining insurance for your sports memorabilia may be a wise decision. It can provide protection and peace of mind in the face of unexpected events.
Each provider is different. Oyster offers an all-risk policy that provides comprehensive coverage for sports memorabilia. This policy covers losses caused by a variety of events, including, but not limited to, accidental breakage, burglary, fires, lightning, loss in transit, and water damage. See our collectibles page for more information.
If you're a sports memorabilia collector, you may be wondering whether you need to purchase a separate insurance policy to protect your collection, or if your existing homeowner or renters insurance policy will suffice. Here are a few reasons for considering a separate sports memorabilia insurance policy:
Limits
Homeowner insurance policies tend to have relatively low limits for sports memorabilia and collectibles coverage, typically ranging from $500 to $2,000 per item, even with the addition of a floater or rider. In contrast, sports memorabilia insurance policies may offer coverage up to $1 million or more.
Value
Homeowner insurance policies generally provide coverage for the actual cash value of an item, which is the item's value at the time of the loss. This means that if you file a claim for a damaged or destroyed item in your collection, you may only receive a payout based on the original purchase price or the value of the item at the time it was damaged or destroyed, rather than its current market value.
Collectibles insurance policies, on the other hand, generally insure the full collectible value of your items, taking into account any appreciation in value over time.
Coverage
Homeowner insurance policies typically only cover named perils, which means that they only provide protection against specific types of damage or loss. This means that if your collection is damaged or destroyed by a peril that is not listed in your policy, you may not be able to file a claim. Homeowner policies also often exclude coverage for items in transit, which could be a problem if you need to transport your collection to a different location.
Collectibles insurance policies, on the other hand, generally offer “all-risk” coverage, which means that they provide protection against a wide range of risks and perils, including damage or loss during transit, storage, and accidental breakage.
Claims
Filing a claim against your homeowner policy could potentially result in premium increases or policy non-renewal. With a separate collectibles policy, claims do not affect your homeowner premiums or loss history.
In addition, collectibles insurance policies often provide access to adjusters with specialized knowledge in specific collectibles categories, including sports memorabilia. These adjusters are better able to determine the value of unique or rare items, which can expedite the claims process and lead
The cost of sports memorabilia insurance will vary depending on the value of your collection and the level of coverage you need.
When looking for sports memorabilia insurance, it's important to look for policies that provide full market value coverage, rather than cash value. These types of policies may cost between 1% and 2% of the insured value of your collection. For example, a $10,000 piece may cost approximately $100-200 per year in premium payments to insure. Multiple collections can also be covered under the same policy.
It takes less than 2 minutes to get a quote for a policy with Oyster, so that's the best way to find out exactly how much insurance will cost you.
When applying for insurance, it is your responsibility to determine the value of your sports collection. An insurance appraisal may not be required at the time of application, but it will be necessary for the event of a claim. The appraisal should be recent, generally within the past 3-5 years, and should be conducted in person, not through an online appraisal system.
At a minimum, an appraisal should include your address, the date of the appraisal, the value of the sports collection, and a detailed description of it. It should also include the name and in-person signature of the appraiser and their contact information.
There are several ways to determine the value of your sports memorabilia collection:
Research comparable items: Look for similar items that have been sold recently, either at auction or through online marketplaces, and use those prices as a guide for determining the value of your collection. Some useful resources for finding sold prices for sports memorabilia include:
Consult with an expert: Consider consulting with a professional sports memorabilia dealer or appraiser who can provide an expert opinion on the value of your collection. Some resources for finding sports memorabilia experts include:
Join Oyster today to learn how you can be properly protected from the unexpected things in life.