May 4th was recently given the play-on words moniker ‘May the 4th Be With You’ day.  Star Wars has always been one of my favorite series going back to when I was a little kid, however, I must give it to Disney… they made their Star Wars franchise an actual day.  Dang.

I began reminiscing about my childhood and the Star Wars toys I used to play with.  I recall a time my grandmother took me garage sale hunting one time on a spring summer’s day, and we came to a house that was selling their toys.  That day I got a Hoth and Jabba’s Palace play sets.  I was in heaven and played with those for years!  Nowadays, my 11-year old son is obsessed with Star Wars, and it is fun watching him enjoy it as well (perhaps even more than me!), but now with video games, realistic lightsabers, and an extended universe of books and graphic novels, he is totally immersed.

It is funny that such collectibles are worth quite a pretty penny based on condition some have gone for hundreds of thousands of dollars, like Boba Fett’s Rocket Launching Action Figure.  This, as it does often, made me think of some replacement implications after spending extensive amounts of money on collectibles only to lose them all in a fire or natural disaster.  Ouch!  Would their homeowner’s policy cover it?  Well, the answer is oftentimes ‘no’ with your standard homeowners policy, however, an effective insurance professional does have options and may know where to look for solutions.

Some homeowners policies have exclusions and/or limitations on coverage for certain types of items, including collectibles. Depending upon your insurance carrier, you may need to consider purchasing additional coverage or a separate insurance policy specifically for your collectibles.

Even then, the insurance carrier will not simply cover you for an amount you determine, some steps are usually required because all types of collectibles are subjective in value.  Here is what an insurance carrier will likely request, and if you are a collector, is simply good practice for your collection.

  1. Take an inventory and document your collection: Take photos or videos of your collectibles. Make a detailed inventory of your collectibles, including their current condition and estimated value.
  2. Get appraisals: For high-value items, getting a professional appraisal from a reputable appraiser is a good idea. The appraisal should include a detailed description of the item, including its condition, provenance, and estimated value.
  3. Store your collectibles properly: Proper storage is essential to protecting your collectibles. Ensure they are stored in a secure location, such as a locked safe or cabinet, and protected from environmental factors such as humidity and temperature fluctuations.

I hope you find this helpful and may the fffth …. Ah, you get the jist.