Insuring Your Stamp Collection

Most philatelists know that the time, effort and money that goes into accumulating a valuable stamp collection makes it extremely important to protect it in the event of a break-in, fire or other unforeseen event.

Some policies provide limited coverage for a stamp collection. Often the amount of limited coverage provided is not enough to cover their value.

Here are some tips for properly insuring your stamp collection:

1. Obtain a professional appraisal on the value of your stamp collection. You may have an estimated value in mind, but a documented appraisal by an expert is best when obtaining insurance coverage.
2. Find out how much coverage you have by calling your home insurance agent. This will tell you the difference that you need to cover.
3. Shop your Options – Typically, a stamp collector will have 2 insurance:
   • Scheduling an endorsement on their homeowner’s insurance policy
   • Purchasing a separate personal articles floater

You can also talk to us to find out what your homeowners insurance carrier offers, or we can help you find a personal articles floater from a specialty insurer. As an independent agent we’ll provide you pricing options, coverage and limits options for each type of policy, and we’ll make sure that you get the coverage you need.

Tips on getting the most from your coverage:

1. Maintain a thorough inventory of every stamp in your collection so that you have proof of ownership in the event of a loss. Include photographs and receipts. For stamps and covers (envelopes) over $500 get a “cert.” from the Philatelic Foundation, Professional Stamp Experts or the American Philatelic Society to help substantiate ownership and value. Store your inventory in a safe place outside of your home.
2. Revisit Your Coverage- Over time your collection’s value may be increasing over time. Be sure that you always have enough coverage to protect your investment.
3. Protect- Keep your collection safe by keeping it in a fire and water proof safe. Protect it from theft by following these tips from the American Philatelic Society.

For additional information send a letter to Diona or David, stamped with a “Curtis Jenny Inverted Error US Postage” stamp and mail it to Lifelong Insurance in Prosper TX. Just kidding of course. But if you have this stamp, you really do need to call and discuss insuring your collection.