When showing a large collection of guns to a new friend, you might hear, “Is this all insured?” Some collectors might say no while others assume that their homeowner’s policy will cover the collection. Those in the latter group might be in for a rude awakening should disaster strike. “Most of the time, homeowner’s insurance has a maximum coverage of $2,500 for collectibles,” said Donald J. Rielly Jr., senior vice president of Eastern Insurance. “That equates to almost no coverage.”
Collectibles—whether they’re rare vintage firearms, baseball cards or Beanie Babies—can add up quickly, but most insurance policies don’t cover these items, at least at their full values. “The biggest thing we see is that most people think everything in the house is covered under their current policy,” said Bob Brodwater,…
