Insuring Your Collection

By Arno Lippassaar

Your toy collection may be very valuable, and you should make sure that you have enough insurance on your toys. Check your homeowner's or renter's insurance policy to see if you have enough coverage. Many policies will insure specific categories of items only up to a certain amount. If your collection's value is above that amount, you can "schedule" out specific items and insure those separately. Ask your insurance broker for specific details and advice.

Since many insurance companies will reimburse you for the replacement value of a toy, save magazines or catalogs that include the retail value. If you got a great price at an eBay™ auction, make sure that, if anything happened to the toy, you can easily get a replacement and not rely on getting that great sale price again. Some companies may require a professional appraisal, which may be very worthwhile for an especially valuable toy.

Save all your receipts for your toys, and photograph each toy. Keep a file of your toys with a detailed description of each toy and of how you acquired it (details include from whom you purchased the toy and when you purchased it). Keep track of any repairs or enhancements that you make to the toy. Don't throw away any part of the original toy. You can wrap old parts in a white sheet or acid-free tissue and store them in a plastic storage box with a lid. You will likely need to provide proof to your insurance company that your new, improved toy is still the same toy that you purchased previously.

The preceding material was written by Arno Lippassaar. These are the opinions of the author, not the opinions of eBay, and therefore eBay does not validate the accuracy of or endorse these opinions.