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No one wants to think about filing insurance claims, but the prudent collector is prepared if need be.
Tragedy can strike at any moment, destroying your home and its contents. Disaster can take many forms: theft, fire, flood, tornado. Treasured collectibles can not easily be replaced in the heart, but proper insurance can get you right back in the hunt.
Replacing a building or accessory is easy. There are numerous Secondary Market dealers as well as Department 56 on eBay in which you can turn. The only requirement, of course, is having the funds needed to replace it.
Obtaining insurance on your collection is not difficult. In many cases, a small collection will already be covered under your current homeowners or renters insurance. However the bigger and more valuable your collection, the more insurance you will need. Contact your insurance provider about getting an addendum or rider added to your current policy, it is easily done and affordable. Your provider may require a list of individual items with accurate dollar values. The Greenbook Guide to Department 56 Villages, the most respected secondary market guide, can be used as a source for values when insuring your collection. Many insurance companies will use the Greenbook to establish values if it is ever necessary for you to make a claim.
Be sure to ask your insurance agent whatever questions you might have. For instance, what happens if a piece is only chipped? Is the piece insured if I break it? What if just the box and sleeve get damaged? After your agent says you are covered for a particular circumstance, ask where in the policy it is stated. This will confirm that your agent understands your needs and that you are covered in case of loss.
Even if your policy does not require it, it is a good idea to maintain a detailed inventory list. The more evidence you have of your collection, the better it will be if you need to make a claim. You should keep accurate records of your collection including item number, variation, the quantity of each that you own, the year it retired, purchase price, receipts, current market value, and photographs. Keep these in a safe place such as a fire proof lock box or a safe deposit box, so you will have your records if disaster strikes. Update your list at least once a year. A good time to do this is when your annual payment is due.
Your collection has taken a long time to accumulate and you have spent a significant amount of money, insurance is something you do not want to be without.
After all, you do not want to see your collection go up in smoke!