Insurance is a fact of life if you want to protect yourself, your loved ones and your property.
No one gives a second thought to purchasing health insurance, life insurance, auto insurance or home owners insurance. But it may come as a surprise to some that your home owners insurance offers little or no protection for your stamp collection.
Stamp collections can be destroyed by fire or water. If you take your collection to a stamp show or intend to exhibit, theft is a possibility and your home owners policy will not fully compensate you for your loss.
What To Do
Your collection is important to you and a solution is readily available to collectors. Obtain insurance from a company which specializes in hobby insurance . Such a company which is dedicated to philatelists will write an insurance policy that takes into account your specific needs (type of collection, size, risks factors etc).
Obtain applications from both companies. Compare and contrast what is offered. Cost should not be the only factor in the decision making process. Convenience and a helpful staff are important considerations.
Once you have your policy the burden is on you to substantiate a loss if that unfortunate event occurs. Keep a detailed inventory. Scan your collection if you are tech savvy. Invoices of more expensive items are very helpful.
These policies are not expensive considering the protection and peace of mind they offer.