When you’re an avid comic book collector, you always have to worry about the security of your collection. You never know when someone might break into your home and steal your prized comic books.
But just because you own valuable collections doesn’t mean you can get insurance coverage from any company—you need a comic book insurance policy specifically designed to cover the kinds of collectibles you own and keep in your home.
Are You Making These Mistakes with your Collection?
If you have a comic book collection, there’s a good chance that you’re making some common mistakes. It’s important to know about these errors so that your valuable books don’t get damaged or stolen. The fact is, many collectors are completely unaware of how their habits could be hurting their investments. Here are some of those mistakes you should avoid
My comic book collection was damaged by water – how do I file a claim?
If your comic books have been damaged by a flood, fire, or any other disaster, you may be able to file a claim with your insurance company.
While it’s unlikely that damage from water is covered under standard homeowner’s insurance policies (homeowners’ policies do not typically cover items stored inside), there are insurance companies that specialize in insuring collectibles such as comic books and baseball cards.
Consult with an insurance professional about how to go about filing a claim for damage caused by water, or any other hazard. If you suspect someone has stolen some of your collection, you may also want to consult with an attorney regarding your legal options and rights.
How does authentication work with Comics Guaranty?
If you’re not sure how you want to display your comics or collectibles, or are planning on selling them in a few years, then COA can be a good option. These items certify that your collection has been inspected and is authentic, giving buyers peace of mind.
Authentication makes sense if you have valuable comics and would like to ensure they’re all accounted for. Plus, some comic cons only accept authenticated collectibles, so it might be smart to get them authenticated if you’re planning on selling or displaying them at shows.
Who will appraise my collection? How much does it cost?
Start with a call to your local comic book shop. Unless they’re huge, they probably won’t be able to do it on their own. If they don’t have someone in-house, they’ll likely know who does appraisals locally.
Once you’ve found an appraiser, you’ll be asked to fill out paperwork that asks for basic information about your collection (and some of its key pieces) as well as how you want each item valued and if there are any inscriptions/dedications/autographs that might affect value.
As a service to Comics Guaranty LLC clients, we recommend contacting one of our independent Appraisers before scheduling a collection appraisal through your comic book shop or insurance company.
Will my premiums increase if I use these services often?
Most comic book insurance companies base their premiums on one’s history of using a restoration or appraisal service. If you’ve never had your comic books professionally restored or appraised, you’ll pay a lower rate than someone who use either of these services several times.
The reasoning is simple: companies have professional experience with products and are less likely to need them in the future.
What are the common mistakes when collecting comic books?
There are several common mistakes when collecting comic books that can lead to costly mistakes. The first mistake is buying comics in poor condition and having no way to pay for them if they increase in value.
This can leave you with a collection of beautiful issues, but no money in your pocket if they need to be resold at a later date. A more expensive mistake is not insuring your collectibles. If something happens to your collection, you will be out of luck if you don’t have insurance that covers these kinds of items.
Many homeowners’ policies won’t cover items like comic books or rare coins so talk with an agent about adding these types of coverage.
Is there anything else I should know before buying comic book insurance?
There are a few different types of comic book insurance available. Before you get an estimate, you should learn what each policy offers and then decide which kind best fits your collection.
For example, if all your comics are in mint condition, then it might be smarter to insure them against accidental damage—since comic books aren’t usually covered by homeowners’ or renters’ insurance. And speaking of mint condition…