Baseball cards hold significant monetary and sentimental value for many collectors. Due to their value, insuring baseball card collections through insurance policies has become a popular option for collectors seeking to properly protect their valuable assets. There are a few different types of insurance that collectors can consider for insuring their baseball card collection.
Homeowners or renters insurance policies may provide some coverage for baseball card collections kept in a private residence, but the limits are usually quite low, often only a few thousand dollars worth of coverage. These basic policies are best suited for smaller collections. For collections exceeding the standard limits on regular homeowners/renters policies, collectors will need to purchase specialized personal articles or scheduled personal property floater policies.
Personal articles or scheduled personal property floaters are standalone insurance policies that can be purchased to specifically schedule and insure valuable collections like baseball cards. These types of policies allow collectors to specially list each individual valuable card in their collection and place a stated value on each item. By precisely scheduling the cards, the collector ensures the maximum possible payout in the event of a covered loss. Limits on scheduled personal property policies are much higher, often up to $250,000 or more in total coverage.
When applying for a scheduled personal property floater, the insurer will want to see photographs and valuations for the highest value cards in the collection. Professional grading reports from certification companies like PSA, BGS, or SGC help support the declared values. Insured collectors should keep meticulous records, including photographs, to validate their collection in the claims process if ever needed. Higher value cards may be subject to agreed value clauses in some policies as well.
Like with other types of valuable property insurance, collectors insuring baseball cards need to be sure to only insure against “named perils” like fire, theft, or water damage. General liability or all-risk policies have premiums too expensive for baseball cards. Common perils excluded from valuable property coverage include damage from molds, insects, rodents, atmospheric/climatic conditions, and defects in the cards themselves. War, terrorism, and nuclear incidents are also usually excluded.
Premium costs for insuring baseball card collections depend greatly on policy limits, deductible amounts, your location/risk factors, as well as the total insured value of the cards. As a baseline, expect to pay anywhere from $150-$1,000+ per year for a $25,000-$100,000 policy with a $1,000 deductible depending on specific circumstance details. Higher limits and lower deductibles mean higher costs, so collectors must decide how much coverage and out-of-pocket risk they are comfortable with.
Proper storage and security of the insured baseball card collection can greatly impact insurance costs too. Cards kept in bank safety deposit boxes may qualify for surprisingly low rates. Fire resistant home safes provide better rates than leaving cards in ordinary boxes. High-end climate controlled storage vaults off-site can merit further premium discounts. In addition to lower premiums, good storage practices also help minimize the chances of any covered loss from occurring.
Purchasing the right type of specialized scheduled personal property insurance policy is an important way for serious baseball card collectors to adequately insure their potentially six-figure collections. In doing so, collectors gain valuable peace of mind knowing their valuable cards are protected against many unforeseen disasters that could otherwise be financially ruinous. With meticulous record-keeping and prudent security practices as well, insuring baseball cards makes good financial sense for protecting this valuable hobby asset class.
