En español | Insuring her Precious Moments figurines collection was a no-brainer for Gail Russell, who lives in Jupiter, Fla. But when she first looked into doing it more than 20 years ago, she found that the figurines weren't fully covered under her homeowner's policy. And adding them to it would have been exorbitantly expensive.
So Russell scouted out specialized insurers of collectibles.
Today, she pays $120 a year to insure her 200-piece porcelain collection, worth about $17,000.
"Other friends don't insure collections," adds Russell. "Perhaps they don't know their value. For me, it's a long-range investment."
Serious collectors know that failing to insure a collection can be costly. Homeowners insurance generally doesn't always cover it or will give you just a discounted payout. But starting at about $75 a year, you can get $10,000 worth of blanket coverage that protects every item at full value.