The Basics of Toy and Collectible Insurance

So-called toy insurance has emerged as one of the fastest-growing types of insurance. To be clear, you’re typically not going to take out insurance on a child’s generic hula hoop or other simple (and not especially valuable toys). Instead, when folks take out toy insurance, they often seek coverage for valuable collectibles. If you’d like to discuss toy insurance options in Bethlehem, PA, contact the Saucon Insurance Agency.

Why Collectible and Toy Insurance is Necessary

A general homeowner’s insurance policy will not cover collectibles or will set a low coverage amount. Remember, many insurance policies have liability limits. With especially valuable properties, like collectible cars, toys, gadgets, and more, it’s easy to exceed policy limits on general policies quickly.

Let’s say a homeowner takes out a homeowner’s insurance policy with a maximum liability limit of $500,000. Then the home, which itself is worth $400,000, burns down. This means there’s only $100,000 left to cover other damages, such as lost computers and other personal property (perhaps including collectibles).

To put things into perspective, a Barbie doll sold for over $300,000 back in 2010, while a GI Joe figurine once sold for $200,000. Many other toys have fetched tens of thousands or even hundreds of thousands of dollars. Sports and trading cards, including Pokemon cards, also regularly sell for thousands of dollars or more.

To mitigate risks and ensure adequate coverage, taking out insurance on highly valuable collectibles is often necessary. Otherwise, you might have to foot the bill should collectibles be stolen or damaged. With toy insurance, you can ensure that specific items, such as collectible cards, expensive Lego sets, or antique collector’s toys, are more adequately covered.

Contact the Saucon Insurance Agency to learn more about toy insurance policies in Bethlehem, PA.