It’s National Stamp Collecting Month! We know you’ve probably been counting down the days in anticipation. As your trusted Texas Insurance Agency, we have a responsibility to make sure our clients and their property are prepared in the case of any incident. Considering that more than 20 million people collect stamps in the United States, there are probably a few “philatelists” out there. For some it has gone beyond a hobby and has turned into an investment opportunity. For a point of reference, the Three-Skilling Yellow, a rare Swedish stamp sold for $2.3 million in 1996. In fact, there are countries that create stamps mostly for the purpose of selling them to collectors as an added stream of revenue. Wishing you knew more about philately now?
Alright, so most of you probably don’t have a Three-Skilling Yellow or an Inverted Jenny lying around the house; however, you may have a valuable collection of some sort. Most collectors assume that their rare valuab
les are covered in totality by their homeowner’s policy. Your homeowner’s policy will cover up to a certain amount of damage or theft in line with your deductible; however it’s not set up to cover large value specialty items.
This is where Inland Marine coverage comes into play. If you have a valuable collection of any kind, Inland Marine is something worth looking into. This goes above and beyond your homeowner’s insurance policy to cover high value personal items. Inland Marine coverage will apply whether an incident happens in your home or while traveling. Whether it is a stamp collection, antiques, jewelry, musical instruments or valuable equipment such as cameras or golf gear, we recommend getting Inland Marine coverage for specialty items with values exceeding $1000.
As your trusted Texas insurance agency, we must recommend that if you have a stamp that resembles the one above – look into inland marine coverage immediately and then call the Smithsonian!