A Guide to Insurance Options for Collectibles in Storage Units


A storage unit is an ideal location to store collectibles like action figures, bobbleheads, trading cards, and other toys. When you use a storage unit to hold your items, you will ensure extra security and protection, but you still may want insurance just in case anything goes wrong with your collectibles.

As you move items into storage, look into the various insurance options you have for your collectibles. The process is not cut and dry, and the option someone else chooses may not be the best option to fit your own needs. Read on to learn about insuring your collectibles while they are in storage and the processes needed to keep your items insured.

Home Insurance

Despite being at a completely different location, some home insurance policies will allow homeowners to add a storage unit to their current insurance. The addition of the unit comes with additional costs and only applies to homeowners. If you rent or lease a property, then you would likely need a separate insurance policy.

When you add insurance for your storage unit, look into the possible coverage available. You may have general coverage or can get specific coverage for your collectibles. Also, pay attention to the type of damages the insurance will cover. For example, some policies may cover theft but leave out floods and fires.

The breakdown of insurance coverage is important to protect your collectibles. Also, consider the duration of the coverage. You want the duration to match the length of time you will keep your items in storage.

Separate Storage Unit Insurance

Instead of tacking on to your home insurance, you can take out a completely separate policy for your storage unit. Typically, storage unit businesses will not offer their own insurance but can recommend third-party companies that offer insurance.

Storage companies make it clear that they are not held liable for any theft or damage but will supply security and support for your items. A third-party company can offer insurance based on the size of the unit and the types of collectibles you keep inside.

To ensure your collectibles are protected, look for complete coverage plans that offer compensation for flooding, fires, structural damage, or theft. With complete coverage, you will have more peace of mind that your valuables remain protected while housed in a storage unit.

Collectibles Insurance

The world of collectibles is complicated, having to consider the retail prices of items, the perceived value over time, and ways that value can increase. You may have limited edition figures, rare variants, or autographs on items like trading cards. Make sure your storage unit items are properly insured by going to an insurance company that specializes in collectibles.

The company will value each collectible individually and help create a value that actually represents your collection. The values are based on the current market and the rarity of items. The quality of each collectible is considered as well. For example, an action figure may be worth a lot more in its package rather than loose and out of the package.

If a problem occurs, you know you will not lose out. A collectibles insurance company also understands the value and protection provided by a storage unit. The quality of items will remain mint, especially when items are not exposed to sunlight. Many collectibles lose value when excess sun exposure causes the figures to yellow and lose color.

A collectibles insurance company will know this about storage units and help price your risk factors and values accordingly. You will find it a lot easier to discuss values about specific items when the insurance agents understand what you are talking about and all of the little details that go into collecting.

Insurance Appraisals

If you add to your collection frequently, then you need to seek appraisals for your items to ensure your value remains the same. You do not need an appraisal with each new purchase, but you should consider appraisals for items every couple of months. Save receipts, take pictures of new items, and keep them near the front of a storage unit for easy access.

With the new appraisals, you will add extra protection to your collection, especially as all of the items increase in value. Every insurance company is different, so you need to ask about the appraisal process and how often they will allow you to have your collection appraised over again. Some may do it in person while others require pictures.

Find an ideal storage unit for your collectibles with us at North Star Mini Storage. We have many sizes of units and plenty of locations for you to choose from. No matter what location you choose, you can find insurance options and pair them with our security measures to keep your collectibles safe for many years to come.