Posted By:
Steve M.The question of whether or when one insures their collection comes down to several considerations. The first is value. For some the threshold may be $5,000. For others $100,000. And for some no matter the value they will not have their collection insured.
Second, how secure do you think the cards are. Are they in a bank vault? Are they in a home safe? Are they hidden in the attic of the garage? Do you have a sophisticated alarm system?
Third, what is your personal tolerance of risk? If you are a worry wart, insure the cards. If not you may take some of the above into consideration when deciding.
Remember too that insurance for collectibles is a difficult proposition if you ever have to make a claim. Proving the value may be difficult. Proving that you even had the item may prove difficult. With many collections there is a constant in and out. Seems to me that the record keeping would be a nightmare.
Bottom line. I don't. I'll not elaborate on my reasoning.