How to insure a card collection
Homeowners cover, a personal articles policy, a collectibles policy or a vault's own cover: what each pays for, what it excludes and what to ask.
By the Rip.fan Editorial Team.
Published 8 min read
Cards can be insured four ways: under the contents cover of a homeowners or renters policy, with a personal articles policy added to that policy, with a standalone collectibles policy, or, for cards held on a rip site, by the site’s own vault cover. They differ on three things that decide a claim: how a loss is valued, which cards must be listed one by one, and what is excluded. Rip.fan does not recommend an insurer, and only your policy’s wording settles what it covers, so confirm the details with the insurer or an agent.
What are the ways to insure cards?
| Type | What it is | How a loss is valued | Listing cards one by one |
|---|---|---|---|
| Homeowners or renters contents cover | The personal property section of your home policy | Replacement cost or actual cash value, set in the policy’s Loss Settlement section | No: one contents limit, with special dollar limits for some kinds of property |
| Personal articles policy | An add-on that schedules named items, sold alongside your property policy | State Farm: repair or replace, without deducting depreciation, up to the limit | Yes, each item has its own amount |
| Standalone collectibles policy | A policy written for collections | Collectibles Insurance Services: market value. American Collectors Insurance: agreed value | Depends on the insurer and the item’s value |
| A rip site’s vault cover | The site’s own insurance or promise while it holds the card | Rips by Triumph: its own fair market value | Not applicable; the site keeps the record |
As the Insurance Information Institute explains, replacement cost pays to replace an item with one of similar kind and quality, while actual cash value pays that amount minus depreciation.
Does homeowners insurance cover a card collection?
It depends on the policy, and the limits matter. The Insurance Information Institute says the contents limit appears on the Declarations Page, and that most companies set it at 50% to 70% of the insurance on the dwelling. It refers readers to a section called Special Limits of Liability, where policies cap certain kinds of property, and suggests an endorsement or floater, a form that insures valuable items separately, when those caps are too low. It also notes that a homeowners policy does not cover flood damage.
The Institute’s home inventory guide adds that collectibles may need special coverage separate from a standard homeowners policy, especially if they have gone up in value.
Collectibles Insurance Services, which sells the alternative, lists its own concerns about homeowners cover: it is typically based on actual cash value rather than market value, it may not cover floods, hurricanes or earthquakes, and it may require items to be appraised and scheduled, with new items reported within 30 to 90 days. Read those as one seller’s claims and check them against your own policy.
What does a personal articles policy add?
State Farm’s personal articles policy is an example of the add-on. It lists collectibles among the items it may cover, and names sports cards, along with dolls, model trains and comic books.
- How it works. It schedules specific belongings, each with its own amount. Its other name is personal inland marine insurance.
- What it covers. Theft and accidental direct physical damage, with some limits and exclusions.
- How a loss is paid. Repair or replacement without a deduction for depreciation, up to the limit. There is generally no deductible.
- Where it applies. Worldwide, except fine art, which is covered only in the US and Canada.
- What it costs. A rate for each $100 of coverage, which varies with where you live and the type of property.
- What it is not. It cannot be bought on its own: it is a companion to an existing property policy.
What does a collectibles policy cover?
Two insurers that write policies for card collections describe their terms differently.
| Term | Collectibles Insurance Services | American Collectors Insurance |
|---|---|---|
| How a loss is valued | Market value, for losses over $50 | Agreed value: full collector value up to policy limits, less any deductible, with no depreciation |
| Listing cards | No schedule or appraisal for most items; items or sets of $25,000 or more must be scheduled; you keep your own inventory | Some protections apply only to scheduled items |
| Mysterious disappearance | Excluded | Covered for scheduled items worth $2,000; ask whether that means $2,000 or more |
| Cards in the mail | “Loss in the mail” is a listed cause of loss | Loss or damage in shipment, with its Collector’s Choice endorsement |
| Away from home | Transit cover subject to a sublimit; shows and exhibitions covered under the policy limit, with the trip to and from the event included; public storage facility cover, up to $100,000, for an extra premium | Collector’s Choice covers items being shipped, stored outside the residence or used for special occasions |
| New cards | Optional automatic increase of 1% a month in coverage, up to $1 million | Covered for 30 days, up to $2,000, if you report them within 30 days |
| Flood | Covered, except in flood Zones A and V | Floods listed among covered perils |
Collectibles Insurance Services deductibles start from $0 on collector policies.
Ask about three points.
- American Collectors Insurance describes its inflation guard two ways: the limit rises 2% each quarter, up to 8% a year, for items valued over $2,000, or the agreed value is adjusted by up to 6% after a covered total loss.
- Collectibles Insurance Services gives the scheduling line two ways: items or sets worth over $25,000 each, and $25,000 or more. Ask which applies to a card at exactly that value.
- Collectibles Insurance Services starts deductibles at $0 but covers losses above $50, so ask how a small loss is handled.
American Collectors Insurance’s features also vary by state.
What do collectibles policies not cover?
Collectibles Insurance Services publishes a partial exclusion list, and it reads like a list of storage hazards:
- slow deterioration, such as fading, creasing or denting
- damp or dry air, and changes or extremes of temperature other than fire
- nesting, infestation or waste from insects, rodents or other animals
- mysterious disappearance
- damage while you, or someone working for you, is working on the item
- giving the property up voluntarily
- war and nuclear hazards
The list is not complete, and exclusions vary by policy. For American Collectors Insurance, ask for the policy form to see its exclusions.
Because fading, humidity, temperature changes and infestation are on that list, good storage is what guards against those losses. Our guides to storing trading cards and storing graded cards cover humidity, light and heat, and our guide to storing sealed product adds pests.
What does a rip site’s vault cover exclude?
A card you open on a rip site usually sits in the site’s vault. The site’s cover there is not your policy, and it stops short in four places.
- Who sets the value. If a card Rips by Triumph holds is lost, stolen or destroyed, it credits your account with the card’s fair market value at the time, as your inventory values show.
- Market moves. At Triumph, any change in a lost card’s fair market value is yours to bear.
- The trip home. For a package lost in transit, Triumph limits what it owes to the card’s fair market value when it shipped.
- How long the card can stay. Triumph sets a period, shown in the User Inventory tab, after which a card is returned to Triumph for its fair market value.
Once a card is in your own hands, your own policy is the one that matters, so add it to your own records the day it arrives. If you want your own policy to cover cards while a company holds them, ask whether that counts as off-site storage under your policy. Our guide to vaulting or shipping a card home weighs that choice, and what it costs to ship a graded card home covers the fees.
What records should you keep?
A record proves what you owned and what it was worth. State Farm lists what to note for each item. Grouped by purpose, it comes to three parts:
- Proof of purchase. Receipts, the date and price, and any certificates or past appraisals.
- A description. The name and details, the condition including any notable wear, and photos from several angles.
- Identity and history. Serial or other identifying numbers, and the ownership history where it is known.
Store important records in a secure place apart from the collection, with digital copies as a backup. For a graded card, the identifying number is the cert number on the slab’s label. Collectibles Insurance Services asks applicants to confirm they can prove ownership with photos and an inventory list, transaction records or an appraisal. The Insurance Information Institute’s advice adds three habits: label your photos, store a copy outside your home, and back up digital files.
For value, State Farm warns that asking prices can differ from what an item actually sells for, and suggests looking at recent sales of similar items. Our guide to finding what a card sold for shows how. Rip.fan’s Pokémon card pages list a Low and a Market price for each printing and raw condition, with the date the prices were checked, so a saved copy is a dated reference. State Farm adds that replacement value may be the relevant figure when an appraisal is prepared for insurance, and says to ask your appraiser which type of valuation fits your needs.
Which questions should you ask before you buy?
- How is a loss valued: agreed value, market value, replacement cost or actual cash value?
- Above what value must a card be listed on a schedule?
- Is mysterious disappearance covered?
- Are cards covered in the mail, at a card show, and in someone else’s storage?
- Are fading, humidity, temperature and pests excluded?
- How are new purchases covered, and how soon must you report them?
- What deductible applies, and is there a minimum loss?
- What proof of ownership will a claim need?
Frequently asked questions
How do I find a qualified appraiser for a card collection?
Look for one with experience in the kind of items you collect. The Appraisers Association of America, the American Society of Appraisers and the International Society of Appraisers are professional bodies that can point you to qualified appraisers.
What is the difference between agreed value and stated value?
Agreed value is a figure the insurer and the policyholder settle on when cover begins. Stated value is an amount the policyholder names when setting up cover, and claim payments on it still follow the policy's terms and conditions.
Are cards held in a Phygitals vault insured?
Yes. At Phygitals, cards sit with vault partners in the United States, in climate-controlled vaults watched around the clock, and each partner insures the cards it holds against loss, theft and damage up to fair market value at the time of loss, within its policy limits.
Is a card shipped home from Rips by Triumph insured?
Every card at $1,000 or more is. At Rips by Triumph, shipping insurance is required on a card with a fair market value of $1,000 or more and optional below that, and each card ships in its own package.