A kite collection can quickly build up substantial value, and when your kites take on damage, you could lose hundreds or even thousands of dollars. To financially protect your collection, you should purchase insurance coverage for all of your most valuable pieces.
Depending on the value of your kites, you might not need to open an entirely new policy. You can often add your kites to your homeowner’s insurance or renter’s insurance policy, which provides substantial financial protection at a relatively low cost. Depending on the value of your kites and boards, you may have to give your insurance provider sales receipts or other proof of ownership in order to receive a payout. You might also have to prove the collectible value of your kites by getting a professional appraisal. Obviously, you’ll need to take these steps before an accident ruins your kites.
You can get information on your responsibilities and the claims process by calling your insurance company. Ask for a claims specialist and give them some basic facts about your kite collection including its approximate value. If your insurance policy does cover kites, it should also cover the property if it is stolen from your vehicle or damaged in an auto accident.
However, serious collectors know that standard homeowner’s insurance policies have serious limitations. If you accidentally damage your kite while moving it, for instance, you can’t expect your home insurance provider to pick up the bill. The value of your collection may also exceed your homeowner’s insurance policy limits, and you won’t be able to recoup any losses over your established limits. On top of this, some homeowner’s and renter’s insurance companies will not cover the collectible value of your possessions.
To fully protect your investment, you should look into collectibles insurance. This is an insurance product offered by specialty insurance companies that typically have experience with kites, antiques and other collectible products.
If you buy collectibles insurance, work with a licensed insurer that has significant experience with kites and other collectibles. Look for a company with a high financial stability rating. Reputable insurance companies will let you know exactly what they will need to issue a payout if you ever make a claim, and you should gather the necessary documents as early as possible. Keep current pictures of your kite collection, paying special attention to identifying marks that might prove useful if a piece is stolen or damaged by fire or water. Most insurance companies will not require an itemized inventory when you file your claim, but an up-to-date inventory could greatly speed up the claims process.
Keep in mind that collectibles insurance is a specialty product and that most insurers will take a week or two to issue a payout on a claim. Be patient, but stay in contact with your claims adjuster to keep the process moving forward. Keep a copy of all relevant documents along with your policy number and information.
Most insurance companies offer a few different policy options. Be sure to review coverage limits and deductibles carefully. Remember that your payout will exclude any deductibles, so choose an affordable, sensible deductible and don’t just look for a low premium. By choosing a protective policy for your kite collection, you can get tremendous peace of mind for a fairly low price.
