Policy Questions

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Should I insure my farm antiques and collectibles? It's the proverbial $64,000 question of the collecting market. And the answer is entirely personal.

If you have the collector's 'gene,' as Dan Walker, owner of Collectibles Insurance Agency, Westminster, Md., calls it, you had better give this serious consideration. 'You've either got the 'gene' or you don't. If you've got it, you're going to keep collecting,' he says.

When you keep collecting, values add up. A hundred dollars for a toy here, $50 for a sign there - and soon you could have a collection worth thousands of dollars.

Or what about that old, rusty tractor you picked up 10 years ago for $500? According to Roland H. Lunser, owner of U.S. Power Antique Tractor Insurance, East Aurora, N.Y., with the time and money you've put into it, it's a remarkable sight and probably worth many times more than what you paid for it.

In all seriousness, gene or no gene, collectors are a unique breed, and they hold their collections dear to their hearts.

When something is precious to you, and you can't bear the thought of losing it or seeing it damaged, would recovering its value to somehow replace or fix it help ease the pain? Then let's talk insurance.

Finding the Right Insurance

Okay, so now you must decide on an insurance carrier. You have options, and like anything else that's important, it's best to shop around. Basically, you have:

Specialty Insurance: That's an insurance policy that can cover personal property (and liability for tractors) specifically designed for antique tractors, other antiques and collectibles, and offered by companies dedicated to these niche markets.

Homeowner/Farmowner Insurance: These are policies that can cover personal property and liability. However, homeowner insurance typically excludes liability coverage or property damage for motor vehicles or all other motorized land conveyances off premises.

Inland Marine Insurance: This can broaden homeowner or farmowner policies and is designed specifically for precious, sentimental, collectible and other valuable personal items. It, like specialty insurance, provides coverage for more risks than most homeowner or farmowner policies, but usually not liability.

Advantages

Specialty insurance companies such as Walker's, which focuses on memorabilia coverage, and Lunser's, which offers an insurance program for antique tractors, claim to provide certain advantages.

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