Protecting Your Fab Four Collection

Whether you just own a few of John, Paul, George and Ringo’s classic albums or you’ve invested thousands of dollars in select, limited-edition vinyls and memorabilia, it’s important to make sure your Fab Four collection is protected. If fire, water or some other disaster wiped out your collection, would you be able to restore or replace your most prized pieces? If a burglar gets away with your collection, how much would you stand to lose?

If you own a valuable Beatles collection and haven’t invested in a smart insurance policy, the answer is –a lot.

Consider the value your collection quickly racks up just by including a few select items of Fab Four memorabilia:

• ·         Most Beatles 45s and LPs released between 1962 and 1970 are worth at least $100 each in near mint condition
• ·         3 original Beatles tickets from 1964 can easily sell online for more than $250
• ·         Wing Dings Beatles sneakers (from Dick Clark’s collection) in their original box, circa 1964, recently sold for $684
• ·         Autographed photos and concert programs go for about $6,000 each

The amount of insurance you’ll require to help protect your Beatles memorabilia depends on two things: The value of your home and the value of your collection.

If you’ve purchased a standard homeowners insurance policy, chances are at least some of your memorabilia will be protected under your personal property and contents coverage. This type of coverage can be used to help replace your belongings and other contents of your home should a covered peril ever damage or destroy them.

Typically, the limit for your coverage will be set between 50-70% of the estimated total replacement cost of your home. That means if your home would cost $280,000 to rebuild, you could be covered by as much as $196,000 in personal property protection. At first glance, that may seem like a nice chunk of change. However, it’s important to note that most standard policies include coverage limits on high-value items. It is entirely possible that you may only have about $200 in coverage for your entire collection of Beatles stuff.

Check the above list again. If you even just held on to a pair of original ticket from the 1960s, you could already be over your limit.

The solution? Fab Four fanatics who have gotten their hands on some high-value memorabilia can help protect their collections by investing in additional insurance protection. Consider scheduling an endorsement on your existing policy in order to increase your coverage to as much as $50,000, with a likely limit of about $10,000 per item.

What if you own a 1963 Concert Poster from Royal Hall, valued at almost $13,000? If your collection includes really valuable memorabilia, you should probably consider purchasing a separate policy for each valuable item. Your existing carrier may have options available, or you may choose to go through a separate insurance provider with experience and expertise in handling claims for valuable collectibles like yours.

Regardless, if your Fab Four collection isn’t covered, it’s a good idea to talk to your licensed insurance agent to discuss your options.

This article was contributed by Kelly McMurtrie, a writer for HomeInsurance.com. Kelly has been writing content for HomeInsurance.com and other major brands since 2011 after graduating from the University of South Carolina with a B.A. in Media Arts.