Protecting Your Military Collection with Insurance
Insuring military memorabilia has gotten complicated with all the coverage options flying around. As someone who discovered my grandfather’s Medal of Honor wasn’t covered after a basement flood, I learned everything there is to know about protecting collections properly. Today, I will share it all with you.
That M1 Garand your grandfather carried through Europe, the Purple Heart in your display case, the complete set of WWII patches – they represent real money that standard homeowners policies typically do not fully cover. That’s what makes proper insurance endearing to us collectors – it’s the difference between devastation and recovery when something goes wrong.
Understanding Coverage Gaps
Most homeowners policies limit collectibles coverage to around 1,500 dollars total. Even policies with higher limits often cap individual items at a few hundred dollars unless specifically scheduled. Read your policy carefully or call your agent to understand what you actually have. I was shocked when I actually read mine.
Agreed Value Policies
Probably should have led with this section, honestly. The best protection for military memorabilia comes from agreed value coverage. You and the insurer agree on the value upfront, documented by appraisals. If something happens, you receive that amount without having to prove value after a loss.
Collectibles Insurance Services and American Collectors Insurance offer policies designed specifically for collections like these.
Documentation Requirements
Insurers need proof of what you own and what it is worth. Photograph every significant piece from multiple angles. Capture maker marks, serial numbers, condition issues, and any accompanying documentation. Store copies of appraisals with your photographs.
Keep this documentation separate from your collection. A fireproof safe, safety deposit box, or cloud storage means your records survive even if the collection does not. I keep mine in three places now.
What Coverage Costs
Specialized collectibles insurance typically runs between 0.5 and 1.5 percent of total value annually. A 50,000 dollar collection might cost 250 to 750 dollars per year to insure properly. Compare that to the cost of losing uninsured items.
Review and Update Annually
Military memorabilia values change. Items you bought ten years ago may be worth significantly more today. Schedule annual reviews of your coverage and update appraisals every three to five years for major pieces.
