Americans collect numerous valued items, ranging from action figures to Christmas villages. Statistics indicate that sales in the collectibles industry in America are up 63 percent from 2010 to 2011, according to a recent report conducted by CVV, the French Auction Market Authority. The U.S. currently represents 27 percent of the global market share of collectibles. And collectibles are the largest single group of items listed for sale on auction site eBay.
The ComicCon International show—which started 42 years ago as a showcase for comic books, science fiction/fantasy and film/television—in 2010 drew 130,000 attendees to the San Diego convention center. The convention has expanded over the years to include a larger range of pop culture, such as horror, animation, anime, toys, collectible card games, video games, webcomics and fantasy novels.
Why does this matter to insurance agents? Collectibles and collections are personal property that can be underinsured with traditional homeowners insurance contents coverage. A homeowners policy may have, for example, a $2,500 sub-limit (after deductible) for collections. Where there’s valuable property, insurance agents are needed.
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