Chapter 20
Stamp Insurance

This is a reference chapter which covers insurance for your stamp collection. Everyone should read this chapter.

If you have recently inherited a stamp collection, you have probably moved it to your house or apartment. It may have been in someone else’s house before. There is a good chance your homeowner’s insurance policy or renter’s policy does not cover a stamp collection or the policy may cover part of the collection’s value but not all of it. (By the way, many people who live in apartments assume the building’s insurance policy covers their furniture and personal belongings. In most cases, it does not. You need a special policy called a renter’s policy.)

If you have a low-value stamp collection, you may choose to just ignore the fact that it is not insured. However, if the collection is a medium-value or high-value collection, the fact that it might be uninsured should concern you.

The first thing you should do is call your insurance agent and ask about coverage on your collection. He/she may tell you that it is covered up to a certain value. Or he/she may be able to sell you a rider to attach to your policy. This amounts to a special insurance policy just for the stamps. The insurance company may or may not require you to have the stamps appraised first.

Another option is to use the American Philatelic Society Insurance Plan. You must to be an APS member to use the service. An appraisal is not required on the stamps.

For details, write or call:

APS Insurance Plan
Hugh Wood, Inc.
220 Match Factory Place
Bellefonte, PA 16823
Fax: 814-933-3826
Email: APS@hughwood.com
Phone: 1-888-APS-6494 or 1-888-277-6494
http://www.hwint.com/usa/hughwood/aps/index.html
APS membership is a prerequisite to participate in this insurance plan.

This alternative is almost always less expensive than a rider on your homeowner’s policy.

A third alternative is to buy insurance from an independent insurance agency that specializes in insuring collectibles.  The company below does this.  You do not have to be a member of APS to purchase their insurance.

Collectibles Insurance Services
Suite 700; Executive Plaza I
11350 McCormick Road
Hunt Valley, MD 21031
Phone: [1] (888) 837-9537
http://www.collectinsure.com/
APS membership is not required to buy insurance with this agency.

This alternative is almost always less expensive than a rider on your homeowner’s policy.