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Collection of Elvis memorabilia | by State Farm
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Collection of Elvis memorabilia

State Farm wants to remind policyholders about the need for proper storage of collectibles and reinforce the creation of a home inventory. A whole house inventory is critical when documenting a collection. Photos, itemization of items in a collection, and any special markings or certificates to verify authenticity should be kept off-premises. A personal articles policy, or PAP, can provide addition insurance coverage for collections. There can be blanket coverage for a collection (i.e. an entire collection of comics can be covered for a set amount) and/or individual comics that are especially valuable can have individual coverage (i.e. Superman #1 is covered based on replacement cost). A collector can have both at the same time (blanket coverage for most of a collection and individual coverage for valuable pieces).

 

Did you know that their is a difference between "fine art" and "collectibles"?

 

Fine art is considered a piece of artwork that has artistic merit, is one of a kind, and/or is rare. The value of the artwork is based on who the artist is and by the appraisal from a reputable appraiser. Collectibles are anything that is mass produced (toys, cards, comics). A collection in this category can range from rock collections to chewing gum collections to action figure collections.

 

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Taken on March 3, 2013