How precious are YOUR sports collectibles?

The importance of adequate insurance for your home has never been as brutally illustrated as it has been the past week in Fort McMurray. Not only the importance of having it, but in having all your valuable possessions covered as well.

Case in point

From the safety of a temporary home in Edmonton, Fort McMurray evacuee Shawn Chaulk is rethinking his expensive and extensive hobby.

Chaulk is known as one of this country’s most prolific sports memorabilia collectors – specifically, Oilers and Wayne Gretzky collectibles.  He’s actually been called the Wayne Gretzky of all Wayne Gretzky memorabilia.  He managed to get out of Fort Mac, and at this point be believes his home was actually spared.  But the fright he had and the effort he went to save “stuff” is making him rethink his hobby.

He has game-worn jerseys numbering in the dozens.  He has more than a hundred sticks used by The Great One.  Some of these items are valued at as much as $20,000. 

Chaulk has helmets and hockey helmets that were 100% legitimately scuffed up during Stanley Cup games. He has skates and photos. He has not admitted to whether these items have been itemized for insurance purposes.

Proudly showcased in his Fort McMurray home, when the evacuation notice came he and a friend were furiously stuffing items in hockey bags - emptying his safe, grabbing rookie cards with no time to thoughtful consider what he was taking with the exception of one thing.  How quickly could he liquidate his treasures if he needed funds to rebuild his home?

He was downstairs dismantling his Gretzky shrine while his panicked family was upstairs packing clothes.

The event has caused him to think differently about what his hobby means to him, stating that he might just be emotional under the circumstances but that he’s not sure if he wants to focus on collecting anymore as it’s taking away time from his family.

Is YOUR collection insured?

Lessons can be learned from disasters such as this, and on a personal level you may be wondering if you would be covered for the value of your sports collection, or any other type of collection, should a loss like this occur.  Time to look at your homeowner’s insurance and have a look at the property and contents coverage.  It’s important to note that insurance policies sometimes put limits on the amount that will be paid out in the event of loss when it comes to collectibles and antiques.  The usual amount that insurance companies pay out for things such as a sports card collection is around $200.  Would that cover what your personal collection is worth or do you find that amount laughable because you’ve paid out thousands of dollars.  Additional insurance coverage can be purchased to cover the difference.  You might also consider finding a different insurer that offers some experience or expertise in appraisals and insurance for collections to make sure you have enough to cover your losses.

Do you have a catalog of your collection?

By taking inventory of what you have you can establish the value of your collection.  Take pictures or video and store them on a cloud or flash drive or in a fireproof box so if your collection is destroyed you can prove what you had in the event of a claim. You can send copies to your insurance companies.  Update your inventory on an annual basis.