Collection of Classic Cars Lost in Fire

By: William Forbes

In this heartbreaking article on msn.com (link here) , a fire destroyed a Canadian man's uninsured $3 million car collection. The cars were kept in a barn, which caught fire and was completely demolished. The man said he lost 45 years worth of work, more than 40 classic vehicles, and 40 collectible tractors.

This loss goes beyond the monetary value of the collection. It's obvious this man invested so much time and energy into his collection. To lose it is a hit on many levels, I imagine.

If you have collectibles, whether they are cars or other items, such as jewelry, firearms, art, trains, etc., you should talk to your insurance agent about scheduling coverage for them. Most homeowners policies give you a designated amount towards some of these items, but, usually, it's not enough to replace an established collection. When you schedule coverage, you can value the collection and receive coverage commensurate with that amount. The other benefit of scheduling coverage for collectibles, if there is a loss, you are not subject to your homeowner's deductible.

Certainly, in the event of a claim, a check from your insurance company can not replace the emotional loss. But, it can help you with the financial burden.