Brokers may salivate at one man’s collection of Star Wars memorabilia, which is not only awe-inspiring in and of itself, but also serves as a prime target for personal lines coverage.
While many Canadians set aside $1,000 a month for such necessities as food, car payments and student loans, Saskatchewan-based Ryan Johnson allocates that amount to purchase Star Wars action figures, trading cards and Lego sets, according to CBC News
As a result, he has amassed more than 40,000 items in a collection valued at approximately $500,000. He believes he has surpassed every other franchise enthusiast in Canada, although he still falls behind the global frontrunner who boasts 300,000.
Several carriers offer collectibles insurance that could cover Johnson’s prized valuables, including the Chubb Insurance Company of Canada, AIG and Allianz. These policies protect against such perils as natural disasters, theft and breakage.
The costs of this coverage can vary, but the U.S.-based Collectibles Insurance Services LLC reveals that insuring $100,000 worth of valuables with no deductible costs about $640 per year. Most carriers will not pay on claims that result from war, government apprehension or rodent damages, though, according to The Cardboard Connection
Moreover, Johnson may require supplemental homeowner’s coverage since his "personal museum" of collectibles grew so expansive that he had to build an addition onto his home.
But while brokers may be eager to sell policies to Johnson, he remains uninterested, claiming that the premiums are too pricy. Instead, he has installed alarm systems throughout the residence and reinforced thresholds with steel doors.
He remains optimistic that these safeguards are sufficient.
"To go back and re-buy this stuff, you'd have to win the lottery," he told CBC News