Protecting your hobbies
Our hobbies help make us who we are. As our primary interests, they give us a chance to exercise our brains outside of the office. Our hobbies are important to us, and maybe that’s why we spend so much money on them. You may even have a specific monthly budget dedicated to your hobby to keep you from overspending. Of course, if you put so much money into your hobby, you also know you have to keep it safe.
Many people maintain collections as a hobby, and these collections can get filled with incredibly valuable pieces. If you’re a comic book collector, you probably know that the most rare of comic books can go for well over $1 million at auction. Others put their time and money into technology, keeping up with current technological trends and building their own super-powerful computers for gaming and more. Whatever your hobby is, you can view it as an investment, and with any investment, it’s important ensure its safety. With proper storage, cataloging and insurance, you can rest easy knowing that investment will be around for years to come.
People go to great lengths to protect their valuables. And with collections, that begins with proper storage. If you collect comic books, you know that the oil from your hands as well as other natural reactions can cause deterioration of the pages. That means investing in special covers to keep the pages looking new.
If you’re a wine aficionado, you have to consider the temperature of your storage space. Whatever the specifics of your hobby or collection, be sure that you are investing properly to protect items from deterioration. Some keep their most precious items in safer locations, like deposit boxes at their local bank. Others may simply use a locking trophy case to keep their pieces free of dust.
Unfortunately, even security systems don’t always keep your valuables safe. If you’re into electronics, there’s always a risk that someone will try to make a quick buck by stealing your stuff. For this reason, it’s important to keep track of the valuables in your collection. In the event that your favorite camera or gaming system is stolen, there’s actually a good probability that the police will be able to find the item as long as you have good records. Unfortunately, many do not keep detailed notes about their valuables.
Some hobbyists record details of their collection in a spreadsheet and include serial numbers or other distinguishing marks. In some cases, having pictures of your belongings may help; unless you are able to distinguish your item from another one that is very similar, police may not be able to return your stolen goods.
Even if you take every precaution in the book, sometimes you won’t ever get your valuable possessions back. This is exactly why it’s important to insure your belongings. Many homeowners or renters insurance policies will cover the valuables you keep under your roof up to a point, but for some items, you may want to look into itemized coverage. When you’re researching for a plan, you should have a general idea of what your possessions are worth. A good insurance plan is a great backup, but if your plan only covers a fraction of what your most valuable comic book is worth, you’re going to want to reconsider your coverage.
Even though an insurance check won’t make you feel any better about losing that vintage Superman comic, it may give you a good start to finding a replacement.