Normally, calling someone’s sneakers “fire” is a compliment, but what happens when a sneaker collection — worth thousands of dollars, if not more — goes up in flames or is stolen?
Serious shoe collectors — from sneakerheads to couture connoisseurs — spend time, money and energy curating their dream collection. Some even make a living through sourcing and reselling highly-sought-after kicks. Select platforms make it easy for shoe lovers to follow, sell and buy parts of their collection with confidence.
“It’s not uncommon that limited edition sneakers are also a source of income for some collectors,” said Christopher O’Rourke, Mercury Insurance vice president of property claims. “Protecting your investment and preserving your collection against the unthinkable is more than worth your while. Consulting with your insurance agent will help you determine your coverage options for the one or many pairs of sneakers you own.”
Your homeowners insurance typically covers your personal property items in most events of loss or damage. In the case of collectibles or designer clothing and accessories, scheduled personal property endorsements are available as additional coverage under your existing homeowners insurance policy. Certain coverage may repair or replace any part of a pair or collection to its value prior to the loss. However, insurance providers will either pay actual cash value, which includes the cost to replace an item minus its depreciation, or replacement cost, which is the total cost to replace the item at today’s prices. It’s important to check your policy to know which of these coverages you carry.
It’s recommended that you follow a few steps to safeguard your collection for insurance purposes. Be sure to keep your receipt of purchase, take pictures and videos of your sneakers and add each pair to a home inventory list. These steps will help speed up the claims process and help you avoid insufficient coverage in the event of loss or damage. If you have a vast collection, talk to your insurance agent about amending your homeowners insurance coverage to include insurance for shoes and sneakers – the best time to secure the best possible coverage is before anything happens.