Super Bowl Sunday means many things to many people, whether it’ s tailgating at the stadium, chicken wings and buffalo dip with friends on the couch, or just tuning in for the commercials and half time show. But for one team and staff it means much more- bling and lots of it. Although the league only gives the winning team $5,000 per ring, teams are known to spend much more- Super Bowl XLIV Champion’s the New Orleans Saints rings are believed to be valued around $30,000 each.For winning professional sports teams, these rings are priceless but it is important for team members to remember that the rings also have a large monetary value and need to be insured if the ring is lost or stolen- which happens more often then you would think- just this past fall a ring lost 40 years ago on the beach in Hawaii was returned to NY Jets Center John Schmitt.
It’s not just the players that need to protect their valuables; fans can amass sports memorabilia collections that can be quite valuable. Most homeowners’ policies probably won’t cover the current value of the collection. Whether the collection is for personal hobby or as an investment, the collection should be cataloged and appraised before being added to a homeowners policy.
The good news is there are services and products available today like Collector Services and ContentsITV that put carriers and policy holders on the same page, whether you collect fine art, sports memorabilia or Star Wars action figures. The beginning of a new year as we head into tax season is a great time to reassess what you have, what it’s worth and the coverage needed to protect your investments.