Insuring a Magic: The Gathering collection is something every serious collector should consider, especially once the total value exceeds a few thousand dollars. Standard homeowners or renters insurance policies typically have low coverage limits for collectibles, often just $1,000 to $2,500 total. If your collection is worth more than that, you need either a scheduled personal property endorsement on your existing policy or a dedicated collectibles insurance policy.

The first step is documenting everything you own. Scan your entire collection with Lotus Scan to create a complete digital inventory. The app records each card with its name, set, condition category, and current market price. This serves as your itemized list, which is exactly what insurance companies require to process a claim. Export the collection data periodically and store the export somewhere safe, like a cloud drive or email it to yourself.

For high-value individual cards, go beyond just the scan. Take high-resolution photos of both the front and back, noting any distinguishing features or condition issues. For cards worth over $100, consider getting them professionally graded by PSA or CGC. A graded card has an authenticated, tamper-evident case and an objective condition score, which makes insurance claims for that specific card much simpler.

Update your inventory regularly. Magic card prices fluctuate constantly, and your insurance coverage should reflect current market values, not what you paid originally. Lotus Scan's real-time pricing means your collection value updates automatically, but you should export a fresh inventory at least quarterly to maintain accurate records outside the app.

When speaking with your insurance agent, ask specifically about collectibles coverage. Some policies cover market value at time of loss, while others cover replacement cost. For Magic cards, market value is typically what you want since replacement cost can be ambiguous for unique printings. Provide your insurer with your exported inventory and total collection value to get an accurate coverage quote.

Finally, store your physical collection secibly. Insurance companies may reduce or deny claims if the collection was not stored reasonably. Keep valuable cards in a fireproof safe or safety deposit box, and store the bulk of your collection in a climate-controlled area away from moisture, direct sunlight, and extreme temperatures.