Insuring a Single Pair (e.g., Nike Mags) vs. Whole Collection

By / January 22, 2026

I finally acquired the 2016 Nike Mags ($50,000). My total collection is worth $100,000, but half of that value is in one shoe. I realized that insuring the whole collection at a flat rate didn’t make sense because I treat the Mags differently than my daily Dunks. I needed a sniper approach, not a shotgun approach.

Key Takeaways

  • Scheduled Personal Property (SPP): You can insure just the Mags specifically. This “schedules” them at an Agreed Value (e.g., $50k) with $0 deductible.
  • Blanket Coverage: This covers the rest of your “General Release” shoes. You don’t list them individually; you just have a total bucket of $50k coverage.
  • The Appraisal Requirement: For a single pair worth over $5k or $10k, almost every carrier requires a recent professional appraisal.
  • Cost Efficiency: Scheduling only the heavy hitters is often cheaper than paying a high premium for “Blanket” coverage on 200 pairs of $100 bricks.

The “Why” (The Trap): The “Per Item” Limit

Many policies have a secret cap: “Maximum $1,000 per item” for unscheduled personal property.
If your house burns down, they might pay you $50,000 total, but only $1,000 for the Mags. You lose $49,000.
Scheduling bypasses the per-item limit.

The Investigation (The Quote Test)

I compared insuring a $50k pair of Mags alone vs. a $50k collection of 250 pairs.

1. Scheduling the Mags (State Farm)

  • Process: Required Bill of Sale + Appraisal.
  • Cost: ~$1.50 per $100 value. Approx $750/year.
  • Coverage: “All Risk” (includes breakage, mysterious disappearance).

2. Blanket Coverage (Lemonade)

  • Process: Increase total “Personal Property” limit.
  • Cost: Cheaper (~$300/year).
  • Risk: Subject to deductibles ($1,000) and the “Per Item” limit trap.

Step-by-Step Action Plan

  1. Identify the “Top 10%”: Pull out any shoe worth over $2,000.
  2. Schedule Them: Call your agent. “I want to schedule these 3 specific pairs.”
  3. Blanket the Rest: Leave the other 100 pairs under your standard Renters/Homeowners “Personal Property” limit.
  4. Get the Appraisal: For the Mags, pay a vintage expert or auction house (Sotheby’s/Heritage) for a formal valuation. A StockX screenshot isn’t enough for a $50k item.

FAQ

Q: If I sell the Mags, do I get a refund on the premium?
A: Yes. You cancel the schedule. They prorate the refund for the unused months.

[IMAGE: A “Declarations Page” showing one line item: “2016 Nike Mag – Limit $50,000 – Premium $750.”]

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