Whether they are have any monetary value, most albums are kept for sentimental reasons. They were more popular before CDs came out. Many have a lot of wear and tear because they have been used so many times. When the album covers rip, it is possible to fix them with some simple materials that most people already have in the house. If your album is a collectable item, you might want to have a professional look at it so that you don't accidentally take away from its resale value.
Put a small amount of furniture polish on the cover. Rub with the damp cloth on laminated surfaces. It will clean the cover of oil or sticky residue from being held.
Spray a small amount of hairspray on any pen marks. Allow it to remain for a few moments, then rub in a circular motion with an unused portion of the damp cloth. This will remove regular ink from the surface.
Remove permanent marker, such as Sharpie, with the dry erase marker and a dry cloth. Use the dry erase marker, marking over the permanent marker. Allow it to settle for a few moments, then wipe with the dry cloth. It sometimes takes two tries for all the permanent marker to disappear.
Rub the eraser over any pencil marks or leftover dirt to remove them. Be sure that the eraser is clean and free from any other marks or there might be a transfer.
Wipe any stickers with the citrus-based cleaner. Use the hairdryer (obviously without the record inside the album cover) to remove the sticker. Use more cleaner if necessary and wipe off any of the sticker residue with the dry cloth.
Glue any ripped parts of the album cover with a glue stick. Do not use liquid glue, which might bubble or glop up.
The dry erase marker trick works on windows and white boards, too. It might not be necessary to use all the steps on your album cover. Just use what you need, depending on the damaged area.
Only try these steps with an album cover that is made with a glossy or laminated finish. If the album is matted, then call an antique store for pointers on how to best clean your album cover so that it's not damaged.