Art Coverage on Homeowners Insurance?

Information on shipping, storing and repairing your art, plus your reviews on products for art collecting, making, storing, etc..

Postby soam24 on Wed Jul 26, 2017 3:36 pm

bert wrote:
soam24 wrote:Yep, that's the issue for sure. Good thing values of some of our stuff could be traced back to auction house sales.. unlike all those pop culture works.

And yes, I suck at searching. Kangfirmed.


If only there was a website that had a big database of sales history for this stuff we collect, eh?



Oh, you're going to claim the EB average on your invader piece..? Sounds good. :roll:
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Postby bert on Wed Jul 26, 2017 6:34 pm

Yep, you got it.
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Postby hayward96 on Wed Jul 26, 2017 8:22 pm

soam24 wrote:So after vigorous hours of searching :D

Going with https://www.minicocollectiblesdirect.com


I asked a bunch of questions, but the most important reply back from them was this.

"The claim would be paid out at current market value as long as you are able to provide documentation of current market value and you were insured for the market value amount."



What does "provide documentation" mean?
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Postby golobulus on Wed Jul 26, 2017 8:23 pm

bert wrote:
soam24 wrote:Yep, that's the issue for sure. Good thing values of some of our stuff could be traced back to auction house sales.. unlike all those pop culture works.

And yes, I suck at searching. Kangfirmed.


If only there was a website that had a big database of sales history for this stuff we collect, eh?


You mean ebay right? That is likely what they'd use.
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Postby WolfBrewer on Thu Jul 27, 2017 7:04 am

Homeowners insurance will cover up to $10k in losses for art/collectibles. You will need to send them a list of all items, including market value. Totally worth it IMO...cost me like $30/yr.
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Postby bert on Thu Jul 27, 2017 8:12 am

golobulus wrote:
bert wrote:
soam24 wrote:Yep, that's the issue for sure. Good thing values of some of our stuff could be traced back to auction house sales.. unlike all those pop culture works.

And yes, I suck at searching. Kangfirmed.


If only there was a website that had a big database of sales history for this stuff we collect, eh?


You mean ebay right? That is likely what they'd use.


I was being facetious, but I meant here, which is the same as ebay for most prints. I think ebay only hold closed sales data for ~60 days or so, so this EB can be useful. I'd probably use whatever worked best though depending on the type of print (e.g. if I had to prove market value of 20 Mondo prints, I'd use here...it it was high value print, I'd use higher end auction results).
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Postby soam24 on Thu Jul 27, 2017 9:15 am

hayward96 wrote:
soam24 wrote:So after vigorous hours of searching :D

Going with https://www.minicocollectiblesdirect.com


I asked a bunch of questions, but the most important reply back from them was this.

"The claim would be paid out at current market value as long as you are able to provide documentation of current market value and you were insured for the market value amount."



What does "provide documentation" mean?



Keep a running track of current market value essentially. For some of the more expensive pieces I'm going to have to maintain a record of sales to show proof that "hey, this is what they've been going for"
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Postby soam24 on Thu Jul 27, 2017 9:16 am

bert wrote:
golobulus wrote:
bert wrote:
soam24 wrote:Yep, that's the issue for sure. Good thing values of some of our stuff could be traced back to auction house sales.. unlike all those pop culture works.

And yes, I suck at searching. Kangfirmed.


If only there was a website that had a big database of sales history for this stuff we collect, eh?


You mean ebay right? That is likely what they'd use.


I was being facetious, but I meant here, which is the same as ebay for most prints. I think ebay only hold closed sales data for ~60 days or so, so this EB can be useful. I'd probably use whatever worked best though depending on the type of print (e.g. if I had to prove market value of 20 Mondo prints, I'd use here...it it was high value print, I'd use higher end auction results).


^ this.

I think with eBay's auction list, whatever the time frame is, screenshots will come in handy for sure.
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Postby hayward96 on Thu Jul 27, 2017 9:34 am

soam24 wrote:
bert wrote:
golobulus wrote:
bert wrote:
If only there was a website that had a big database of sales history for this stuff we collect, eh?


You mean ebay right? That is likely what they'd use.


I was being facetious, but I meant here, which is the same as ebay for most prints. I think ebay only hold closed sales data for ~60 days or so, so this EB can be useful. I'd probably use whatever worked best though depending on the type of print (e.g. if I had to prove market value of 20 Mondo prints, I'd use here...it it was high value print, I'd use higher end auction results).


^ this.

I think with eBay's auction list, whatever the time frame is, screenshots will come in handy for sure.


Typically they want receipts and appraisals to pay out a claim, have you verified that they will accept ebay or EB values? And will they accept a self made spreadsheet of inventory? I have many concert posters purchased at shows and rarely get or take the receipt, will any insurance company pay out based on a list I made?
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Postby soam24 on Thu Jul 27, 2017 9:40 am

hayward96 wrote:
Typically they want receipts and appraisals to pay out a claim, have you verified that they will accept ebay or EB values? And will they accept a self made spreadsheet of inventory? I have many concert posters purchased at shows and rarely get or take the receipt, will any insurance company pay out based on a list I made?



soam24 wrote:So after vigorous hours of searching :D

Going with https://www.minicocollectiblesdirect.com


I asked a bunch of questions, but the most important reply back from them was this.

"The claim would be paid out at current market value as long as you are able to provide documentation of current market value and you were insured for the market value amount."
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Postby hayward96 on Thu Jul 27, 2017 9:47 am

But, what will they accept as "documentation"? Does that mean an appraisal from an expert in the field or are eBay sales results accepted?
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Postby soam24 on Thu Jul 27, 2017 9:59 am

hayward96 wrote:But, what will they accept as "documentation"? Does that mean an appraisal from an expert in the field or are eBay sales results accepted?



After talking to them they said proven sales records, fortunately for me a lot of the things in my collection end up at auction houses so assuming I can be on point and get screenshots that would be sufficient.

In terms of ebay, not sure what the grey area is there. Even though I never want to assume, one would think if you have a boat load of sales all around the same pricing you'd be good. Might be a good follow up email / call for them though.

They specifically told me nothing would have to be appraised, the amount of stuff they would insure was crazy like codeblue said.
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Postby hayward96 on Thu Jul 27, 2017 12:31 pm

I just got off the phone with a friend in the insurance business, he is based in CO also. He said if it was on a homeowner policy he sold it would cost about 45 cents/ $100 for the policy addition and they would accept a spreadsheet I created and EB or eBay sales data. He said the biggest thing would be the "documentation" and suggested taking a video or photos regularly to document what you have in your possession at any given time.
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Postby soam24 on Thu Jul 27, 2017 12:34 pm

Yes, documentation for sure of collection with dates I'm sure is a big positive. I mean we would only be helping ourselves right.

But yeah, progressive was a joke when it came to coverage. They wanted fine art appraisers.. because you know they know the street art market so well.
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Postby apalma27 on Fri Jul 28, 2017 11:15 pm

hayward96 wrote:I just got off the phone with a friend in the insurance business, he is based in CO also. He said if it was on a homeowner policy he sold it would cost about 45 cents/ $100 for the policy addition and they would accept a spreadsheet I created and EB or eBay sales data. He said the biggest thing would be the "documentation" and suggested taking a video or photos regularly to document what you have in your possession at any given time.


I have Liberty Mutual and they said the same, photo and document what you have. I'm going to double check again. A lot of interesting points have been brought up. I want to ask them more specific questions.
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