Insure Your Art Collection

Information on shipping, storing and repairing your art, plus your reviews on products for art collecting, making, storing, etc..
User avatar
sendit2d
Art Connoisseur
Posts: 151
Joined: Thu Aug 14, 2014 1:39 pm

Fri Apr 20, 2018 11:12 am

I'm curious to know which insurance companies are being used by people around here for their collections.

I saw a little bit of talk about this one.
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."
I've looked into this one. Is anyone using them? Any experiences to share?
https://collectinsure.com/?gclid=EAIaIQ ... gKi1_D_BwE

Any others out there that people could comment on? Has anyone had to file a claim with an insurance company? How did it go?

Thanks
User avatar
xangelx
Art Expert
Posts: 2304
Joined: Thu Sep 10, 2009 1:42 pm
Location: Brooklyn, NY - Top of the food chain!

Fri Apr 20, 2018 12:36 pm

I use collectinsure, sign up was easy, premium was reasonable from others I looked at it. Luckily I guess I have not had to file a claim so can't speak as to how that would go. But as with any other kind of insurance I would expect that they will try to drymount you any chance they get.
"If I could fly high above the world, would I see a bunch of living dots spell the word stupidity" - Bad Religion
User avatar
mobius006
Art Freak
Posts: 12812
Joined: Mon Mar 28, 2011 5:16 pm

Fri Apr 20, 2018 12:36 pm

subscribed to thread
User avatar
sendit2d
Art Connoisseur
Posts: 151
Joined: Thu Aug 14, 2014 1:39 pm

Mon Apr 23, 2018 9:31 am

xangelx wrote:I use collectinsure, sign up was easy, premium was reasonable from others I looked at it. Luckily I guess I have not had to file a claim so can't speak as to how that would go. But as with any other kind of insurance I would expect that they will try to drymount you any chance they get.
Thanks, I like what I've read about them so far and the quotes are really reasonable.
User avatar
theperfecttree
EB Team
Posts: 6925
Joined: Mon Jan 14, 2008 1:04 am
Location: Austin, TX

Mon Apr 23, 2018 10:58 am

fwiw my collection is insured as part of my homeowners insurance through Allstate.
User avatar
xangelx
Art Expert
Posts: 2304
Joined: Thu Sep 10, 2009 1:42 pm
Location: Brooklyn, NY - Top of the food chain!

Mon Apr 23, 2018 11:12 am

theperfecttree wrote:fwiw my collection is insured as part of my homeowners insurance through Allstate.
Interesting, I have Allstate for homeowners as well and I inquired about whether my collection would be covered and they said no unless I jumped through a bunch of hoops. List of each item, appraisals etc added as a rider to the policy.
"If I could fly high above the world, would I see a bunch of living dots spell the word stupidity" - Bad Religion
User avatar
Codeblue
Yaks 2 Much
Posts: 50967
Joined: Sun Nov 07, 2004 1:00 am
Location: Expresso Beans

Mon Apr 23, 2018 11:55 am

That's pretty much the same with all of em. And those who don't want all that stuff, good luck actually getting a payout. I would be very surprised to hear that anyone here actually got a payout at anywhere near market value for their hundreds (or thousands) of prints.
RupertPupkin wrote:I live by this rule and this rule alone: people are drymounting idiots.
User avatar
sendit2d
Art Connoisseur
Posts: 151
Joined: Thu Aug 14, 2014 1:39 pm

Mon Apr 23, 2018 12:10 pm

Codeblue wrote:That's pretty much the same with all of em. And those who don't want all that stuff, good luck actually getting a payout. I would be very surprised to hear that anyone here actually got a payout at anywhere near market value for their hundreds (or thousands) of prints.

Yeah, I wonder about not giving any detailed info on the items you're insuring. Supposedly it goes by you paying a premium to cover "X" amount of value, say $10,000...if something happens and you file a claim you show pics and details that you did actually own it along with the value, pay the deductible and that's it.

Seems odd, but they've been in business since the 60's.
https://collectinsure.com/why-insure/about-us
Could they not be paying claims and stay in business that long? I'm not sure..
User avatar
theperfecttree
EB Team
Posts: 6925
Joined: Mon Jan 14, 2008 1:04 am
Location: Austin, TX

Mon Apr 23, 2018 1:52 pm

xangelx wrote:
theperfecttree wrote:fwiw my collection is insured as part of my homeowners insurance through Allstate.
Interesting, I have Allstate for homeowners as well and I inquired about whether my collection would be covered and they said no unless I jumped through a bunch of hoops. List of each item, appraisals etc added as a rider to the policy.
I checked my emails and looks like I ran into similar issues. I provided a list of everything owned an an estimated market value, which didn't cut it for them.

After some back and forth the simplest solution was to raise our dwelling coverage to an amount that included the value of the collection. Total was a $9 increase to my annual premium.
User avatar
brewdog123
Art Connoisseur
Posts: 873
Joined: Fri Aug 21, 2009 1:43 pm
Location: ATL

Mon Apr 23, 2018 1:55 pm

interesting
User avatar
sendit2d
Art Connoisseur
Posts: 151
Joined: Thu Aug 14, 2014 1:39 pm

Fri Apr 27, 2018 9:55 am

Travelers just told me that my dwelling insurance covers limited edition prints under my normal policy. I don't have to show them proof of any individual items owned now, but they recommend having pics/receipts and a spreadsheet of everything in case I need to file a claim in the future.

The deductible is a lot higher with dwelling insurance (minimum is $500 in NYS) than collectinsure.com or minicocollectiblesdirect.com, but I guess maybe I'll use what I already have with my existing policy...I don't know. Anyone have experience with this type of stuff through Travelers?
User avatar
brewdog123
Art Connoisseur
Posts: 873
Joined: Fri Aug 21, 2009 1:43 pm
Location: ATL

Fri Apr 27, 2018 2:05 pm

do you really have receipts? do they really expect receipts?
User avatar
WolfBrewer
Art Connoisseur
Posts: 355
Joined: Sun Jan 24, 2016 5:27 am
Location: Austin, TX

Fri Apr 27, 2018 3:27 pm

I am covered to $10k under my dwelling insurance with Progressive. They have a spreadsheet of all my prints (with current market value) that I owned at that time (2 years ago) Anything higher requires appraisal, etc. I should probably look toward something else at this point, but for that value, seems to be a good way to go.
Image
User avatar
sendit2d
Art Connoisseur
Posts: 151
Joined: Thu Aug 14, 2014 1:39 pm

Mon Apr 30, 2018 10:51 am

I do have receipts for a lot of the stuff I got on a drop, but pics and a spreadsheet is probably the best way to go.
User avatar
brewdog123
Art Connoisseur
Posts: 873
Joined: Fri Aug 21, 2009 1:43 pm
Location: ATL

Mon Apr 30, 2018 11:00 am

not sure i would want to hold on to all my drop receipts or paypal receipts. might be slightly depressing
Post Reply