EB Forum

I remember reading a thread a few years ago where we discussed how we insure our collections. I searched for it but couldn't find the thread. Well I just switched homeowners insurance companies and they are looking for actual appraisals on everything which is a huge undertaking. How do you all handle things?

Addem2 wrote:I remember reading a thread a few years ago where we discussed how we insure our collections. I searched for it but couldn't find the thread. Well I just switched homeowners insurance companies and they are looking for actual appraisals on everything which is a huge undertaking. How do you all handle things?

For the small stuff under 5k, give them the listing with a link to the EB pricing. Worked for me with State Farm and Allstate. You may have to get appraisals on things with higher values. State Farm wanted appraisals for things over 5k in value. You may also have to let them see the collection.

Hmm. Yeah, that's how my last insurance company was (the 5k thing) but Allstate is the new company I'm going to and they are asking for the appraisals.

I'll ask the agent again and appreciate any other insights.

Addem2 wrote:Hmm. Yeah, that's how my last insurance company was (the 5k thing) but Allstate is the new company I'm going to and they are asking for the appraisals.

I'll ask the agent again and appreciate any other insights.

Also I did show them this website but they said that wouldn't cut it.

Get a new agent.

shidarin wrote:Get a new agent.

Absolutely agree with this. Try Liberty Mutual. No hassles. I'm insured for the contents of my house up to $360,000, art included. The only requirement is that I keep a list of what I have, and for that I use this forum. Couldn't be easier. And yes, I've brought the topic up with my agent several times. With over 100 OGs, I am not taking chances.

treweman wrote:

shidarin wrote:Get a new agent.

Absolutely agree with this. Try Liberty Mutual. No hassles. I'm insured for the contents of my house up to $360,000, art included. The only requirement is that I keep a list of what I have, and for that I use this forum. Couldn't be easier. And yes, I've brought the topic up with my agent several times. With over 100 OGs, I am not taking chances.

Speaking of, did your office end up taking care of you?

(sorry to hi-jack)

Addem2 wrote: a few years ago where we discussed

Joined Nov 2014....Alt?

I kind of got the same response from MetLife, basically they wanted each one of pieces to get appraised to cover them. They mentioned there were 3rd party companies that can cover the collection as a whole, but I haven't looked into it much further. Anyone insure their collection separate from the home owners/renters insurance?

treweman wrote: Absolutely agree with this. Try Liberty Mutual. No hassles. I'm insured for the contents of my house up to $360,000, art included. The only requirement is that I keep a list of what I have, and for that I use this forum. Couldn't be easier. And yes, I've brought the topic up with my agent several times. With over 100 OGs, I am not taking chances.

Do you not have to schedule the high value items separately?

I have plenty of coverage with a room by room inventory with video to support the documents, but if I had a total loss my insurer wouldnt reimburse me to the extent I would need for items such as art, jewelery, rugs, guns, etc....because they always cap these items in the fine print at an insufficient level, thus requiring you to purchase additional insurance to schedule these high value items.

I have searched for years to find a carrier that would just let me give them a number to cover the value of ALL contents, but have had no luck.

Good thread and I have been wondering this myself. At what point should we begin thinking about getting insurance? My collection is small and doesn't contain a lot of valuable prints, but its growing and some coverage would be nice.

Got a rider on my renters policy with state farm. All my moss glibli prints are insured at an agreed value. This value is what I believe it would take to replace the prints. (Enforced by EB listings)

Thankfully none of my things are valued at more than 5k as that would require an appraisal. Appraisals in my area run around $400 per piece, so I'm glad I didn't need to take any in.

Also, don't expect any recommendations on an appraiser from the insurance company, they were basically clueless when I asked.

slunkey wrote:Good thread and I have been wondering this myself. At what point should we begin thinking about getting insurance? My collection is small and doesn't contain a lot of valuable prints, but its growing and some coverage would be nice.

That point and level of security is different for each of us and is really your own threshold for loss. You really have to sit down and think about the value you place on your collection or any specific piece you own. It can be hard, but will really shed light on what is important to you.

rockbridge wrote:

treweman wrote: Absolutely agree with this. Try Liberty Mutual. No hassles. I'm insured for the contents of my house up to $360,000, art included. The only requirement is that I keep a list of what I have, and for that I use this forum. Couldn't be easier. And yes, I've brought the topic up with my agent several times. With over 100 OGs, I am not taking chances.

Do you not have to schedule the high value items separately?

I have plenty of coverage with a room by room inventory with video to support the documents, but if I had a total loss my insurer wouldnt reimburse me to the extent I would need for items such as art, jewelery, rugs, guns, etc....because they always cap these items in the fine print at an insufficient level, thus requiring you to purchase additional insurance to schedule these high value items.

I have searched for years to find a carrier that would just let me give them a number to cover the value of ALL contents, but have had no luck.

Yeah, typically it will be capped at a $1k or $2k aggregate, not per item depending on who you are with. You just have to try and work with your agent to either have items covered on a scheduled basis or see if you can get a higher aggregate for the collection.

I've got my artwork insured through http://www.collectinsure.com/default.aspx. Setting up coverage is extremely easy - you request an overall coverage amount and call out any pieces over 5k, no need for photos or appraisals. The cost is reasonable and the coverage is pretty comprehensive - it even covers earthquakes and floods if I remember correctly. That said, I haven't made a claim yet, so no idea if the ease of setup will come back to bite me.