insuring your collection

General art-related discussion.
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WhiteRiot
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Sun Mar 09, 2008 2:55 pm

Pretty boring but I remember some the hassle some guys went thru a few years back so what protection have you got in place, finacial and otherwise.

I'm pretty sure our household would come nowhere near covering mine, but i don't live in much risk of hurricane, or flooding...

discuss
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greasy
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Sun Mar 09, 2008 2:59 pm

im also curious. im a renter as well, im sure that makes a difference.
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Grateful69Phish
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Sun Mar 09, 2008 3:03 pm

Its painstaking, like any collection of this nature.............
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brewer247
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Sun Mar 09, 2008 3:08 pm

I insured mine as an art collection under my homeowners policy. If your collection gets too out of control, you need a seperate policy to cover the collection. If it is average, your policy should cover it. Same goes for renters insurance. That info was from my agent.
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WhiteRiot
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Sun Mar 09, 2008 3:13 pm

maybe i should just have a firesale and skip all the insuring crap...
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Grateful69Phish
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Sun Mar 09, 2008 3:17 pm

brewer247 wrote:I insured mine as an art collection under my homeowners policy. If your collection gets too out of control, you need a seperate policy to cover the collection. If it is average, your policy should cover it. Same goes for renters insurance. That info was from my agent.
SALES agents make everything SOUND easy- you need to ask more questions regarding how they will determine replacement value and proof of ownership, in the event the collection burns.

1. If you cant prove it, they don't pay a dime
2. Replacement value is a total nightmere
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brewer247
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Sun Mar 09, 2008 3:24 pm

Grateful69Phish wrote:
brewer247 wrote:I insured mine as an art collection under my homeowners policy. If your collection gets too out of control, you need a seperate policy to cover the collection. If it is average, your policy should cover it. Same goes for renters insurance. That info was from my agent.
SALES agents make everything SOUND easy- you need to ask more questions regarding how they will determine replacement value and proof of ownership, in the event the collection burns.

1. If you cant prove it, they don't pay a dime
2. Replacement value is a total nightmere
I discussed this. I have pictures and use EB to track my collection and values. It's not perfect, but better than nothing. I think if you had a seperate policy, you may need more documentation. I am glad my collection will be residing in a fire-proof vertical flatfile as soon as I transfer it. :D
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triporfreak
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Sun Mar 09, 2008 3:34 pm

better save all your receipts, too, particularly if u insure for replacement cost. most policies cap per item @ $1500.00 so expensive items will not be insured except under a separate rider. some companies may even require a valuation/appraisal first, as well.
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Codeblue
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Sun Mar 09, 2008 3:39 pm

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Grateful69Phish
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Sun Mar 09, 2008 4:16 pm

triporfreak wrote: some companies may even require a valuation/appraisal first, as well.
most major ones, I will add, the ones that will actually pay...........

And last I knew, these appraisals had to be completed yearly

Just having a EB sale history is going to get you minimal payment, for that does not prove the condition of the prints that Im sure you will say were minty minty.
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triporfreak
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Sun Mar 09, 2008 4:23 pm

yup, it's a pain in the butt. just install a good alarm system, tho that wont help with a fire or other damage.
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BlakeAronson
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Sun Mar 09, 2008 4:59 pm

i really need to get some renters insurance. i mean just having my music all gone would be a disaster worth taking my own life over.

the rest of my apartment can burn down for all i care. just not my music and poster collection, replacing both is probably upwards of $15,000 :(
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scattergood
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Sun Mar 09, 2008 6:49 pm

I just went through this and if your total possessions including your art collection is under the amount you're insurance is for you're fine...If it's value exceeds the cap you need to insure it seperately - in my case total household possesions including the art is well under the cap...each person should make sure they're aware of the toal value recoverable in the event of disaster...then you know you're ok, need to increase your coverage, or get a seperate policy for your collection.
I would bet renteres insurance is similar but I don't know. Different companies likely have slightly different rules too so the bottom line is everyone should be aware of their situation - bug your insurance companies...
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Grateful69Phish
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Sun Mar 09, 2008 7:19 pm

I would really read the fine print in renters insurance and the ability to cover prints, especially higher value ones.

You tell them "I had a $10,000 collection" and the only thing I think they will say, let alone pay, is "HAD".
pjtaper
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Sun Mar 09, 2008 8:18 pm

I don't have renters insurance and I looked into my options, but it seemed anything over $5,000 would have been a real hassle, and since I have a print that is worth over that much alone, I saw no reason to insure my fudge... If my house is on fire, I know exactly what poster to gram, it's hanging right inside my door when you walk in the place...
I wish there was fire proof framing... hmm, a materials engineer could probably invent that :idea:
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