Collection Insurance

General art-related discussion.
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63schoeffling
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Tue Dec 30, 2014 2:08 pm

SurfingJeff wrote: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.
Yeah the big thing to make sure is that it covers flood and quake. Most policies exclude that so you have to have it added if you are going to just add it to yor current HO policy. People tend to forget this.
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Codeblue
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Tue Dec 30, 2014 5:25 pm

SurfingJeff wrote:That said, I haven't made a claim yet, so no idea if the ease of setup will come back to bite me.
AKA the only thing that matters when it comes to insurance. I'd be interested to hear if anyone here actually got paid out as expected on a poster related insurance claim.
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Addem2
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Fri Jan 02, 2015 10:17 pm

Codeblue wrote:
SurfingJeff wrote:That said, I haven't made a claim yet, so no idea if the ease of setup will come back to bite me.
AKA the only thing that matters when it comes to insurance. I'd be interested to hear if anyone here actually got paid out as expected on a poster related insurance claim.

I'd be curious to find that out too.

I seemed to have worked out my situation after pointing out that appraisals on pieces under 5k are pretty uncommon. Hopefully if anything ever were to happen, things would be ok.

As for the dude pointing out my recent account creation date; yes, this account is new as something weird happened to my oh account that the mods can't seem to figure out.

Thanks for all the advice all around.
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jjttdw
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Fri Jan 02, 2015 10:53 pm

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.
Funny, I just switched to Allstate and the agent is a friend. I used EB for 90% of it and he took my work on the rest. I showed him the collection when he came over for me to sign stuff. Find a new agent, yours is a moron. I want to say the cost is less than $400 for more $100k in coverage

That said, when I was with State Farm before, the agent was someone I had never met and he only wanted appraisals for all jewelry and only art over $5k.
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zefarrett
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Thu Jun 04, 2015 11:41 pm

Im moving to a new apartment in july and homeowners is mandatory. Can I tell them about my collection and will they cover the rising value of my collection, or do I need to get another insurance policy for it? I really have no idea how this all works.
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Baker
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Thu Jun 04, 2015 11:55 pm

zefarrett wrote:Im moving to a new apartment in july and homeowners is mandatory. Can I tell them about my collection and will they cover the rising value of my collection, or do I need to get another insurance policy for it? I really have no idea how this all works.
It's different for different providers. They might cover to a certain number without an extra rider, or they may require an extra rider right off to cover pieces. Several also require appraisals on things worth over certain amounts. I would ask whoever you go with and they will give you the details.
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mlinderer
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Thu Dec 22, 2016 1:16 pm

SurfingJeff wrote: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.
I've been thinking about insuring my collection a lot lately too and stumbled upon this thread. I can't seem to find any formal reviews of http://www.collectinsure.com but I found some feedback on gun and sports card collecting forums that said that claims have been paid out when filed. From what I've found, there hasn't been any negative feedback for this company.
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halflife78
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Thu Dec 22, 2016 9:19 pm

I use Historic Firearms, they cover art also:
https://www.easterninsurance.com/insura ... c-firearms
This is offered through Hanover and Chubb. I have $50k of coverage and it's around $160 a year. Anything under $10,000 doesn't need to be specifically itemized to be covered.
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