Explore how insurance can be customized to help protect high-value collections in this article.
Blog
October 01, 2024
Irreplaceable does not mean uninsurable. When it comes to high-value collections, collectors have options beyond their homeowners insurance policy. In fact, many standard policies won’t cover special, high-value collections. Do you have coverage to bridge the gap?
Working with a trusted advisor can mean the difference between losing your whole collection and rebuilding after a catastrophic loss. Whatever you collect, customized coverage can help provide reimbursement to begin replacing and rebuilding your collection.
What & Who Needs Valuable Personal Property Insurance
Various types of collections can be covered with specialized insurance policies from Acrisure. If you can collect it then we can insure it. Commonly insured collections include:
- Antiques
- Art
- Automobiles
- Books
- Guns
- Jewelry
- Memorabilia
- Silver
- Stamps
- Wine
Policies for collections are suggested for those who create, buy, sell, loan, display, transport, or preserve collectible items. Specialized insurance for collectibles can be written to include protection during transit, display, and storage for several reasons, including:
- Theft
- Fire and water damage
- Restoration costs
- Fraud
- Mishandling
- Natural disasters
If you have invested in your collection, you should also invest in protecting it to ensure it can be enjoyed for years to come.
Beyond Homeowners Insurance
While some items can be added as a provision to a home insurance policy, insuring a high-value collection takes more specialized protection. Keep these three key points in mind when evaluating your current coverage or seeking a new policy.
Keep A Detailed Inventory
No one knows your collection the way you do, so keeping photos and documentation related to individual pieces will be invaluable in the case of a claim. Be sure to include current appraisals, original sales receipts, and associated paperwork in a secured location. With receipt information, you’ll want to calculate any depreciation or rise in value of that item. If you don’t have any receipts, calling an appraiser is your next best option.
Build As Much Protection As You Can
If you have invested in your collection, you should also invest in protecting it to ensure it can be enjoyed for years to come. If insuring your entire collection is not an option, consider covering your most high-value pieces or obtaining a blanket policy. While a catastrophic loss may exceed your collection’s total value, even a partial payout can help you begin to replace lost pieces. Those funds could also be used to hire a private detective to investigate a theft or begin rebuilding your collection.
Understand Your Coverage
Comprehensive coverage for collections often include specific and sometimes confusing details and terms. Consult your licensed agent or broker with any concerns and be sure to ask all the “what if . . . ” questions you can think of to be sure you fully understand what you are covered for. Brokers can guide you through the fine print to help you understand all the ins and outs of your coverage as part of your entire personal risk management portfolio.
Trusted Risk Management Advisors
At Acrisure, we value your satisfaction and peace of mind as much as you do your collection. Partnering with you to listen and provide personalized solutions, we have the ability to draw on the extensive Acrisure network to find collection coverage many other companies can’t. Contact us to discuss how we can secure your collection. And if you're looking for home insurance, request a homeowners insurance quote now.
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