
Mind the Gap: Why Homeowners’ May Not Cover Your High-Value Collections
Irreplaceable does not mean uninsurable. When it comes to high-value collections, collectors have options beyond their homeowners’ 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 like Acrisure’s Agency Partners can mean the difference between losing your whole collection and rebuilding after a catastrophic loss. Whatever you collect, our customized coverage provides reimbursement to begin replacing and rebuilding your collection.
What & Who Needs Coverage
Various types of collections can be covered with specialized insurance policies from Acrisure. 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 coverage 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
Beyond Homeowners’ Insurance
While some items can be added as a provision to a homeowners’ 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.
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 rebuild and 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 advisor/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 Partners
At Acrisure, we value your satisfaction and peace of mind as much as you do your collection. Partnering with you to listen and provide customized advice and 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.
Related Content
May 10, 2022
SEC Says You May Need to Disclose Climate Risk. Are You Covered? | Acrisure Viewpoints
As the SEC considers a proposal to make companies disclose areas of climate impact, Acrisure advisors help companies prepare to meet risks.
May 4, 2022
Acrisure Achieves Top Industry Honors
Acrisure makes list of Insurance Business America's "Fast Brokerages 2022" in addition to winning two Stevie® Awards.
May 3, 2022
Limitless Possibilities Podcast, Episode 3: “Culture Eats Strategy for Breakfast” with Grahame Millwater
Episode 3 of Acrisure's podcast called Limitless Possibilities is live with special guest Grahame Millwater.
April 28, 2022
Acrisure Unveils Cyber Risk Assessment Backed by Coalition
Acrisure announced Cyber Risk Assessment in a partnership with Coalition, a leading global provider of cyber insurance and security.
April 22, 2022
How We’re Investing in a Greener Future
Acrisure partners with Friends of Grand Rapids Parks 2022 Mayor's Greening Initiative and Arts Marketplace to invest in a greener future.
April 20, 2022
Job seekers want top benefits. How do yours measure up? | Acrisure Viewpoints
Acrisure shares items that impact the cost of your auto insurance in addition to options to help you save.
April 20, 2022
Acrisure Re In The News: Insurance Insider Interview with Simon Hedley
Simon Hedley, CEO of Acrisure Re, speaks with Insurance Insider about the growth of Acrisure Re and London Wholesale.
April 14, 2022
Want to pay less for auto insurance? Here’s what the experts say | Acrisure Viewpoints
Acrisure shares items that impact the cost of your auto insurance in addition to options to help you save.
April 11, 2022
Acrisure’s Greg Williams is Keynote Speaker for CFC Summit 2022
Greg Williams has been selected as a keynote speaker for the CFC Summit 2022 event in Chicago in May to discuss innovation and technology.
April 5, 2022
Time for a Career Change? Here’s What To Look For | Acrisure Viewpoints
Today's labor market can be overwhelming, but Acrisure employees and Partners offer things to consider when looking for a new role.