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
April 8, 2021
Insurance Agency Leader, Legend and Innovator Chris VanAbel
VanAbel has helped cultivate VAST’s growth and award-winning workplace, including being recognized as an IIABA Best Practices Agency for 14 consecutive years and a 2018 IBA Top Insurance Workplace.
April 6, 2021
Acrisure Names Matthew Marolda as Chief Innovation Officer
Acrisure, a top-10 global insurance broker and fintech financial services provider, today announced it has appointed its first Chief Innovation Officer, Matthew Marolda.
March 31, 2021
Meet the Backbone of BNC – Isabella Autorino
Known as being the backbone of Acrisure Partner BNC Insurance, Isabella Autorino is the Director of Administration and responsible for a wide range of duties including managing the Agency’s accounting, human resources, licensing, vendor contracts and many other aspects of BNC’s back-office operations.
March 31, 2021
Acrisure Pro Colleen O’Hara’s Skilled Approach to Relationship-Driven Marketing Strategies
As Acrisure’s Executive Vice President of Marketing & Communications, Colleen O’Hara’s ability to connect with people is often key to delivering precise and strategic marketing initiatives to Agency Partners
March 31, 2021
Sarah Kline: 5 Star Client and Employee Benefits Experience
As Chief Operating Officer of Acrisure Partner, 44North, Sarah serves a team of highly dedicated benefits professionals, who challenge themselves to lead the industry in specializing in employee health benefits.
March 31, 2021
Driving Operational Excellence with Emily Elliott
As Director of Operations for The Campbell Group, Emily is responsible for leading process improvement and employee onboarding and administering Epic for the agency.
March 30, 2021
SAVA Insurance Group’s Donna Yother Leads with Heart
With more than 30 years in the insurance industry, Donna Yother, President and owner of Acrisure Partner SAVA Insurance Group, is passionate about connecting with clients and providing solutions that give them peace of mind.
March 30, 2021
Tarpey Group’s HR Consulting Dynamo Ayse Saziman Delivers Solution-Driven Best Practices
She is credited with launching Tarpey’s HR Consulting business which is a substantial value add to Tarpey’s benefit book of business.
March 30, 2021
Acrisure Expands Platform with Launch of New Asset Management Division
Acrisure, a top-10 global insurance broker, today announced the launch of a new Asset Management division that will further diversify the Company’s portfolio as it continues to leverage its artificial intelligence (AI) to drive its global distribution capabilities.
March 26, 2021
Pioneering Risk Management and Core Values with Lori Green
“I’m grateful to be a part of a team who is transforming our industry while staying true to our clients, team and values.”