Collectibles, Jewelry, and Fine Art Insurance

Your insurance professional at Pearson Wallace can guide you through the process of insuring your valuables, and making a claim should you experience an unfortunate event such as a fire or natural disaster, burglary, loss in the mail, or breakage. Flood insurance is dependent on the physical location of the objects; insurers may decline coverage in certain flood-prone areas.

Collectibles 

If you are a collector of sports memorabilia, antiques, coins, stamps, comic books, or other valuable items, it’s important to know that your homeowners’ or renters’ insurance will not cover your collections in full in the event of a loss; a separate policy is a necessity to recoup full market value of your precious items. 

Here are some tips to streamline your insurance application and policy selection:

Keep an accurate inventory of your collectibles. In addition, photos and videos are helpful, especially if the item has a maker’s mark, original label or engraving. Certificates of authentication or provenance and appraisals are important as well. 

For example, if you want to insure your Stradivarius violin, authenticity of the instrument must be determined. Counterfeiters have copied the labels and numerical ID, so an experienced appraiser should be employed to ensure your violin is genuine in order for it to be appropriately insured.

Accurate documentation of your collection will expedite your insurance claim should you experience a loss. Keep your collectibles organized in a way that makes sense: risers or shelves, moisture-resistant or fire-retardant containers, protective sleeves, or bins. Maintain your inventory documentation regularly, and keep it in a safe place: using a Cloud service to keep track is a good option because it is accessible from anywhere. In fact, there are Cloud-based collection management services to guide you through maintaining inventory. If that is not your style, keep a thoroughly updated paper copy separately from your collection.

A rider on your policy will add more coverage, or it may limit coverage, so it’s wise to consult an insurance professional to find the right policy to meet your needs. A floater is like a rider, but it’s for items that are used in more than one place. If you are going on tour with your Strativarius, a floater is a wise choice.

Insuring Fine Art and Jewelry

As with collectibles, it’s crucial to obtain authentication and appraisals, in addition to videos or photos of your items. Maintain a meticulous inventory and keep it separately from your insured items. Some insurers will discount your premium if the items are kept in a bank vault. As with collections of sports cards or coins, a rider or floater may be recommended to cover your loss. Your insurance professional will help you determine the best policy to protect your investments.

Insurers reward responsible collectors with lower premiums. Previous claims made by the insured, security measures, the condition of the building housing the collection, and crime rates in your neighborhood or city are likely to impact your rates. The environment where the collection is kept is also important because these conditions can either maintain or harm the integrity of the insured items. For example, keep that wine collection in a wine cellar, and protect fine art from excess moisture. 

Everyone’s needs are different and Pearson Wallace is here to help you with your specific situation.