If you love Art like we do then PLEASE listen closely.
Unfortunately, many people make expensive mistakes when insuring their artwork.
Some people spend THOUSANDS on art only to SHORT themselves with insufficient insurance coverage.
Are you making these 9 common mistakes when protecting your paintings, sculptures and bronzes?
- First be very careful not to assume your home insurance will cover your art collectibles. Here lies the problem… Did you know that the average homeowners policy covers only up to $2,500 of arts, collectibles and antiques. Question: What if you own more than that??? So remember to ask how much coverage is included for artworks and antiques!
- What does my current policy cover? Will it cover natural disasters, fire, flood, earthquakes, accidents, or theft?
- Does my policy have any exclusions?
- Do I need to get any additional insurance to protect my investment?
- Do I need to add a rider to my current policy?
- Does my existing company offer additional coverage?
- Will there be an an extra deductible required?
- Remember to get a policy worth two times the appraised value.
- Remember to communicate with your insurance agent. If they don’t know you are a collector how can they help you protect your investment?
How many of these questions do you have the answers to?
If there is any question or doubt then you know what to do, don’t you?
Pick up the phone now and contact your friendly local home insurance agency today.
REMEMBER, a 15 minute conversation today will save you many headaches and heartaches tomorrow.
What have you got to lose?
BESIDES the difference between what your policy will pay and the appraised replacement value of your artwork?
Read this article on forbes regarding insuring your artwork.