Protecting Your Art Collection Part 2

Your Database and your Insurance company.  In that order!

     So  what do you, as a collector, need to do to protect your collection?  You need to keep a record of what you have and then make sure you have enough insurance to cover it in the case of a loss.  The needs of a collector can be completely stored in a software database like My Art Collection.

   A typical art collecting software needs to do a couple of things.  One, it needs to be populated with all the pertinent  details of your art collection and two, it needs to have excellent photos of each piece along with the specifics of how much it cost and what it is worth.  My Art Collection software is perfect for a typical collector  because In this software you can store literally millions of items and up to 6 photos of each item.  You can also build a portfolio, create an insurance report and many other things.  

     Once you have your collection input into the software you will want to get it insured and, you will now have a good sense of how much insurance you actually need. Like most people I hate paying for insurance as much as I hate folding laundry but, in those times when I must purchase it, because it is critically important for protection, I want to know a couple of things:

     First I want to know what kind of coverage I need and...

     Second I want to know if I am covered completely?

     One big consideration with any kind of rare collection (whether it is art or books or stamps,)  is that you must have enough of the right kind of insurance.

     If you have a  homeowner's policy or renter's policy you need to know how much, and exactly what,  it specifically  covers?  Do you need additional coverage because you collection is worth more than you thought?  Maybe you need a specific rider policy that adds to how much coverage you have.  Maybe your homeowners policy doesn't cover anywhere near the replacement cost of your collection.  

     Even if your collection is modest, you might be surprised to see how much it would cost to try and replace it.  Your blanket homeowners policy is usually not enough.  It is likely entirely inadequate.  My experience is that it rarely, if ever, is even close to adequate.  So always talk to your insurance agent and get input on what you need and how much you need.  Remember, this is the same man or woman you will be handing over a copy of your inventory to, if the time ever comes, that you have a claim.  Make sure you were both on the same page when you designed your policy.

Protect your Collection!