Fine Art and Properly Insuring High Valued Items
If you own fine art or expensive collectibles then protecting your artwork, instruments, or other valuable artifacts will requires the services and expertise of an insurer that fully understands their immense value. Stolen or damaged art requires a risk management expertise that is in line with the proper care of these fine collections. You have very unique risks and exposures that you must deal with constantly and North Star Insurance Agents are ready to assist you with the task of properly insuring your precious commodities for almost every circumstance.
Every collection is different and unique, so it is important that we deploy the necessary insurance solutions that address your individual needs. This is achieved by accessing several premier insurers and determining which company will be able to deliver a tailored program designed specifically for your collection.
Who needs fine art insurance?
Large private collections, naturally, have taken the precautions necessary to fully secure insurance solutions and also have proper risk management in place and are covered for the full value of their precious items. But many smaller collections tend to be under insured, or have settled for a traditional homeowners policy. There are even some that have failed to procure any insurance at all. If these collectors were faced with a devastating event, such as a theft or some incident resulting in significant damage, they may quickly come to the realization that their coverage is simply not sufficient to deal with a major crisis.
Unfortunately, the limit on fine art and collectibles coverage generally ranges from $500 to $2000 for a standard homeowners policy, without the addition of a floater or rider. Even with an added floater or rider, homeowners policies tend to limit the level of exposure. A collectibles policy from North Star Insurance Agents can provide you with limits based on the value of the items being insured.
Keep in mind that filing a claim against a homeowners policy can often leave an insured faced with premium increases at renewal or even the possibility of non-renewal. With a separate collectibles policy from North Star, claims will never affect homeowner premiums or loss history. Plus, you’ll be better off with adjusters that have specialized knowledge and are better able to determine the value of your unique or rare items, which will help to expedite the claims process.