How to insure my collections ?
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Whether you are a collector of antiques, art, old coins or old papers, your collection can quickly reach a value that makes it necessary to take a look at your insurance. However, we often start to take an interest in our insurance too late, namely after an accident or a burglary. In this article, we will highlight a few points of attention so that you know what to expect.
The first thing to do is to check the status of your insurance policy.
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- Consult your home insurance
- Certify and value your valuables
- Placing or displaying your collection
- Insurance specific to art and collectibles
- Inventorising your collection
- Who do I turn to?
Consult your home insurance
First of all, you should be aware that the definition of a collection varies from one insurer to another. Indeed, there is no such definition in the insurance code. However, we can define a collection as a grouping of objects of the same nature forming a coherent whole.
You should first refer to the correct paragraph of your home insurance policy to find out whether it covers your collectibles (coins, banknotes, fossils…), your precious items (bullion, jewellery…) or valuable items (paintings, sculptures,...). With some home insurances you will have to take out a specific option to benefit from this type of protection. The reimbursement value associated with this class of compensation can vary greatly from one insurance package to another, from 1000€ to 10000€.
To benefit from this reimbursement, you will first need to have a prepared inventory of your collection as well as purchase invoices to justify the price.
Small point of attention; beware of the fine print regarding safety measures. Lack of a bar on ground floor windows, unsecured entrance door, no sign of a break-in… It is not uncommon for an insurer to be refused a refund even though they thought they were covered.
They are not the only ones who have a claim.
Certify and value your valuables
Be aware that an old invoice can be disputable by an insurer. This is because your item may have lost value or been damaged since the date of purchase. It is therefore important to know whether a refund will be a lump sum without any proof, or whether it is not necessary to provide proof.
Hiring an expert can be a good solution if invoices and certificates of authenticity are scarce in your collection.
Passing through an expert can also allow you to obtain an agreed value. This value allows an insurer and an insured to agree on an amount of compensation, making it much less disputable.
The value of the claim is the amount of compensation that you will receive.
Placing or displaying your collection
In your life as a collector, you will probably have to place your collection at a fair or exhibition, or even at a move. You may also have the opportunity to present your œues or antique objects at an exhibition.
The movement multiplies the number of people who are involved in it.
Any movement multiplies the risk of loss, theft or damage. And most home insurance policies do not cover losses outside the insured domicile. In this case, it will be necessary to think about taking out specific insurance for art and collectors' items.
Insurance specific to art and collectibles
If your collection of contemporary art or antique coins exceeds several thousand euros, it may be worthwhile to take out special insurance. This will be more expensive, and it will be more complex to find the right package for your needs.
In this case, we advise you to turn to a specialised broker who will help you make the right choice. When taking out this type of insurance, your insurer may require the installation of a surveillance system, an alarm, an armoured door or a reinforced lock.
Inventorize your collection
Whatever the insurance contract, to be well covered it is essential to have an inventory that is as accurate as possible and contains as much information as possible (photos, description, invoice, certificate of authenticity, etc.). It is of course necessary to store this information in a place other than the insured home, or even better to have inventoried your collection online on a platform such as CollecOnline.
Be aware that this inventory work will serve a purpose in many other ways than taking out insurance. It will allow you to prepare the administrative steps in case of PACS, marriage, divorce, donation or succession.
Who do I turn to?
If you are looking for professionals who can assist you in setting up an insurance policy, we invite you to contact us, and we will put you in touch with one of our partners who can advise you.
