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Post by sleepboy on May 6, 2008 8:49:43 GMT -8
Having a problem with getting insurance for my collection. My house insurance company say they will only cover up to a certain amount which is not enough. Anyone know a reputable company that will provide additional coverage?
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Post by highbrow on May 6, 2008 19:41:21 GMT -8
Hung, I contacted my insurance company to ask them and i was told as long as I have a seperate rider with appraisals on the works I was fine. They even told me appraisal could be done via gallery. My home owners is with State Farm. I would contact them.
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Post by sleepboy on May 6, 2008 20:46:08 GMT -8
I've heard good things about State Farm. Thanks for checking. I will call them... I was hoping to just get it seperate because if i go with State Farm, I think they say you are required to get the house insurance with them too which seems like a hassle.
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Post by sleepboy on Aug 20, 2008 14:48:50 GMT -8
So finally decided to call State Farm insurance today and their policy seems pretty reasonable except that you have to change the home owners insurance to them as well. Also, you would have to get an extra policy for earthquake coverage for your paintings. The other option was just to add a collectibles insurance on top of my existing policy. I think that comiconart likes Collectibles Insurance Company but when i called them they said that you don't have to appraise your paintings. Just list them and we will appraise them when something happens and pay you back. That didn't sit well with me. I would rather have them appraised first then we both agree on the value so if anything happens that's how much I would get back no questions asked. So, will be meeting with a State Farm agent soon. So anyone out there planning to steal my art please wait until after I get insurance. Thanks!
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Post by oldfartatplay on Aug 20, 2008 15:14:25 GMT -8
Thanks Sleep, let us know how it goes. I'm wondering how StateFarm is going to appraise your collection, do they know about art? Allstate said that my collection was covered under my homeowners policy and "not to worry". I worry (more like don't trust) so I asked them what if one fell of the wall or was damaged somehow and they started back pedaling. Seems like the art is covered under a personal possessions clause, meaning if my house burned down they would reimburse everything I own up to a certain amount. That meant they would include the art along with TV, furniture, clothes, bicycle etc. No dice! I want to have my art collection covered under a separate policy so I need an appraisal first then shop for insurance.
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Post by sleepboy on Aug 20, 2008 15:20:15 GMT -8
Thanks Sleep, let us know how it goes. I'm wondering how StateFarm is going to appraise your collection, do they know about art? Allstate said that my collection was covered under my homeowners policy and "not to worry". I worry (more like don't trust) so I asked them what if one fell of the wall or was damaged somehow and they started back pedaling. Seems like the art is covered under a personal possessions clause, meaning if my house burned down they would reimburse everything I own up to a certain amount. That meant they would include the art along with TV, furniture, clothes, bicycle etc. No dice! I want to have my art collection covered under a separate policy so I need an appraisal first then shop for insurance. Yes, from what I have learned, you can't trust your regular insurance. Plus if you a normal crazy (in debt because of art) person like most collectors, they coverage probably isn't enough for all your personal possessions + art. Always better to get seperate insurance where everything is appraised. The way to appraise is the get one of the galleries that deal with the kind of art we collect to do it. So whatever gallery you are friendly with will probably hook you up. Just type everything out for them to sign.
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Post by highbrow on Aug 20, 2008 17:41:19 GMT -8
Hung, State Farm screwed me. What a nightmare. I had contacted them, and they told me to get me stuff appraised. I contacted them back and asked if it had to be local or anyone. They informed me someone in the field had to do it, I even asked if they had someone, they said no. I contacted Dave at LAG and since I made some purchases from him he was kind enough to sign off on it. I went to meet them and gave them the paper work and they wrote out the separate rider. They gave me my copy and said the binder would come in about a week. I waited a week, emailed my agent and she said wait a little longer. Finally another week and no rider. I stopped by her office and she said I had to speak with the head agent he would call me. I asked her what was the problem and said very nice if this is something you guys are having a problem with please let me know so I can try to find someone to handle this.
long story short the next day I got a call on three way from the head agent and his daughter my agent. I was told they did not care for my threatening manner of finding another agent. I in no way threatened them, i tried to explain that to him before he got very rude. he than asked why I wanted this seperate rider, I explained to him the current policy was not enough to cover my art, he said why not just raise your policy. Now my policy per my attorney ( cousin ) only covers art up to a total of 5K, not each piece total. I asked if they could raise that he told me no, the agent than said the policy would cover it, yet would not put it in writing, also told me it would not be covered in case of accident.
regardless sorry for the long post but state farm in Atlanta was horrible to deal with, thank god my grandfather was a officer in the military and has USAA insurance, I was able to call them and have my home owners switched, and not one but two separate riders for art and my watches and wifes wedding ring. I called them and they asked the me the amount and asked me to fax the paper work, they next day the policy was started. Hung if you are able to get USAA I would look into it, when our place in Fort Lauderdale flooded ( cousin again ) they were out right away and even told the contractor to replace all the drywall in the ceiling even though the contractor said it was fine.
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Post by sleepboy on Aug 21, 2008 8:27:13 GMT -8
wow that sounds like a pretty bad state farm insurance. strange since everyone else i talk to give them good reviews. well, i talk to the agent tomorrow. guess we'll see what happens.
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Post by jimandtara on Aug 21, 2008 17:25:09 GMT -8
Highbrow - wow, thats a completely different experience than we had with State Farm. Makes me want to double-check everything!
My rider was easy to get - they wanted pics, copies of certs (when applicable), appraisals etc...to this day I still copy auction results, online or otherwise, to further back-up my rider file. With originals too - I copy auction or sales results of comparables.
I still think the best insurance from theft is a bullet-proof alarm system! Lasers and all...
jIm
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Post by highbrow on Aug 21, 2008 19:57:08 GMT -8
They also informed me that it would not be covered against damage, meaning if I had a party at my home and someone fell into a large canvas and put a hole in it would not be covered. it is very possible I had a very bad agent, but USAA has been amazing. I would make sure to read your riders and see things like there not being a cap on a single piece and so on.
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Post by jimandtara on Aug 21, 2008 21:37:01 GMT -8
I think I'm going to schedule a sit-down with my agent at his office and go over every detail with a battery of specifics. A couple of times I felt like some of my questions were answered in generalizations - I'd hate to find out the hard way.
jIm
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Post by sleepboy on Aug 22, 2008 10:11:17 GMT -8
hm.... just got called and it seems that i would exceed their maximum coverage. doesn't make sense. maybe i will have too look into USAA.
aw crap, i called farmer's insurance instead of state farm lol, what the hell. i feel so stupid. what does farms have to do with insurance anyways... why do they have to use the word so much. guess i have to call state farm now.
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