There are as many collectors as there are varieties of objects. Works of art are no exception to the rule, collectors of paintings, sculptures and others number in the thousands. Some even present impressive collections, the value of which amounts to thousands of euros. Indeed, art is a very popular world for collectors, who seek at all costs to obtain certain pieces. Insurance can be very wise to protect your collection. Indeed, the passion that one can have for his works does not make it possible to avoid risks. We will explain how to do it.
Why take out an insurance contract for your art collection?
To start, here is some reasons to take out insurance for a collection. Burglaries and other disasters are a sad reality that should not be overlooked.
Protect your assets from the risks of life
As you already know, works of art can sell for hundreds or even thousands of dollars on the market, often at auctions depending on their value. Thus, an insurance dedicated to their protection in case of any problem can help you greatly.
Typically, here’s what your belongings envision, and what insurance can cover in a contract:
- Thefts and burglaries, the works are very coveted to be resold.
- Water damage.
- Improper handling resulting in breakage.
- The falls.
As you will have understood, the panel of risks is relatively complete. If you don’t want to suffer financially, it is advisable to take out insurance. Is it possible to insure your art collection?that you propose contracts adapted to your needs.
Have more serenity
Then, it is clear that having an insurance allows you to feel more secure on a daily basis.
Indeed, if you are a true enthusiast who wishes to expand your collection, knowing that your goods will be covered in the event of a problem can give you peace of mind during your next purchases.
Many stop collecting for fear of being robbed or losing everything in the event of a fire or other disaster. With your contract, you will not have no more fear of financial loss important if that were to happen. So you can continue to collect freely.
How to choose your contract to insure your collection of works of art?
To continue, know that to evaluate which insurance contract you should choose, there are certain parameters to consider.
In fact, insurers as Hiscox offers a very wide range, but the particularity lies in the fact that you can customize your insurance according to your needs. Indeed, if you tend to transport your works often, it will be wise to take out a contract that covers damage suffered on the road.
Likewise, if you live in an area that is often subject to flooding, then make sure that water damage is included in the coverage chosen. Finally, if you are rather clumsyyou can of course benefit from compensation if you do not handle an object correctly or drop it.
It is recommended make a list of expectations in order to know which guarantees will be useful to you. Some may not be as interesting for you, it all depends on your profile.
Is it mandatory to insure your works of art?
Finally, as long as a collection can have a high value, one can wonder if it is not compulsory to insure it.
Actually, no, it is not mandatory. You can very well keep your collection without insuring it in different ways. It can be normal if you don’t have a large collectionor that it does not have a high value.
But in any case, it is advisable to have one, every collector values his collection.