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How Does My Insurance Determine the Value of a Precious Art Piece?
March 31, 2018
How is Replacement Cost Calculated After a Fire?
That is a very important question.
A well written/documented appraisal by a knowledgeable appraiser provides the best means to determine value following the loss of expensive artwork.
Most common homeowners policies
do not
limit the amount they will pay for works of art, (unless the art includes precious metals or stones). However, leaving unappraised, expensive artwork insured under a homeowner’s personal property coverage is not the best way to preserve your fine art value following a loss.
- Short of an appraisal and separate insurance, an appraiser/adjuster will be forced to rely on the substantiation the insured can provide to value the loss. In this type of scenario, the onus is on the policyholder to validate the value of the item lost.
- Values are established before a loss.
- The floater may provide broader perils (losses insured against) than the home insurance policy.
- The value of the artwork does not deplete coverage for other personal property.
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
