A standard homeowner’s insurance policy won’t protect your most valuable belongings like family heirlooms, art, antiques or sports memorabilia. To ensure they are fully covered, you need additional insurance.

Generally, home insurance policies do not provide a large amount of coverage for these items, usually amounting to only a few thousand dollars after your deductible if they offer protection at all!

Treasured, one-of-a-kind collections need to be safeguarded in a special way. Scheduling your insurance coverage is a great way to guard yourself and your assets from losses caused by accident, theft, fire, transportation, natural disasters and more.

Collectors tend to take out too much insurance for insignificant risks, while not having enough coverage for more substantial ones.

To ensure your valuable possessions are properly covered, you should start by consulting a broker knowledgeable in insurance for collections. ZRM Brokerage can determine if a supplementary policy or valued-items rider is necessary to provide protection while your items are on display, in storage, or being shipped. Monetary reimbursement is available if an item is lost, stolen, or damaged following a covered loss.

In addition, you should consider the following:

• Floods and earthquakes: Review your insurance to secure an all-risk policy that includes unlimited backup of sewers, drains and sump pumps, in the event of floods and earthquakes.
• Mold: In the event of flooding, mold will often follow and threaten the safety of your belongings. Homeowner’s insurance covers a limited amount of mold damage, but supplemental coverage can be purchased.
• Liability: Liability insurance safeguards your property from potential legal claims. Attempting self-insurance for liability can put someone at risk of losing everything. For added protection of your assets, you should consider taking out a personal umbrella policy with a liability limit equal to your net worth in addition to your home and auto policies.

Are you the type of collector who makes purchases while traveling or on a cruise? We’ve got solutions to add coverage from the point of purchase for a limited period of time even before you notify your broker. And remember, it’s essential to update your fine arts insurance policies and appraisals regularly; if you acquire new collections, ensure you adjust your coverage accordingly.

Contact ZRM Brokerage to review your collection today.