How To Get Your Collection Of Paintings Insured Right Away!

By Author: Harry Reinhold
Total Articles: 52
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You have spent many hours in doing research work so that you can buy original paintings Melbourne and other types of artworks. Now that you are a proud owner of some of the original paintings, don’t you think you should get insurance for your entire collection? While it is not a good idea to think of nightmarish situations when things can go out of hand but there is no harm in ensuring that all the paintings are safeguarded and secure at all times. Did you know that at present insured art is valued somewhere between $500 million and $1 billion? This alone should be a determining factor as to why you need to get your paintings insured. You have already spent few thousand dollars to acquire your collection, so you better follow the below steps in order to get them insured:
 
Do You Have All the Documentation Required for Art Insurance?
 
The first step is to make sure that you have all the necessary documents needed for the insurance. This means, you should have access to all the documents ...
... and papers that came along with the paintings Melbourne when you made the purchase. Often referred to as provenance, this documentation includes - proof of ownership, the purchase receipt/bill of sale, replacement estimate and photographs. All these documents are vital because the insurance company will get all the necessary information regarding the artwork.
 
Are Your Paintings Melbourne Already Insured?
 
You must be wondering how can that be possible since you have not insured the paintings Melbourne as of yet. Well there is a catch here. And in order to be clear about this you need to check your homeowner’s insurance policy. At times, this policy not only covers you and your property, but it also insures your jewellery collection, art collection and any other valuables that you may own. But this is subject to the policy’s coverage limits and deductible.
 
If your paintings Melbourne are already covered by the homeowner’s policy then there is no need to get a separate insurance for the paintings. But in case, it does not. You should immediately get in touch with a well-established insurance company who is well known for insuring paintings Melbourne. You need to have a detailed discussion with them and find out all the terms and conditions applicable. You need to know about the amount of coverage that you will get, the insurance premium that you need to pay every year and other relevant details.
 
Determine the Right Amount of Cover:
 
Whether you are serious art lover or someone who loves to own different types of paintings Melbourne, you need to choose an insurance coverage that will do justification to your collection. And for this, you have to make sure that the coverage amount is right. How do you decide that? Take into account the amount you spent to purchase the painting. Now check the current market rate of the painting. And accordingly you need to decide on the insurance coverage amount. Keep in mind that the insurance providers may not agree at the first instance. You need to be prepared with your lit of reasonings and justifications.
 
Do Not Compromise:
 
When you are insuring your paintings Melbourne you should make sure that all essential details are shared with the service provider. You should not hide any details. This will affect your coverage. And in case anything happens to the paintings, you will not be able to make the necessary claims as well just because you never furnished the correct details. The situation will be messy and uncalled for and there is hardly anything that you can do to reverse it.
 
Make Sure that You Appraise Your Collections Regularly:
 
While there is no definite timeline for this but every time you upgrade your collection or you find that the market rate of your paintings have gone up quite a lot, you should immediately call your insurance provider and get your paintings Melbourne appraised. Yes, there will be a change in the insurance premium that you need to pay every year but if you consider the risks involved, it is way better to get the paintings appraised from time to time.
 
Takeaway from the Discussion:
Without wasting any more minutes, you should immediately get in touch with the insurance agent and get your paintings Melbourne insured at the earliest. If anything ever goes wrong, you can always claim the insurance and get the required compensation in order to deal with the situation. If you don’t insure your paintings Melbourne and things go wrong then you will have to deal with the loss of the painting as well as monetary loss. There will be no one to blame but yourself for the mistake you made.
 
Hence, get in touch with the insurance provider and get the needful done at the earliest. We recommend that you interact with multiple service providers so that you can compare all the aspects and find out all the details before you go ahead and take your decision. What are you waiting for? Get the needful done today!
 
About the Author: If you would like to know more about the paintings Melbourne then please take a moment to read the contributions made Harry Reinhold.