Insurance… not always the most exciting topic but a necessity for many.
Recent developments in the insurance and appraisal industry are providing Nashvillians more opportunities to work with professionals in this area. Recently, at a private event held at The Arts Company and hosted by BB&T Insurance Services, Pall Mall Art Advisors, and Pure Insurance, this topic was explored further with a group of select guests that were truly interested in learning more. Here are some of the topics discussed and corresponding answers.
What is personal lines insurance?
Simply put, personal lines insurance covers the dwelling (called “Homeowners”) and also includes cars (called “Auto”). Homeowners is not just the valuation of your home but the contents in it and any other valuable items you may want or decide to add to your schedule. Personal lines insurance protects your home and your possessions as well as your personal liability.
Why would I schedule valuable possessions such as art, jewelry, rare books, antiques, wine, or any collectible?
Typically homeowners policies limit the amount of protection and perils for collectibles; therefore we recommend homeowners schedule their collectibles, which will require an inventory and appraisal. There are two scheduling options available to homeowners: They can blanket all their collectibles or schedule by each item. According to Dennis Kirwin, SVP, Atlanta Regional Executive of PURE Insurance, “Traditionally, appropriate item classifications carry a lower rating because your insurance carrier knows exactly what you are scheduling.” You can, however, blanket your collectibles coverage. Blanket coverage is often on a group of items and likely is written with per-item limits.
Can I schedule more than just works of art?
Nowadays collectible items are much more diverse than just artwork. Whether you are a new or experienced collector, an appraiser can recommend items that should receive additional attention and care. It might surprise you to know that appraisals can include many home accessories, such as Antiquities, Arms & Armour, Asian works of art, Books/Archives/Manuscripts, Ceramics & Glass, Clocks, Furniture & Decorative Arts, Guns, Jewelry & Watches, Paintings/Sculpture/Print (Impressionist & Modern Art, Contemporary, Old Masters & Drawings, 19th Century), Photography, Rugs & Carpets, Silver, and Sporting Memorabilia.
Kate Molets of Pall Mall Art Advisors says, “Everyone always knows what they have until they have to know what they have. In the event of a fire or major loss, will you be able to prove what you owned or will you be searching through old photos and social media images? Waiting until you are in a moment of distress is the worst time to be making decisions around the tangibles.” Pall Mall Art Advisors are market leaders in valuation services for the purposes of insurance, estate and tax planning.
Can I estimate what the value is and then schedule the item on my insurance policy?
You can always obtain an estimated quote on an item; however, in order to schedule it and have it covered there must be a professional appraisal. Many carriers offer additional credits with current appraisals that are less than two years old. Kate Molets adds, “It is impossible to make educated decisions about an object without knowing what it is and what it is worth. Inventorying and appraising your valuable possessions is the best way to protect them to insure they provide the best asset and legacy value in the future.”
So as you start off the New Year in 2017, think about the last time you reviewed your home insurance and valuable items. Insurance can provide you with a restful peace of mind knowing you have the right coverage in place.
BB&T Insurance Services is the fifth largest insurance provider in the United States. They partner with preferred carriers like PURE and others like AIG, Chubb, and Cincinnati but work with appraisers like Pall Mall Art Advisors to meet your needs. Pall Mall has a regional director in Atlanta and an estate jewelry appraiser right here in Nashville. They assist in the appraisal process as well as creating an inventory for their clients which can easily be sent to the insurance company for appropriate rating and scheduling.
Whether you are fluffing your nest and just starting a collection or you are an experienced collector of art, jewelry, or wine interested in a second opinion, make sure to discuss it with your insurance advisor.
Clay Jackson, Regional Insurance President for BB&T Insurance Services, commented, “The explosive growth in Nashville continues to give us opportunities to work with emerging artists and collectors as well as partner with outstanding insurance carriers. From the traditional to the new art, wine, sculpture, and collectibles market, it is always exciting to see what items are being collected by our clients.”
For more information please contact Kimberly Douglas, Douglask@bbandt.com.