What are the common mistakes people make in collection insurance?

What are the common mistakes people make in collection insurance?

Some common mistakes include underinsuring collections, not updating policies, and failing to document items properly.

How can I avoid underinsuring my collection?

To avoid underinsuring, regularly appraise your collection and ensure your policy reflects its current value.

What should I document for my collection?

Document details like purchase receipts, appraisals, photographs, and any provenance information.

Is it important to review my insurance policy regularly?

Yes, reviewing your policy regularly ensures it meets your collection's current value and coverage needs.

What happens if I don't update my policy?

If you don't update your policy, you risk being underinsured, which could lead to significant financial loss in case of damage or theft.