If you own a valuable film collection, you likely want to ensure it stays safe. You probably have it put away securely to protect it from any damage that may occur. Is this enough, though? IN most situations, you should take the next step and obtain insurance to protect the film and your investment in it. If your film has value to it, chances are good you can obtain insurance protection for it. This could help you to protect your collection in an even more significant way.
Why Insure It?
The first consideration you may have is why insure. Insurance helps to protect your financial situation. For example, assume the worst happened and someone stole or destroyed the film. Whether or not you have an emotional attachment to the film is one thing, but you do have a financial stake in the protection of the film. If nothing else, you will receive compensation for the value of the film by your insurance company assuming it was lost in a way that had coverage by the insurance policy you obtained.
How to Insure It
There are two main options for insuring your valuable collection. Depending on its value, you may want to add it onto your current homeowner’s insurance policy. This insurance policy does require that you list any unique and highly valuable works in the actual policy at the time of obtaining the policy. This is a good option if the film is valuable, but not extremely rare or valuable. If that is the case, you definitely want to invest in an individual insurance policy for the film itself. This type of insurance policy will be more costly but it better protects your film collection.
If you are considering insuring your film collection, do consider these helpful tips.
1. Invest in the right insurance company. Determine if they are secure and financially sound before putting your valuables in their hands.
2. Do read the fine print. How does your film collection need to be stored? What risks does the policy not cover?
3. Do get an appraisal from more than one company to determine the value of your collection. This is the best way to learn what the actual value of the policy should be. If your insurance company’s appraisal is different, do go with the higher value if it is possible.
4. Compare insurance companies. Not all of them are the same. You may find policy differences and price differences for the same amount of coverage.
5. Learn what options the insurer offers for protecting your valuables. You can get advice from these insurers on how to protect your investment financially.
It is always important to protect your film investment, but it is essential that you take steps to keep it safe altogether. Storage is an important component. If you will be moving the film collection, sharing it or otherwise using it, find out if the insurance will cover any accidents that happen during this move. Insurance for a film collection is important, no matter what type of film it is.
