When is the last time you had your art or antique collection reviewed? The Wall Street Journal recently stated that commodities such as art, antiques and other tangible collections account for an average of 17 percent of the assets of high net worth individuals.

Most people do not have their collections appraised until death, divorce or debt when it is normally too late to be active in managing the collection. Furthermore, many people do not see their home décor as an item that should be insured or appraised. Collectors typically hang their art on the wall for people to enjoy and do not necessarily think of their household decorations as assets.

Penny Insurance wants to ensure you are staying up-to-date on the value of your collections. We offer insurance to protect valuable art collections, precious paintings, rugs, rare books and sculptures. What matters to you matters to us and we want to protect your important belongings. To better determine the worth of your art, there are certain things you should keep in mind:

Determine the value of your art:

Most people forget that artists become famous by being represented by a dealer. The relationship between dealers and auction houses can make or break the accuracy of an appraisal. The dealer’s job is to promote the artist, allowing an art collection to reach a value that gains the auction house’s attention. Then the auction house can promote the artist increasing the demand and price of his or her work. The relationship between the gallery and auction is mutual and vital to both sides. To ensure that your appraisal is completely accurate you must determine the value of your art from both galleries and auctions.

Location, location, location:

Art can be worth more in specific regions of the country if an artist has ties to that area. For example, if an artist went to school or taught somewhere their work will be in much higher demand. Having an association with a certain region of the country will allow for a much higher cost. An artist’s relationship with a location can truly affect how desirable they are.

Chart the direction and pace of your collection:

Pay attention to the era in history from which your art collection comes—it could make a difference in your appraisal. People born in the years 1965-1979 are inheriting wealth and building art collections of their own taste. Millennials, born 1980-2000, tend to shun the art they have grown up with and desire art from their grandparent’s generation. The first generation to largely collect art, otherwise known as the Baby Boomers, are retiring or passing away. Artists from this generation are becoming valuable and increasing in worth, while art collections from Millennials are decreasing in value. As such, we recommend that you update your art appraisals every five years. Doing so is essential to determine the direction that your art collection is heading in the future. Make sure you update your records after appraising your art, so you can review the values from purchase to present.

As an art owner, only you can decide what is valuable and meaningful to you. At Penny Insurance, we are committed to helping you secure the right protection. Our insurance agents can customize a plan to cover all your works of art, from painting to rugs to rare books. Our valuable items insurance also can be extended to cover specific risk potentials, allowing coverage against breakage.

By following these tips, you can help make sure that your art appraises for its true value now and in the years to come. Contact us today to learn more about protecting your valuables.

With Memorial Day in the books, boating season is finally here! If you are planning to spend your weekends or your entire summer out on the water, boat insurance should be at the top of your priority list. Even after the summer months end, it is a smart idea to keep fully covered with boat insurance. Although several states do not require it, boat insurance is a highly recommended coverage option and states do require boaters to pass a boating safety course.

At Penny Insurance, we want to make sure that your “fun” is insured. We offer comprehensive insurance coverage for different types of water toys and boats. Plus, by combining this type of insurance with other insurance, such as home and auto, you gain discounts to help save and protect all your assets, even the fun ones. 

Making the Decision

If you are making payments on a boat or water craft your bank will most likely require you to carry boat insurance even if your state does not (North Carolina does not require boat owners to have insurance, although it is highly recommended). Most banks will not give you a loan on your boat without providing proof of insurance that covers the full value of the boat in the incident of a loss. The bank will be listed as the lien holder on the policy so that, if any loss payments are made, it would also be listed as co-payee on the check. Before a marina or boatyard will accept a contract for a slip or a mooring, most also will require liability insurance proof.

Off the Water

It is a no-brainer that you should protect your boat during peak boating seasons but, even after boating season is over, or if you store your boat out of the water, you should always maintain and update your boat insurance. Once warm weather ends and your boat is stored in a slip or in the yard, you may think cancelling your boat insurance is a good way to save money in the off-season. Vandalism, theft, fire or flooding can happen at any time not just during the summer. Hurricane Matthew destroyed numerous boats and yachts both on and off of the water. Boat owners are also liable for injuries. If someone accidentally gets hurt on or around your boat you could be responsible for their injuries. Without boat insurance you will be paying for their medical bills whether it happened in the lake or a boat yard.

How it Works

People often assume that their homeowner’s policy will cover their boat. Unfortunately, homeowner’s policies are usually limited to boats under a certain size or value, because they do not have the requirements to cover the types of losses that may occur with a boat. The first step in buying boat insurance is deciding with your insurance agent the amount of coverage you need for your boat, the deductible and the types of coverage you need. In the occurrence of an accident, theft or injury you will be able to file a claim and receive payment to cover the loss. The amount of boat insurance depends on many factors such as the boat’s value, motor size, age and how you use it. The amount you purchase typically reflects the potential injuries you may need to cover if one of your passengers gets hurt or your boat gets damaged. Other coverage amounts, such as collision coverage and comprehensive coverage, are based solely on the value of your boat. 

Boating with your friends and family should be a relaxing time not a logistical nightmare. With more than 85 years of insurance experience, Penny Insurance has the knowledge and resources to properly insure your luxury assets. We want to protect you and your family so you can have more fun on the water. Call us today to get a free quote on your boat so you can stop worrying and start having more fun.

You worked hard and now are able to enjoy the fruits of your labor. Jewelry has always been a great means of celebrating and recognizing success. Some pieces have been passed down through generations while others are rarely worn. Whether your jewelry collection is full of precious family heirlooms or newer, statement gems, taking proper care of it is a must to fully enjoy your pieces and give you peace of mind while they are tucked away. Here are a few simple steps to protect your jewelry:

1. Appraise your jewelry.

Get your jewelry appraised regularly to know the exact value of your pieces. Value fluctuates over the years and people are often shocked to discover how underinsured their pieces are. Here are a few key questions you need to go over with your jewelry appraiser when getting jewelry appraised:

What type of jewelry is it?

What is it made of?

What type of gemstones are used and how are they graded?

You will also want to ensure that you are having a graduate gemologist or diamond gemologist appraising your jewelry. A specialist will be able to more properly gage your jewelry’s worth than a store clerk. Your appraiser should also do a condition check to see if there are any loose prongs or chips in the stone.

2. Properly insure your jewelry.

Accidents happen and, if something were to happen to your jewelry, it could also affect your bank account if you do not have the proper insurance. Whether it be natural wear-and-tear or a missing or stolen piece, you do not have to take a financial loss. Review your policy regularly and be sure to hammer out the specifics prior to an incident.

3. Take care of your jewelry, daily.

Keep your most valuable pieces stored in a secure home safe that has high fire and theft rating or in a bank vault. Should you be traveling, keep your most expensive items with you at all times or stored in a hotel safe (not the one in your room). It is best not to pack jewelry in your luggage or wear pieces to the pool or beach. Be sure to replace broken or scratched watch crystals immediately. Hairline cracks can let dust and moisture into the mechanism that can affect its accuracy. Since diamonds can scratch other gems, remember to store them separately and have the prongs and mountings checked annually to ensure they are securely in place.

With 85 years of experience, Penny Insurance has the reliability and insurance know-how for protecting your most valuable assets. Contact us today to discuss options for jewelry coverage plans tailored to your unique needs.