Do you own fine art that may have some historic or artistic significance that required a specific fine skill to create, and is rare and unique?
Fine art differs from collectibles and jewelry, which your policy will typically cover up to a limit. Homeowner’s policies typically cover up to a set limit for many specific categories of items. For example, your policy may cover a loss of up to $2,500 for your art, collectibles and antiques. That’s obviously not enough for something worth tens of hundreds of thousands of dollars.
Most standard homeowner’s policies have a cap, per insurance category, on the amount of personal property coverage provided. In addition, general homeowner’s insurance policies may have exclusions that further limit when and how a claim is paid out.
The solution: Fine art insurance
It’s possible to buy fine art insurance for items such as pieces of art, which would cover them for their most recently appraised value. If you were to lose the art in a theft of fire, you want to make sure that you can get compensated for its full value, particularly if it has appreciated over the years since you bought it.
You can opt to insure items individually on floater policies, or purchase broader valuable-item insurance.
In addition to theft, fine art home insurance policies may cover fire, accidental breakage and loss from severe weather. Be sure to read your policy carefully, as you may need separate a separate flood policy to be protected in the event of flooding.
Fine art policies can also include transportation coverage. This can be especially beneficial because about 5 to 10% of art claims are a result of damage or loss to the pieces during transit.
Before you get started, you’ll need to have your artwork appraised. The next step is to meet with us to find you the right coverage that can cover your unique collection and be tailor-made for you.
If you buy fine art home coverage directly from an insurer, you’ll be sold only the products that company offers. If you work with us, you will be able to compare several quotes and coverage options from top fine art insurance companies.
