How to Insure your Art

How to Insure your Art?

Altogether too many people think that their contents insurance or homeowner’s insurance policy will cover their art in event of damage, theft, fire or loss of some type. This may be the case if the art is not valued very highly but for art that has been appraised and is valuable, it is very important to have special cover with an art insurance policy.

It is important to understand how to insure your art by finding the right policy with the limits you need to cover your art without having an extreme amount of excess.

Before Insuring Your Art

Before getting insurance quotes it is essential to get an accurate valuation of what your art is really worth.

If you have original works, especially works where the artist is no longer living, it is imperative to have your art appraised by a licensed art appraiser.

If you don’t have an accurate estimation there is no way to know if you are buying the right amount of cover. Also, many art insurance companies require an appraisal before they will insure the pieces. After all, anyone can say they have a million pound Picasso, but without an appraisal, no insurance company will write a policy.

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Where Is Your Art to Be Kept?

Another aspect that needs to be considered is where your art will be displayed. If you have a few fine pieces displayed in your home, the cost might not be extremely high. However, if you will be transporting your art between locations, or from showing to showing, you will want a policy that covers art while in transport. This may cost a bit more but is certainly less expensive than trying to replace lost, stolen or damaged artwork.

How to Insure your Art

Are You Insuring a Collection or a Single Piece?

Many insurance companies will only insure single pieces and will not cover collections. Other art insurance policies will cover any pieces which have been appraised and listed on the policy.

Make sure to read the small print when comparing insurance companies and comparing cost. If only one piece in a collection can be insured by that company, there are plenty of other companies that will insure each and every piece of art you own.

Art Can Fluctuate in Value

At any given moment in time art can be worth more or less money. Generally speaking, masterpieces increase in value with age and with the death of the artist. Also, art trends which means that one day a work of art may be worth thousands of pounds and the next it may be worth a few hundred. Of course this is extreme, but the point is to make sure your insurance company will cover the value of the art at the moment loss occurs. For this reason, many art experts recommend having your art valued periodically and amending your policy as needed.

Whether you are insuring paintings, charcoals, sculptures or any other types of valuable art, it is important to find a company that will insure your art for the full value of each piece.

You may have higher or lower excess to consider as well. Some insurance policies have little or no excess whilst others assess excess as a percentage of the value of the art. Carefully consider what it would mean to lose your art and then you can better judge what you are willing to pay for cover. To most collectors, art is worth more than all the money in the world could ever replace.

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