The Art Collector’s Home Insurance Tips
I had a recent chat with two insurance professionals, and the outcome of the conversation was hilarious yet educating. There was one instance where a painting got ripped off the wall by a pet cat. Another involving stolen artworks from multiple break-ins in a local museum. These cases were taken to these insurance specialists after both incidents occurred.
Insuring a painting collection involves much more than just seeing the insurance company as a backup plan. The insurance policy for a painting in a home is far different from that of a painting collector’s building. Just as every piece of art yet to be sold worth more in insurance value that one hung on a wall in your living room. Getting a painting insured after damage or loss is a total waste because you wouldn’t have anything to insure after the incident. Consult home insurance reviews to get your home insured because you need different insurance for your artwork.
Can I start by clearly stating that your home insurance does not include fine art? You don’t just assume that home insurance covers your painting collection; instead, check the exclusions on your home insurance. A few insurance organizations sometimes include the limited number of artwork in your home for a discounted price. However, if your coverage agreement doesn’t state this clearly, then you need to buy special coverage for all artwork in your home.
Getting a special art insurance company is the only best available option for you as a painting collector. Because no amount of discount taking off a few arts from your home would do justice to the coverage you need on those items. Fine arts insurance organizations are more knowledgeable in assigning policies to shield your painting collection and educate you to know your claim conditions. The highest value you can get from your painting collection with home insurance will other common valuables in your home. You need to understand this to enable you to choose right.
Just like most insurance policies, be mindful of the items to be recovered. Some art insurance policies omit refurbishment. This means if any of your pieces get damaged and need to be fixed, you might have to bear the cost single-handedly. The other available option is sending the art to a conservator. This way the price may be beaten down a bit. It is important to note that art insurance coverage often gives a reduced market value of your art. You only get that if it was included in your insurance policy though.
Your best chance to ensuring your insurance coverage includes every piece in your home is to notify your insurance broker. Make sure both of you are clear on the package you are willing to subscribe for and all that will be inclusive of it. If it would help, invite the broker for a trip down to your home to physically inspect the conditions of the art collection, to avoid taking the risk of undocumented paperwork. Your art collection can never be replaced or completely fixed if damaged. The right art coverage shields your hard work and investments.
