Tips To Insure Valuable Art Properly

World Art Day, held annually on April 15, celebrates the fine arts. In addition to appreciating art, you can properly insure your valuable collection.

Types of Coverage for Art

You can choose between two types of insurance for your fine art collection.
  • Title Insurance

    When you buy art, you receive a title of ownership. Because you have no way of knowing if the artwork was previously stolen, purchase title insurance to protect your investment. It insures your art against defective titles and is especially important if ownership history is unclear or the art has passed through numerous owners.
  • Property Insurance

    Protect your artwork if it’s damaged or stolen with property insurance. Your regular homeowner’s insurance policy will include coverage for collectibles, but consider adding a fine art floater to supplement your policy and ensure your valuable collection is protected.
Where to Buy Art Insurance

Most insurance companies offer homeowners insurance that covers your property up to a certain amount. This coverage is important, but it might not be enough to cover the theft, damage or loss of your fine art. Talk to your insurance agent to verify that you have adequate coverage for your collection.

You may also research art insurance from a fine art insurance company. These companies specialize in insuring artwork, antiques and other collections and understand your unique needs.

What to Insure Against

Be clear with your insurance agent to ensure your art insurance policy provides complete coverage for your collection. The right art insurance policy covers your artwork in case of:

  • Theft.
  • Damage.
  • Natural disasters.
  • Accidents.
  • Restoration.
  • Door-to-door transit.
  • Display at museums or shows.
Verify the Art’s Value

The ideal art insurance policy will cover the artwork’s replacement value rather than its original cost. Even though you can’t replace original artwork, you want to receive compensation for a stolen, damaged or destroyed piece.

You must know the value of your art, though, to ensure you purchase enough coverage. Since art can appreciate in value, schedule annual appraisals for insurance purposes to verify the replacement cost of your collectibles.  

Provide Required Documentation

Insurance companies need to see documentation for your art before they will issue a policy. Required documentation includes:

  • Proof of ownership, such as a receipt of purchase.
  • Past sales history.
  • Certificate of authenticity.
  • Certified appraisal.
  • Photographs of the artwork.
You will also need this paperwork if you ever need to file an insurance claim.

Enjoy your art collection on World Art Day. Also, review your insurance and ensure you have the proper coverage for your valuable collection.
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