WEDNESDAY, MARCH 9, 2022
Your fine art may be among your most valuable possessions. Some may assume that a standard homeowners insurance policy will fully cover personal art collections, but that may not always be the case. Other available options may provide more complete coverage for your prized investment.
The professionals at Hill & Stone Insurance can work with you and help you obtain the fine art coverage that fits your needs. Contact us today to get started.
What Is Fine Art? 
Before securing fine art insurance, a good first step may be to determine if your item qualifies to be insured as fine art. Insurance carriers’ precise definitions of fine art vary. Some considerations may include:
-
If the piece’s overall value far exceeds the value of its materials.
-
If the piece has historical or artistic significance.
-
If the piece is difficult or impossible to replace.
-
If the piece is an item that museums may be interested in displaying.
Consult with your Hill & Stone Insurance agent to discuss whether your piece is classified as fine art and if you need additional insurance coverage for adequate protection.
Appraisal and Documentation
Determining the value of your fine art is another crucial step in securing the appropriate type and amount of insurance coverage. Independent appraisers may be able to help you establish the amount a piece is worth. Providing that information to your insurer, as well as the necessary documentation establishing that you own the piece, may help you obtain the right insurance for your needs.
Does My Homeowners Insurance Policy Cover Fine Art?
Homeowners policies typically include personal property coverage. This may provide protection when certain hazards such as fire or vandalism damage your belongings. However, personal property coverage may only provide coverage of fine art up to a limited dollar amount. This gap may leave you exposed to significant financial losses if your art is worth more. Other available insurance products may help supplement your homeowners policy to provide more robust coverage.
What Are Ways to Insure Fine Art?
After working with your agent to determine the value and insurability of your fine art, there are different mechanisms to obtain coverage for it, such as:
-
Valuable items endorsements. Adding a valuable items endorsement to your homeowners policy may raise your coverage limit and provide expanded protection for a category of personal property, such as fine art. Endorsements may cover losses due to named perils such as fires, theft or vandalism.
-
Personal articles floater (PAF). Securing a personal articles floater for your fine art may be a good strategy if you have a high-value piece of art. A PAF typically allows you to extend your personal property coverage on a single item basis and covers it for a specific value. A PAF may also provide all risks coverage, which means a cause of loss is covered unless it is specifically excluded. This coverage may be available as an endorsement to your homeowners insurance or as a separate policy.
-
Valuable items policies. If you have an extremely valuable item, you may wish to secure a valuable items policy. This is a policy distinct from your existing homeowners insurance. A valuable items policy typically can provide expanded coverage for your fine art with higher limits. Plans may also provide for worldwide coverage.
Other Considerations When Securing Fine Art Insurance
Because the value of art changes over time, you may wish to have your items periodically reappraised. When you do this, make sure you provide the updated information to your insurance agent. This can help ensure that your valuable pieces are adequately protected. Also remember that different coverages use different formulas to calculate payments for losses. Make sure to work with your Hill & Stone Insurance agent to discuss options, limits, deductibles and exclusions.
How Much Does Insurance for Fine Art Cost?
The cost of fine art insurance depends on a variety of factors. The value of your art and your selected limits could all impact your premiums.
Get Your Fine Art Insurance Today
The team of agents at Hill & Stone Insurance can work with you to help find the proper protection for your fine art at the best value. We have bilingual services available. Contact us today for more information.
No Comments
Post a Comment |
|
Required
|
|
Required (Not Displayed)
|
|
Required
|
All comments are moderated and stripped of HTML.
|
|
|
|
|
|
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
you and the blog and website publisher.
|