Fine art is an investment that can help you diversify your portfolio. One price index found that art consistently returns 7.6% to investors and outperformed the stock market in 2018. In 2021, the total value of transactions for the global art market reached $65.1 billion, a 29% increase from the prior year.
Whether you’re just beginning your fine art collection or are already established, a fine art insurance policy can help provide critical financial protection if your collection is lost, stolen, damaged or destroyed. Contact Hill & Stone Insurance in Lake Bluff and Wilmette, Illinois, to learn more. 
What Is Fine Art Insurance?
A standard homeowners insurance policy may limit the amount you can be reimbursed for damage to your personal property. These limits may be inadequate to replace your fine art collection if it’s damaged, lost or stolen. Fine art insurance is a specialized coverage that can provide critical financial protection for your art collection.
Benefits of a fine art insurance policy may include the following:
- Allowing you to avoid making claims for fine art losses with your homeowners insurance
- Enabling you to work with a specialized fine art adjuster if you must file a claim
What Does Fine Art Insurance Cover?
Typically, a fine art insurance policy may cover losses from water, theft and fire, up to your policy limits. It may also cover the disappearance of scheduled items. Fine arts displayed outside your home or that suffer normal wear and tear may not be covered.
Contact Hill & Stone Insurance for more information on our fine arts insurance coverages.
What Qualifies as Fine Art?
The definition of fine art may vary among insurers. Here are some questions to ask yourself about your art collection that may help you determine if it qualifies as fine art:
- How difficult are your pieces to replace?
- What is your piece’s overall value compared to the value of its materials?
- What is your piece’s historical or artistic significance?
- Are museums interested in displaying it?
- Would the value of your collection decline significantly if a single item was lost or damaged?
The following are examples of what may be considered fine art:
- Statues
- Sculptures
- Paintings
- Stamps
- Trading cards
How Can I Protect My Fine Art?
Proper care and maintenance can go a long way in protecting your fine art collection. The following tips can help protect your collection from wear and tear and other damages:
- Avoid sunlight.
- Store art in cool, dark and dry places.
- Keep your pieces flat.
- Wear gloves when handling your pieces.
- Dust glass and acrylic cases regularly.
- Don’t clean your paintings yourself.
- Control the humidity levels.
Additionally, you should keep an updated inventory of the pieces in your collection and ensure that the value of your collection is always up-to-date. This may involve having your collection regularly reappraised, as the value of artwork can change over time. Provide the updated information to your insurance agent to ensure you have sufficient coverage.
Where Can I Buy Art Insurance?
We’re here to help you find the right coverage for your art collection. Contact Hill & Stone Insurance today to learn more about our fine art policies and to get started with an insurance quote.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.