Fine art often holds considerable value, and pieces are often expensive or difficult to repair or replace. Standard homeowners insurance policy may offer some coverage for fine art; however, it may contain gaps that leave you vulnerable to significant financial loss. The Hill & Stone Insurance team can discuss available options that may offer more complete coverage. Contact us today for more information.
What Is Fine Art Insurance?
Fine art insurance is a specialized type of coverage that can provide critical financial protection if your pieces are damaged, lost or stolen. A fine art policy typically goes beyond a standard homeowners policy that may not fully cover your fine art (e.g., the covered perils or coverage limit may not be adequate). Adding endorsements to your homeowners policies or increasing its coverage limit could add extended financial safeguards; however, a separate fine art policy may provide perks such as the following:
- The ability to avoid making claims for fine art losses on your homeowners insurance
- The opportunity to work with a specialized fine art adjuster if you need to file a claim
- Work with your agent to determine which option is right for you.
What Qualifies as Fine Art?
Determining if your pieces are classified as fine art is crucial when exploring various coverages. Insurers’ definitions of fine art differ, but some considerations may include:
- The piece’s historical or artistic significance or if museums after interested in displaying it
- The piece’s overall value compared to the value of its materials
- The difficulty of replacing the piece
Examples of personal property that be insurable under a fine art policy include:
- A collection of items whose overall value would decline if a single item was lost or damaged
How Does Fine Art Insurance Work?
The mechanics of how fine art insurance works may depend on the policy. In general, policyholders work with their agent to determine the insurability and value of their value fine art. This may involve using independent appraisers and providing documentation demonstrating ownership of the pieces.
Once the policy is secured, the insurer agrees to provide coverage as long as the policyholder pays the premiums. In the event of a covered loss, the policyholder can work through the claims process to receive the settlement.
Other Considerations When Insuring Fine Art
The value of fine art may change over time, so you may wish to have your items reappraised. If this is done, provide the updated information to your agent to help ensure that adequate coverage is in place. Also remember that different policies use different methods to calculate payments for losses. Consult your Hill & Stone Insurance agent to discuss details, options, limits, deductibles and exclusions.
Get Your Fine Art Insurance Today
The knowledgeable agents at Hill & Stone Insurance can work with you to help find the optimal insurance for your fine art, and we have bilingual services available. Contact us today to get started with a 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.