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Personal Perspective

Insure Your Fine Art and Collectibles

By May 1, 2017No Comments

Your fine art or collectibles could include rare treasures you’ve accumulated over time, inherited from a grandparent or purchased at an auction. In many cases, fine arts and collectibles hold sentimental value, serve as an investment for your future or provide educational value. Learn about fine art/collectibles insurance as you protect your valuables.

What is Fine Art/Collectibles Insurance?

Fine art/collectibles insurance is an important investment for the fine art/collectibles you wish to enjoy, share with others, bequeath to a family member, save as a future investment or preserve.

There are usually two types of fine art/collectibles insurance coverage. For both types, you’ll need an appraisal or bill of service for your valuables.

Scheduled – List and insure each piece individually. Each piece is insured for the stated amount, and you may add or delete pieces as needed.

Blanket – Cover your entire collection as one item rather than insuring each piece. This option makes adding, selling, donating or giving away pieces easier, but you’ll need to determine the market value of each piece if you must file a claim.

What Does Fine Art/Collectibles Insurance Cover?

Use your fine art/collectibles insurance for a variety of objects. Here’s a partial list, but ask your insurance agent for specific details about your rare treasures.

  • Toys, including  model autos or trains and dolls
  • Rare books and comics
  • Stamps
  • Sports cards or memorabilia
  • Guns
  • Knives
  • Art, including prints and sculptures
  • Silver, gold or other fine metals
  • Jewelry
  • Historical artifacts
  • Archaeological specimens
  • Furniture
  • Textiles
  • Antiques

What Claims Does Fine Art/Collectibles Insurance Cover?

A typical fine art/collectibles insurance policy provides all risk coverage for a variety of perils. In general, it includes damages caused by accidents, theft, vandalism, fire, flood, hurricane, earthquake or other perils. Your insurance policy will include coverage details.

Why Buy Fine Art/Collectibles Insurance Cover?

Traditional homeowners insurance policies cover your home and possessions. It might not include adequate coverage for expensive rare treasures, though, since coverage for your home’s contents is usually limited to between 50 and 70 percent of your home’s value. Also, this policy may not cover your fine art/collectibles if you loan them to a museum, transport them in a vehicle or display them somewhere besides your home.

Additionally, an insurance policy can give you peace of mind. It won’t protect your fine art/collectibles from burglars, thieves, storms or accidents, but if something happens to your treasures, you may file an insurance claim and replace or repair your collection.

You value your fine arts/collectibles, so insure them. Fine arts/collectibles insurance gives you peace of mind and protects your investment. For more details, talk to your insurance agent.