Should I Insure Artwork and Collectibles?

Insure Artwork and Collectibles

Artists and collectors should always insure artwork and collectibles.

Almost everyone has a special collection, whether it’s a collection of art, pennies, or knickknacks. It’s hard to imagine that your treasured belongings could be damaged or taken from you in any way. When it comes to high-value belongings, though, you need to think about this scenario. That’s why you should always insure artwork and collectibles.

Valuable items such as paintings, electronic equipment, stamp collections, or art may not be fully covered in your normal policy. Many items will be covered within your current policy (up to a certain limit) but if your valuables exceed this limit, you will have to purchase additional personal property coverage.

In this case, there are typically two options:

  • Work with your agent to add an “endorsement” (also called a rider) to your existing homeowners insurance policy for any items of value that otherwise wouldn’t be covered for their full value by your home policy.
  • Buy a separate “insurance floater” for each of your most treasured items or collections.

Within a homeowners insurance policy, there is Replacement Cost Coverage so that you never have to face a significant loss of your item. In addition, the policy can cover belongings that are destroyed from fires, vandalism, water damage, or that have been stolen. So with an endorsement, not only do you get to focus on building your collection, but you get peace of mind that it’s protected!

In order to apply for this coverage:

  • Obtain a current appraisal of each item.
  • Take a photograph of each item.
  • Make a photocopy of your original purchase receipt for each item, if possible.
  • Talk to your local insurance agent to obtain quality homeowners insurance.

Are you ready to insure artwork and collectibles in your home? For the best coverage for your valuable items and your budget, contact Chambers & Company Insurance Brokers today!

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