Not everyone will be a fan of fine art, but for the people who are and own this artwork, you should seriously think about insuring it, if you haven’t already done so. When a valuable piece of fine art is in your home, then you’ll likely want to protect the painting or other item, particularly as you never know what the future entails. In the world of fine art insurance, though, “art” doesn’t just mean paintings and photographs.
This type of coverage includes so much more. Virtually anything that has value beyond its function and intrinsic properties can be considered as fine art.
It’s really important that you make sure that you get insurance for these things to keep them safe. Just in case. Here’s more.
It’s your defence against the unexpected
You can never know what the future will bring. That could mean amazing things await you, but also the opposite things too.
Even if you’ve never be robbed in your entire life, for example, it could theoretically happen.
If it were to happen, why would you risk something dear to you and potentially expensive too, such as fine art hanging in your house? People get home insurance and health insurance because they don’t want to risk what happens after an earthquake or a broken leg.
It’s important that you get something like this high net worth insurance just in case something does happen. It’s not only burglary to be wary of; examples of other unanticipated events include pencils going through the artwork or red wine spilling on it.
These things are ones you can’t always predict will happen, so it’s important to prepare for the unexpected when possible. You might put away the family heirloom sculptures, for example, when young kids come to visit.
Having proper insurance is another way to protect your artistic belongings. Otherwise, if anything does happen to those pieces, you won’t get your money for it. Note that I said the proper insurance.
Not all home insurance will cover your fine art
If you collect artwork, then you need to be ready for anything. One of the biggest insurance mistakes people make is thinking their house insurance will cover any damage to their fine art. That’s not always the case.
Admittedly, homeowner insurance will cover your valuables, subject to your deductibles and overage limits. However, if you don’t have a separate policy, you need to check the exclusions in your homeowner insurance just in case.
Furthermore, homeowner’s insurance is normally not as sophisticated as specific fine art insurance. A homeowner’s policy is not the best place to put your coverage; instead you’ll be a lot safer getting a separate fine art insurance.
You don’t want to be caught out in the future and find out that you don’t have the correct coverage. So it’s better to be safe then sorry by getting specific coverage for fine art sooner rather than later.
How must does fine art insurance cost?
When it comes to getting insurance for your artistic pieces, as a general rule, the cost will usually be between 1% and 5% of the total value of the artwork if you are just interested in title insurance.
Insurance companies justify this cost because they have to track down the rightful owner first, which is apparently difficult. However, if you are just interested in fine art property insurance, then it will probably cost you less.
Final words on fine art insurance
When you are choosing your insurance for your artwork, make sure that you get the right one for your artwork and your needs. It might be a good idea to talk to an art attorney first to help give you advice before you make a decision.
You can never be too careful, so it’s always a good idea to ensure that everything is covered and compare quotes from different providers to make sure you get the best rate before you sign anything. If you are thinking about starting up your own fine art collection, there are many stunning creations from female artists to consider including in it, such as Emily Carr and Yuko Nii.
Do you have fine art insurance or protect artwork in your home? Is this one a new concept to you?
Something to look into! We own a LOT of art.
Better safe than sorry I think. If I was you, I’d start by checking out what your homeowner’s insurance includes to see if it covers what you have for artwork.