Insuring Your Fine Art Collection – Do You Have Enough Coverage?

If you have a collection of fine art, whether it is a few pieces or your home is a virtual art gallery, it is important to make sure that you have adequate insurance coverage. If you have recently acquired fine art pieces but have not insured them yet, it is important that you do because they will not be covered under your standard Florida homeowner’s insurance policy.

While water and oxygen are essential to human existence, they are serious threats to fine artwork. Excessive humidity can ruin paintings, prints, and metal artwork.

While some art may be covered by personal property limits, most homeowners do not own any pieces of fine art, let alone an entire collection. Should you have fine art, check with your insurance agent to make sure that you have adequate coverage in the event of a fire or other catastrophic event.

Here are three areas that you should look at if you are insuring your fine art collection:

• Purchasing a floater policy – The simplest way to insure your art is to obtain a floater policy for your high-end artwork. Check with your standard insurance carrier and see if they offer an additional fine art coverage. If they do not cover fine art, you will have to shop around for the proper fine art insurance agent.
• Check with your art dealer – Your art dealer is an excellent source of information on fine art insurance. Since they know what you own, and its value, they can also recommend coverage and companies that offer residential insurance coverage combined with art insurance.
• Evidence of value – If your artwork is new, your invoice with the purchase price listed, is sufficient as use for evidence of value. If your artwork is inherited or has not been valued for a few years, you will need to find an art expert to take it to, or hire one to come to view and assess your artwork, and provide valuation in writing.

Whether you are new to collecting art and only have one piece, or have an entire collection, making sure that you have it covered in the event of a disaster is critical. It is also important to insure your art for what it is worth and have proof of value for it.

If you have recently suffered damage to your artwork or your personal property, the public adjusters at Advocate Claims are here to help. They have been helping Florida homeowners get the best insurance claim settlements for more than 10 years.  Give the public adjusters at Advocate Claims a call at 954-369-0573 to see how they can help you in the insurance claim process.