Why Do You Need Fine Art Insurance?
Your art collection holds a great amount of value, and your homeowners or renters policy covers only a small portion of the amount your fine art is worth due to low cap limits. Fine art can be a greater target for theft and is vulnerable to damage. Therefore, getting an insurance policy that is specifically catered to protect your collection or favorite pieces is often the best way to provide a sense of security and relief.
When choosing coverage, the option to select either scheduled or blanket is often available. Scheduled coverage protects listed works individually, while blanket coverage protects your entire collection with a single limit. In addition, it is important to see if your policy will cover artwork when it is outside of your home or in transport.
When determining value, it is best to get a professional appraisal to ensure that, if something does ever happen, your fine art will have enough coverage for full replacement or compensation. In addition to the value of the art, a significant factor that affects your premium is your risk of perils like theft. Factors such as your location and if you have a security system will determine your level of risk.
It is also important to consider:
You can either add an endorsement onto your current renters or homeowners policy or you can purchase a separate policy for just fine art. We at Diversified Risk Solutions can help you determine which option is the most appropriate fit for you and your valuables.
With fine art insurance, most companies allow you to choose your own deductible. Finding the right balance between your deductible and your premium is an important decision that we can help you navigate.
Other additional features or services may be offered depending on the insurance company. At Diversified Risk Solutions, we are here to help you figure out which policy is going to provide you the most ease of mind so that you can fully appreciate and display your art collection free of concern.
