Got fine art? Make sure it's insured!
Art is often in the eye of the beholder. What is and what isn't art is a debate that will continue as long as human beings are around to talk. Insurance has a practical way to define fine art. How much did it cost? If you own a piece of valuable art of a collection of valuable art pieces, you need a fine art floater policy. But don't take our word for it:
“If you are purchasing a piece of valuable art for the first time, be sure to contact your homeowners insurance agent, broker or insurance representative as soon as possible. Find out if you are covered under your existing policy or if you need supplemental insurance,” said Jeanne M. Salvatore, senior vice president, Public Affairs, and consumer spokesperson for the I.I.I.
Those who have collected art over time should regularly get the items appraised to substantiate their financial value.
Like jewelry and other expensive items, there are dollar limits on insurance coverage for art in standard homeowners and renters insurance policies. “In most cases, you will need to purchase a fine art floater,” pointed out Salvatore.
Floaters generally provide broader coverage, including coverage for items that are taken home on a temporary basis but not yet purchased—for example to make sure you like how a piece of art displays in your home. Floaters also do not usually have deductibles.
The Insurance Information Institute offers this good advice and some other tips for fine art purchasers. Whether you have a Picasso or something that looks like it was drawn by a 6 year-old, if it's expensive, we can insure it!