Art lovers are you making this common mistake?

Art lovers are you making this common mistake with your valuable treasures you have collected?

So you are a fellow art lover.

Art graces the walls of your home and office.

It brings pleasure and  joy to collect, own and share.


Are you assuming your home insurance will cover the theft or damage of your artwork and antiues?

Whether it is a painting, sculpture or anything else that strikes your artistic senses don’t wait until you have a break in to find out that your precious possessions may not be covered.

If you own anything that is worth more than a $1,000 its time to talk to your local insurance agent to come up with a rider policy that will protect your treasures.

You might be a fan of the Antique road show.

The appraisers often tell people to insure their artwork for such and such value.

YOU need to do this also.

In this recent forbes article they suggest that “you should be insuring items for their retail replacement value, which means getting an appraiser to assess art works or other collectibles on that basis every few years. That way, you can supply appraisal reports to insurers to ensure you have adequate insurance coverage, but also to ensure you have the evidence to support future claims.”

How much coverage do I need?

Typically, you buy insurance based on appraised value. In the event of a claim, some policies reimburse for that amount; others pay the greater of the appraised value and the market price, sometimes capping reimbursement at 150 percent of the former. Insurers expect clients to appraise their works every three to five years in normal markets, more often if prices are volatile. source