Fine Artwork and Collectibles Insurance
Protecting your valuables has never been easier.
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
If you have valuables in your home, they need to be protected against a myriad of risks. Fine artwork and collectibles may be stolen for ransom or resale, which can be a very profitable enterprise. But these valuables can also be damaged or destroyed by other disasters like common house fires. Further, you need to ensure you have enough protection in place in case your fine artwork and collectibles appreciate in value over time.
An independent insurance agent can help you get equipped with all the fine artwork and collectibles insurance you need to protect your valuables. They'll make sure you get exactly the coverage and amount you're looking for. But first, here's a further breakdown of fine artwork and collectibles insurance.
The Demand for Fine Artwork
Artwork is not only extremely pricey in many cases, but it's also highly in demand. Here are just a couple of quick stats so you can see for yourself.
- In late 2021, a record was broken by Sotheby’s auction house, which sold a collection for $922.2 million.
- The FBI dedicates a team of more than 20 agents and attorneys to solving and prosecuting art crimes.
- Over the past couple of decades, the FBI's Art Crime Team has recovered more than 850 items valued at more than $134 million.
With artwork being so in demand and so highly valued, having the right coverage for it today becomes more critical than ever.
Why You Need Collectibles and Artwork Insurance
Although it’s unpleasant to imagine worst-case scenarios, considering what might happen is often a necessary part of evaluating your insurance needs. The good news is that fine artwork and collectibles insurance coverage can help protect your collections. Many fine artwork owners rely on insurance to cover incidents of theft or unexpected damage to their collections.
In addition to theft, fine artwork and collectibles coverage provided by homeowners insurance policies may cover fire, accidental breakage, and loss from severe weather. Be sure to read your policy carefully, as you may need a separate flood insurance policy for your artwork to be protected in the event of natural flooding.
Fine art policies can also include transportation coverage. This can be especially beneficial because a percentage of artwork collection claims result from damage or loss to the pieces during transit.
Does Homeowners Insurance Cover Fine Art?
Most standard homeowners insurance policies have a cap, per category, on the amount of personal property coverage provided. Typically, this restricted amount is not nearly enough to cover a fine artwork collection of high value or a set of collectibles. In addition, general homeowners insurance policies may have more exclusions, further limiting when and how a potential claim is paid out.
Additional fine art insurance is often a better option for many fine art collectors or owners. You can opt to insure items individually on floaters or endorsements or purchase broader valuable item insurance.
Have your art regularly appraised and keep an updated inventory of items. These steps can help you determine which insurance coverage might be best for you.
Save on Valuable Items Insurance
Our independent agents shop around to find you the best coverage.
Why Work with an Independent Insurance Agent?
Independent insurance agents are experts in finding you the right kind of fine artwork and collectibles insurance and any other type of coverage you need. They can shop and compare policies from many different insurance companies for you, then present you with only the best quotes together in one place. Also, they're available down the road to help you file claims if you ever need to.
https://www.sothebys.com/en/articles/at-922-million-the-macklowe-collection-becomes-the-most-valuable-ever-sold-at-auction
https://www.reuters.com/article/us-crime-art-fbi-feature/fbis-art-cops-in-hot-pursuit-of-renoirs-rembrandts-and-ruby-slippers-idUSKCN1RM14F
https://www.fbi.gov/video-repository/newss-fbi-art-theft-program/view