Art Collectors Need Proper Insurance Coverage

The 2010 World Wealth Report revealed the demand for fine art and luxury goods is on the rise. If you are a collector, art enthusiast or an artist, you should make sure you have adequate insurance coverage to protect your collections.

Most homeowners and renters insurance policies may provide some basic coverage for items such as jewelry and other valuables. However, those limits may not provide adequate protection, so floaters may need to be purchased on top of the basic policies.
 
Not all homeowners insurers offer specialty coverage for fine art collections. It is best to conduct some research to find a company or agent with expertise in the field. These companies may be able to assign a risk manager who can offer coverage and security advise on your valuables. These experts may provide suggestions on how to protect from theft, damage from water, smoke, fire, etc. They may also be able to recommend ways to securely ship items to museums, auction houses, or art buyers and sellers.

Valuable art floaters may also provide additional coverage for items that are loaned out on a temporary basis, such as a piece of art that one takes home to see how it looks with their home decor. These types of insurance floaters do not usually have deductibles. 
 
The floaters will vary greatly in cost, depending on the value and type of art, how the works are displayed, your home security systems, etc.
 
All insurance experts recommend consumers maintain up-to-date inventory records on their valuable items kept in the home. The inventory should include a copy of the bill of sale, the appraisal, the history of past ownership and photographs.