Insurance exists for pretty much anything you can think of nowadays, from cars and homes to pets and family heirlooms, so it stands to reason that you should also consider adding your artwork to your home insurance too.
Here are a few reasons why you should be talking to your insurance company about your artwork and a few things you’ll need to bear in mind when you do get your artwork insured.
Protect your investment
Your artwork might be worth just a few hundred pounds, but you’ve still made a monetary investment in the piece that makes it worthy of some level of insurance cover. If you’re lucky enough to own a piece of artwork that’s worth far more, then insurance really should be at the top of your list of priorities as any accidental damage or theft could leave a big hole in your pocket as well as a bare space on your wall.
Although you might think that your artwork is perfectly safe, burst pipes, smoke damage from house fires and opportunist thieves could strike at any time, so it’s well worth adding your artwork to your home insurance as soon as you can in order to safeguard your piece against the unexpected.
A small comfort after a stressful experience
Having your beloved home broken into or damaged by water or fire is a profoundly upsetting and stressful experience for any homeowner, and although home insurance can’t bring any of your much-loved possessions back or restore them to their former glory, the ability to claim back the cost of each item does go some way to comfort those that have experienced this type of unwanted event.
When items such as artwork are insured, you can at least seek out a replacement piece to fill the space where your previous piece of art used to hang without having to dig deep to finance it yourself.
Get a fair valuation
Before you talk to your home insurer about adding your artwork to your home insurance, it’s imperative that you get any artwork you have valued independently. Your artwork may have increased in value over the years, so it’s essential that you get an accurate representation of how much your artwork is actually worth before talking to your chosen home insurance provider.
Not only will this give you a better understanding of how much your artwork is worth, but you’ll also have the evidence needed to give to your insurance company should anything happen to your piece and you need to make a claim on your policy following accidental damage or theft.
Once you’ve got a valuation in writing, it will be far easier to prove that your artwork was worth exactly what you said it was when you came to insuring it in the first place, and it will make the payout process far easier and quicker.
Find the right insurer
Many home insurance companies offer general insurance policies that cover white goods, clothing and electronics as standard, but don’t go assuming that your artwork will automatically be covered in the event of theft or damage.
It’s up to you as the owner to tell your insurer that you have some artwork that you wish to insure as you might need to consider a different policy than you already have in place due to certain exceptions that exist in some small print.
Understand coverage limits
Most insurance policies have a coverage limit attached to them which means that the total amount that you can claim on your home insurance is capped, regardless of whether or not your possessions were worth far more.
Many homeowners underestimate the value of their items, including their artwork, and this is why an independent valuation can really come in handy to help you realise its true value. This is also the only real way to ensure that you have enough coverage in place to replace your artwork for a similar piece should the worst happen.
Think about specialist artwork insurers
For those with valuable pieces of artwork that are seeking the best possible insurance protection, it’s well worth taking a look at specialist fine art insurance policies. These run alongside your current home insurance for additional peace of mind.
Not only do these companies have a far better understanding on the value of an artwork, but they can also tailor a fine art policy to your individual needs and offer additional services such as restoration that garden variety home insurance companies do not provide in the event of damage.
Many fine art insurance companies also off a reduction in market value should you wish, so its an excellent way of protecting your investment over the years and being able to breathe a little easier should anything happen to your beloved art collection.
