Home Insurance For Paintings, Artwork and Sculptures

Your home insurance not only covers for the cost of reconstructing your home, but also covers for your personal belongings; that’s if your policy is well structured. However, in order to cover for specific types of items, you’ll be subjected to a dollar limit, both by item and by category.

It’s easy though to fix your policy and have a better protection for your valuables. This article discusses some considerations of homeowners insurance for paintings, artwork and sculptures so that you can clearly understand what you’ll require to do in order to make the necessary adjustments to your policy.

Deductibles and Coverage Limits

The value and types of art and collectibles owned by people may be of different variations, so the coverage necessities also vary accordingly. A basic homeowners insurance policy allows some coverage for artwork or collectibles, this includes paintings and sculptures, but there’re some important limits that might require adjustments to your policy so as to make sure there’s full-value coverage.

Your policy makes sure that your personal property is covered completely up to the coverage limits that you chose. However, a few categories of items tend to have low coverage limits and the artwork is among them. If your policy indicates that your property is covered up to a certain number, the number is the total cost but doesn’t particularly apply to the specific categories of valuables such as furs, artwork, jewelry, and similar items.

Coverage limits for valuables vary greatly from insurer to insurer but are more likely to provide a limit for the loss of one item and a different limit for the loss of a few items in the similar category, this type of loss usually happens when there’s a fire. Also, this category limit is normally twice the single item limit.

It’s of great importance to keep the records of what you own and its worth or cost. You can create a home inventory to record the items you possess. Receipts are also a very useful way to verify the value of your items and so you should take pictures of your items close to the receipts and then keep them safe. Understanding the appraisal process is also necessary.

There’re two main types of insurance coverage for art that provide protection for a fine art. These are: title insurance and property insurance. A title insurance provides insurance against a defective title whereas a property insurance provides insurance against damage or theft.

Companies that offer home insurance for paintings will require you to provide the necessary documentation for your ownership, receipt, an appraisal and photos of the work. A provenance might also be needed sometimes. If you have more official documentation, the better.